Voice Assistant Application Market to Grow by $10.3 Billion Through 2027

Market research firm Technavio expects the worldwide voice assistant application market to grow by $10.3 billion, or 30.4 percent compounded annually, through 2027.

It credits the increasing adoption of smart appliances and connected home devices for the growth of this segment. Also driving growth is the growing availability of 5G and broadband connectivity around the world.

At the same time, Technavio cites continuing concerns around data privacy and security as key factors that the market will need to address.

The firm identified Alphabet (Google), Amazon, Apple, Artificial Solutions, Huawei, IBM, Microsoft and its Nuance Communications subsidiary, Oracle, Orbita, Robin Labs, RoboBot Studio, Salesforce, Samsung, SAP, SoundHound, Verbio, Voiceflow, Xiaomi Communications, and Baidu as leading vendors in the market.