The "Next Generation Search Engines Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The next-generation search engine market is forecast to register a CAGR of 25.5% during the forecast period (2021-2026). 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.
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.
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.
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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.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Impact of COVID-19 on the Next Generation Search Engine Market
5 MARKET DYNAMICS
5.1 Introduction to Market Dynamics
5.2 Market Drivers?
5.2.1 Increasing Focus to Improve Customer Experience Across Professional Services
5.2.2 Growing Demand for Self-service Options
5.3 Market Restraints
5.3.1 Increasing Preference for Live Person Interaction
6 MARKET SEGMENTATION
7 COMPETITIVE LANDSCAPE
- Amazon.com Inc.
- Google LLC (Alphabet Inc.)
- Alibaba Group
- Sonos Inc.
- Harman-Kardon Inc. /JBL
- Apple Inc.
- Bose Corporation
- Xiaomi Inc.
- Baidu Inc.
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/o99y5q
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