Over the last few years, the number of voice searches witnessed an exponential growth rate. Also, it is becoming less of a novelty and more like a new standard. Therefore, the next-generation search engines are more oriented toward voice-based search engines.

- Next-generation search engines are also increasing because of deep neural networks, machine learning, and other advancements in AI technologies. Virtual assistants, such as smart speakers, are used for various applications across several end-user industries, such as retail, BFSI, and healthcare. One major consumer-facing application is as a personal assistant. It helps consumers accomplish various tasks. For instance, Apple's Siri offers an intuitive interface for connected homes or cars.

- These assistants' capabilities can be personalized based on the end-user, thereby improving customer experience in various industries. Thus, although the personal segment holds a significant position, the commercial segment holds a massive opportunity to expand over the forecast period, owing to the growing industrial applications. For instance, virtual assistants can help customers find a doctor's office in the healthcare sector, fill and refill a prescription, and receive payment reminders.

- Voice search is expected to surpass text searches in the near future. It is expected to play a crucial role in search engine optimization. It is not only more convenient but also faster and more accurate. Backlinko's analysis of 10,000 Google Home results shows that voice search is faster. According to Location World, 40% of adults use voice search results. However, ComScore's predictions indicate that more than 50% of searches will be voice-based searches by 2020.

- Moreover, the voice search mobility trend is growing at a high pace with the advancements in speech recognition technology or voice search technology. Google has a 95% accuracy rate when spoken correctly in English. Moreover, Google voice search on smartphones is available in over 60 languages.

- Personalized responses are one of the famous use cases of voice search, which Google has attained to a large extent, as Google can know and guess the next question the users will be most likely to ask. On the other hand, Alexa cannot understand the context to the same extent as Google. Alexa relies on custom-built skills and protocols, whereas the Google Assistant can understand specific user requests and further personalize the response.

- The Spring 2020 Smart Audio Report confirms that 77% of US adults had a change in their typical routine due to the outbreak of COVID-19. Moreover, voice-assistant usage expanded during these disruptions, which positively impacted the market growth.

Key Market Trends

Personal Segment to Witness the Highest Growth

- Smart speakers in personal end-user verticals are expected to hold the majority share. The characteristics expected from a smart speaker nowadays include playing music and controlling smart home devices consisting of voice assistants ready to answer every question.

- The technological enhancements in the development of consumer applications resulted in the integration of smart homes or connected homes. Smart homes' development pushed end users to adopt mobile internet and fast broadband connections across households in the market.

- Voice-activated speakers have become part of people's routines. They provide the ability to use the technology while multi-tasking, as people speak more quickly than they can type (speed), and the increasingly "human" interfaces.

- Voice users turn to their assistants to accomplish many tasks along their buying journeys, such as product research, price comparison and adding to cart. A study from Adobe announced the consumer's usage of voice throughout their shopping journeys. The top three activities included product search/research (47%), creating shopping lists (43%), and price comparison (32%).

- The most well-known smart speakers are the Amazon Echo and Google Nest ranges of products, but there are plenty of third-party speakers, like the Sonos One, which come with both Alexa and Google Assistant built-in.

- The United States remains a key market for smart speaker adoption. According to the latest Smart Audio Report from NPR, 24% of Americans aged 18 years or above own at least one smart speaker. The average owner has more than one. A majority of Americans owns Alexa. Since Amazon first introduced the Echo, it has become popular in the United States, and it continues to challenge top competitors.

Asia-Pacific Occupies the Largest Market Share

- The Asia-Pacific region currently holds the largest market share for the market studied. The demand for the products in the region, which is primarily from the emerging economies, is expected to remain high. The major players are expected to focus chiefly on this region, with the youth as the target audience.

- China, India, Japan, South Korea, Singapore, and other populous nations, with consumer product-based demand, are expected to remain the target market, as product demand in these countries continues to drive the market.

- Moreover, the growth of e-commerce across the world in countries like China and India is
anticipated to drive the online distribution channel’s growth for the sale of smart speakers. For instance, according to IBEF, the Indian e-commerce market is expected to grow to USD 200 billion by 2026. The growth of the industry is driven by increasing internet and smartphone penetration.

- The latest marketing trend is companies implementing voice SEO to attract possible inbound traffic. For instance, China’s iFlytek has a speech recognition system with an accuracy rate of 98%. The system accurately translates English to Mandarin and Mandarin to English, Korean, Japanese, and 22 different Chinese dialects. Its team predicts that it will achieve 99% accuracy within three years.

- Also, the major vendors in this region are expected to target the price-sensitive consumer group by offering products in different price segments. Therefore, they create an opportunity for vendors who offer products at a low price. Vendors with expensive products may target a different customer segment by offering products as a package, in collaboration with other electronic products, such as notebooks and tablets.

Competitive Landscape

The competition in the market is quite high. Technological innovation has been the most critical growth factor for this level of competition. The market is moderately concentrated, with many players such as Amazon, Google, Apple, etc. Some of the key developments in the market are:

- In June 2020 - Google announced the rollout of additional features for its artificial intelligence-based voice assistant– Google Assistant—to various new devices. The most important of these features is voice match, which allows smart speakers to recognize the specific user's voice and personalize responses accordingly.

- In May 2020 - Apple launched its smart speaker “HomePod” in India, after releasing it in the United Kingdom, the United States, and Australia in January 2020.

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