According to a recent market study published by Growth Market Reports, titled, " South East Asia Intelligent Voice Market by Technology, Deployment, End-user, and Country: Size, Share, Trends and Opportunity Analysis, 2022-2031", the market size was valued at USD 164.7 Million in 2022 and is expected to expand at a healthy growth rate of 19.5 % by 2031.

The South East Asia intelligent voice market is anticipated to grow significantly during the forecast period. Increasing demand for voice-enabled devices, owing to the rising applications in automobile, banking, healthcare, retail, smart homes, and connected devices, Innovation in Artificial Intelligence (Al) and Machine Learning (ML), and surging usage of voice biometrics are major factors boosting the market.

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The South East Asia intelligent voice market has been segmented based on technology, deployment, end-user, and country. In terms of technology, the intelligent voice market is categorized as voice recognition and speech recognition. Based on deployment, the market is categorized as on-premise and cloud-based.

Based on end-user, the market is categorized as automotive, consumer goods, BFSI, retail & e-commerce, healthcare, aerospace & defense, education, media & entertainment, IT & telecommunication, and others. On the basis of country, the South East Asia intelligent voice market is segmented into Singapore, Thailand, Malaysia, Indonesia, Philippines, and the Rest of South East Asia (SEA).

Emergence of artificial intelligence-driven voice-enabled personal assistants and smart speakers has revolutionized the manner in which individuals carry out a wide range of activities. The trend of incorporating personal voice assistants into electronic devices began with individuals using voice commands to control them.

This, in turn, creates immense opportunities for automobile manufacturers to enhance driving experiences and incorporate advanced voice-enabled devices into vehicles. Several automotive manufacturers began incorporating voice-enabled assistants into their infotainment systems. Additionally, smart and Wi-Fi-enabled appliances, such as washing machines, are becoming increasingly popular, as they are controlled remotely using voice-enabled assistants or an application in a smartphone.

Voice AI is enabling vehicles to become autonomous, personalized, and connected. Manufacturers remain competitive and provide in-car technology, as customer interest is raised in utilizing speech AI to enhance the driving experience. For instance, Microsoft is leveraging OpenAI's ChatGPT and enabling virtual assistants in vehicles.

Voice assistant allows users to modify temperature settings, close and open -door locks, and identify the current fuel levels. Furthermore, customers are increasingly using intelligent voice personal assistants for shopping, it allows consumers to multi-task during conversations, and authenticate users by voice.

According to the Growth Market Reports industry analyst, Akash Vedpathak, the outbreak of COVID-19 moderately impacted the South East Asia intelligent voice market. Workplace closures, lockout restrictions, and the trend toward remote work increased the demand for smart appliances and devices, offering considerable potential for speech and voice recognition software suppliers.

For instance, Apple's Siri assisted patients by proposing healthcare apps during the COVID-19 pandemic. Furthermore, conversational AI and speech technology enabled people isolated at home during the pandemic to access healthcare services.

Value chain management is an essential part of any business. The value chain of intelligent voice system includes all of the processes and activities that occur during the creation of the system and its delivery to end-users. The value chain of the intelligent voice market includes research and development, production, distribution, licensing and activation, customer support, and updates & upgrades.

The primary, and secondary research methodology, is used for keen observation and study of the intelligent voice market. The primary research methodology involves commercial agreements made with the primary respondents and consulting partners to extract critical information pertaining to the syndicated as well as consulting projects.

Primary interviews conducted with the stakeholders across industry verticals on regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size and, current and future trends done by the key opinion leaders (KOLs). These KOLs are the CXO level people from foremost companies in the industry and possess the experience of around 10-20 years in the industry.

On the other -hand, the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape.

Regional government and statistical databases were analyzed for macro and micro analysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

Key Takeaways from the Study:

  • The key players include Google, Microsoft, IBM Corporation, Amazon Web Services, Inc., NEC Corporation, iFLYTEK Co., Ltd, HOYA Corporation, Tencent, and DOCLE PTE. LTD.

  • Singapore held a significant share of the market in 2022 and the market in the country is expected to expand at a substantial CAGR during the forecast period, owing to the increasing penetration of intelligent voice devices in various industries, including BFSI, healthcare, and automobile, in the country. Furthermore, the increasing adoption of voice-activated in-car infotainment systems is propelling the market in the country.

    Additionally, several market players are focusing on the development of intelligent voice software for the banking and insurance industry in the country, which drives the market in Singapore. For instance,     Active.ai has developed a Triniti engine for the banking and insurance industry. This helps banks at every level starting from attracting customers to converting to engaging them.

  • Thailand held significant share of the market in 2022 and the market in the country is projected to expand at a considerable CAGR during the forecast period, owing to the growing trend of home automation in the country. Additionally, the increasing adoption of voice-enabled IoT devices among large enterprises and SMEs is boosting the demand for intelligent voice across the country. For instance, ZWIZ.AI has developed a chatbot that is used by several banks, hotels, cinemas, and small shops. Customer directly order and pay at the shops & hotels by using this AI chatbot.

  • Malaysia held a considerable share of the market in 2022 and the market in the country is anticipated to expand rapidly during the forecast period, due to the rising technological advancements, including natural language processing (NLP) and artificial intelligence (AI), for improving the reliability and accuracy of the intelligent voice system. These technologies are being adopted widely across a range of businesses in the country, as these offer voice identification, speech interpretation, and real-time language translation.

  • In terms of end-user, the automotive segment held a significant market share in 2022 and is projected to expand at a significant pace during the forecast period. Car manufacturers are increasingly implementing intelligent voice in vehicles to enhance the driving experience, increase safety, and improve vehicle performance. Intelligent voice allows users to control various functions in the car and improve driving experience.

  • The consumer goods segment held a substantial market share in 2022 and is projected to expand at a rapid pace during the forecast period. Consumers are increasingly using intelligent voice personal assistants for shopping, due to their advantages of being hands-free and voice-controlled, enabling individuals to multi-task during interactions, and identifying users through voice printing.

South East Asia Intelligent Voice Market Report Scope:

Report Metric

Details

Market Value in 2022

USD 164.7 Million

Market Growth Rate (from 2022 to 2031)

19.5%

Historical Data

2016-2021

Base Year

2022

Forecast Period

2023 – 2031

Market Segments

Technology, Deployment, End-user, and Country.

Country Scope

Singapore, Thailand, Malaysia, Indonesia, Philippines and Rest of South East Asia (SEA))

Key Companies Profiled

Google , Microsoft, IBM Corporation, Amazon Web Services, Inc., NEC Corporation, iFLYTEK Co., Ltd, HOYA Corporation, Tencent, and DOCLE PTE. LTD..

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

South East Asia Intelligent Voice Market Target Audience:

  • Demand Side: Automotive, Consumer Goods, BFSI, Retail & E-commerce, Healthcare, Aerospace & Defense, Education, Media & Entertainment, IT & Telecommunication, Others

  • Supply Side: Small & Medium size organizations