A new study from Juniper Research has found that there will be eight billion digital voice assistants in use by 2023, up from an estimated 2.5 billion at the end of 2018.
While smartphone assistants will be the largest platform by volume thanks to Google Assistant and Siri, Juniper’s new research found that the fastest growing voice assistant categories over the next five years will be: smart TVs a compound annual growth rate, or CAGR, of 121.3%; smart speakers, 41.3% CAGR; and wearables, 40.2%, CAGR.
In these categories, Amazon’s Alexa has already established itself as the leader; setting the pace for the market, according to Juniper.. In addition, Chinese companies will make inroads internationally in the future, the research group adds.
The new research notes that, as demand for multi-platform assistants increases, standalone apps, made by independent vendors for smartphones and tablets, will decline. Juniper expects revenues from these apps to begin to fall in key markets from 2022.
The exception is China, where companies like WeChat and Alibaba provide app-based offerings alongside speakers that are not part of an operating system. This means that China will have 78% of voice assistant apps installed globally in the next five years.
Juniper’s report also shows that voice commerce will grow substantially; reaching over $80 billion per annum by 2023. However, this includes money transfer and purchases of digital goods alongside its use for more traditional purchases.
“We expect the majority of voice commerce to be digital purchases, until digital assistants offer truly seamless cross-platform experiences” remarked research author James Moar. “Connected TVs and smart displays are vital here, as they can provide a visual context that is lacking in smart speakers.”