Market Trends of Voice Assistant Application Industry
This section covers the major market trends shaping the Voice Assistant Application Market according to our research experts:
Healthcare Vertical is Expected to Grow Significantly Over the Forecast Period
- Healthcare providers are analyzing the benefits of voice assistant applications for increasing efficiency and improving patient experience. For this reason, several healthcare brands are smartly utilizing voice-assisted technology, giving some concrete reasons to believe in its competency.
- Voice assistant applications in healthcare can help in the chronic disease management of patients. For example, Sugarpod, a type 2 diabetes management solution with custom tasks for diabetes patients, is based on their preferences. Sugarpod, integrated with voice assistants, allows patients to manage their treatment procedures and monitor progress effectively.
- For instance, on Amazon's Echo devices, Alexa from Amazon and the telemedicine service Teladoc Health will always be accessible. Customers who have requested to speak with a doctor through Alexa will receive a call back from a Teladoc doctor. Doctors may be able to prescribe drugs in particular circumstances.
- Technology providers are also focusing on developing voice assistant applications for the healthcare industry. For example, Nuance Communications, which is a software company, developed a voice assistant specifically for the healthcare space called the Dragon Medical Virtual Assistant. The solution delivers sophisticated conversational dialogues and healthcare skills that automate highvalue clinical tasks from chart search to CPOE.
- Customers can only receive assistance from voice assistants fed with precise data when they ask inquiries that are preprogrammed to be answered. As a result, if a client asks a question about which the voice assistant is in the dark, it won't be able to understand what they mean and won't be able to respond to their question. People favor their regional languages above English for daily communications in nations with several regional languages, such as Indonesia and India. In India, improvements in speech recognition have made it possible to comprehend Indian regional languages better.
- According to a survey from last year by Group4Media, a Russian media company, nine out of ten Russians were familiar with Alisa, a voice assistant by Yandex. The second-highest level of awareness was found for Marusya, a product of VK, which was mentioned by around half of the respondents. Twelve percent of Russians reported using home voice assistants in the first three months of the last year, while one-fourth were prepared to do so.
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North America is Expected to Hold Largest Share over the Forecast Period
- The significant presence of technology providers and increasing usage of voice assistant applications by end-use industries like healthcare and retail drive the growth of the North American geographic segment. The vendors in this region are focusing on entering into partnerships, merger acquisitions, and providing innovative solutions to stay in the regional and globally competitive landscape.
- According to HP Development Company, one in three United States homes has a smart speaker, and 81% of them have voice assistants like the Google voice assistant in their smartphones. The rising adoption of connected devices in the United States further drives the growth of the North American region segment of the market.
- As a result of ongoing innovation and the adoption of new technology, the US market has been the largest contributor to North America as a whole. The voice assistant application is heavily used in the BFSI, media & entertainment, healthcare, and retail sectors. It is anticipated that voice assistant application solutions and services will be integrated and made available to businesses by virtual assistant solution providers across North America.
- Up to 95% of voice assistant users in the last year will do it on mobile devices. More than 45% of users, according to the National Consumer Survey Reveals, would like to be able to speak with mobile applications. Since mobile devices include a screen, they are the ideal platform for voice-first experiences. Apple Siri and Google Now are two instances of mobile-first talents. A well-designed voice-first software integrates visual, speech, and touch interfaces because voice-first engagements begin with voice and may progress to graphics.
- The industry leaders with the most significant market shares in the voice assistant application market, like Apple, Google, Microsoft, IBM, and Amazon, have their headquarters in the United States; the favorable tech environment, Research and Development, and Investments in the studied market will drive the market in the region.
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