Voice Assistants

The global chatbot market for banking and financial Services was valued at USD 357 million in 2017, and is projected to reach USD 2.1 billion by 2024, growing at a CAGR of 29.7% from 2018 to 2024.
The modern application cases of chatbots and voice assistants become limitless and people may predict essential development in 2020.
Forbes predicts by 2025, at least 90% of new enterprise apps will embed AI; by 2024, over 50% of user interface interactions will use AI-enabled computer vision, speech, natural language processing, and AR/VR.
Global Voice-over-5G (Vo5G) Market is expected to register a CAGR of over 45% during the forecast period (2020-2025).
In Japan, Statistical NLP will reach a market size of US$ 781.5 Million by the close of the analysis period.
The chatbot market was valued at USD 17.17 billion in 2019 and is projected to reach USD 102.29 billion by 2025, registering a CAGR of 34.75% over the forecast period, 2020-2025.
The chatbot market was valued at USD17.17 billion in 2019, and is projected to reach USD 102.29 billion by 2025, registering a CAGR of 34.75% over the forecast period, 2020 - 2025.
In 2020, companies will see to create hyper-personalized customer experiences, such as through the use of smart voice assistants.
By 2021 roughly 2 billion people will be using a digital assistant and 50% of all search queries will be conducted through voice search.
The Interactive Voice Response Market is expected to grow at approximately USD 3.7 Billion by 2023, at 7% of CAGR between 2017 and 2023.
With more than 55% of urban households owning at least one smart AI-based device by 2022, it is only wise for companies to modulate their content for voice searches in the coming year or so.
With the high adoption of voice assistants produced by Amazon and Google, in 2020, there will be even more which are voice-based.
For the broader market of voice assistants, Juniper Research estimates 4.2 billion devices in use this year, growing to 8.4 billion by 2024, with much of the interactions on smartphones.
Voice control device shipments for smart home devices hit 141 million last year, and in 2020 will grow globally by close to 30%.
Voice assistant shopping, in which users make purchases using a smart speaker and their voice, is expected to will reach $40bn by 2022, a significant increase from from $1.8bn in 2018 in the US and $0.2bn in the UK.
Every one in six Americans own a smart speaker (Google Home, Amazon Echo) and eMarketer forecasts that nearly 100 million smartphone users will be using voice assistants in 2020.
Voice assistants are an increasingly crucial element in the smart home; providing interoperability platforms that enable seamless control of the whole smart home.
Insurers regularly use AI-assisted chatbots with natural language processing and generation to answer customer queries and offer quotes, and the chatbot market is expected to reach £980 million (USD$ 1.25 billion) by 2025.
The number of voice assistants in U.S. homes has doubled since 2018 and will increase to 275 million by 2023.
The worldwide chatbot market is expected to reach $1.23 billion by 2025, an annual growth rate of 24.3%.
Almost 100 million smartphone users will use voice assistants in 2020, and Juniper Research anticipates 55% of households using voice assistants by 2022.
Earlier this year, Juniper Research predicted that 3.25 billion voice assistants were in use - a figure they forecast to reach eight billion by 2023.

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Last updated: 09 August 2020