DUBLIN – (COMMERCIAL THREAD)–The “Next Generation Search Engine Market – Growth, Trends, COVID-19 Impact and Forecast (2021 – 2026)” report was added to ResearchAndMarkets.com offer.
The next generation search engine market is expected to register a CAGR of 25.5% during the forecast period (2021-2026). In recent years, the number of voice searches has grown exponentially. Also, it becomes less of a novelty and looks more like a new standard. Therefore, new generation search engines are geared more towards voice search engines.
Next-generation search engines are also on the rise due to deep neural networks, machine learning, and other advancements in AI technologies. Virtual assistants, such as smart speakers, are used for various applications in several end user industries, such as retail, BFSI, and healthcare. One of the main applications for consumers is the personal assistant. It helps consumers to accomplish various tasks. For example, Apple’s Siri offers an intuitive interface for connected homes or cars.
Voice search is expected to overtake text searches in the near future. It should play a crucial role in search engine optimization. It is not only more convenient, but also faster and more precise. 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 predictions indicate that more than 50% of searches will be voice searches by 2020.
In addition, the mobility trend of voice search is growing at a high rate with the advancement of voice recognition technology or voice search technology. Google has a 95% accuracy rate when spoken correctly in English. In addition, 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 achieved to a large extent because Google can know and guess the next question that users are most likely to ask. On the other hand, Alexa cannot understand context to the same extent as Google. Alexa relies on personalized skills and protocols, while the Google Assistant can understand specific user requests and further customize the response.
The Spring 2020 Smart Audio report confirms that 77% of American adults have had a change in their typical routine due to the COVID-19 outbreak. In addition, the use of voice assistant has increased during these disruptions, which has positively impacted the growth of the market.
Personal segment to witness the highest growth
Smart speakers in the personal end user verticals are expected to hold the majority of the shares. The expected features of a smart speaker these days include music playback and control of smart home devices made up of voice assistants ready to answer any questions.
Technological advances in the development of consumer applications have led to the integration of smart homes or connected homes. The development of smart homes has driven end users to adopt mobile internet and fast broadband connections to every household in the market.
Voice activated speakers have become a part of people’s daily routine. They offer the possibility of using technology while multitasking, because people speak faster than they can type (speed), and interfaces increasingly “human”.
Voice users look to their assistants to accomplish many tasks along their shopping journey, such as finding products, comparing prices, and adding to cart. A study from Adobe has announced the use of voice by consumers throughout their shopping journey. The top three activities included product research / research (47%), shopping list building (43%), and price comparison (32%).
The best-known smart speakers are the Amazon Echo and Google Nest product lines, but there are plenty of third-party speakers, like the Sonos One, that have Alexa and Google Assistant built in.
The United States remains a key market for smart speaker adoption. According to NPR’s latest Smart Audio report, 24% of Americans aged 18 or older own at least one smart speaker. The average owner has more than one. A majority of Americans have Alexa. Since Amazon first introduced the Echo, it has gained popularity in the United States and continues to challenge its main competitors.
Main topics covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
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 factors?
5.2.1 Put more emphasis on improving the customer experience in professional services
5.2.2 Growing Demand for Self-Service Options
5.3 Market restrictions
5.3.1 Increased preference for interacting with live people
6 MARKET SEGMENTATION
7 COMPETITIVE LANDSCAPE
Google LLC (Alphabet Inc.)
Harman-Kardon Inc. / JBL
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information on this report, visit https://www.researchandmarkets.com/r/o99y5q
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