The virtual assistant global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Virtual Assistant Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The virtual assistant market size has grown exponentially in recent years. It will grow from $4.97 billion in 2023 to $6.37 billion in 2024 at a compound annual growth rate (CAGR) of 28.3%. The growth in the historic period can be attributed to integration of virtual assistants in various devices, enhanced customer experiences, increasing need for personalized customer service, increased connectivity and mobile usage, and speech recognition technology.
The virtual assistant market size is expected to see exponential growth in the next few years. It will grow to $15.88 billion in 2028 at a compound annual growth rate (CAGR) of 25.7%. The growth in the forecast period can be attributed to human-machine collaboration, multimodal interfaces, industry-specific customization, advancements in natural language processing, and machine learning and ai algorithms. Major trends in the forecast period include hyper-personalization, multimodal interfaces, emotional intelligence integration, continued integration with IoT devices, and enterprise-level virtual assistants.
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Scope Of Virtual Assistant Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Virtual Assistant Market Overview
Market Drivers –
Rising penetration of smart devices is expected to propel the growth of the virtual assistant market going forward. Smart devices refer to electronic devices generally connected to other devices or networks via different wireless protocols, allowing to operate interactively and autonomously. Virtual assistants can be integrated with smart devices, such as smartphones, smart speakers, and other IoT-enabled devices, to control and manage them, provide contextual information about the user’s surroundings, and deliver personalized recommendations and services. For instance, in October 2023, according to SmartTek Solutions, a US-based software development firm, over 41.9% of US homes had a smart home device in 2021, and this is expected to increase to 48.4% by 2025. Therefore, the rising penetration of smart devices drives the virtual assistant market.
Market Trends –
Major companies operating in the virtual assistant market are focused on developing innovative products with advanced technological solutions, such as AI-based virtual assistants, to strengthen their position in the market. An AI-based virtual assistant refers to a digital, software-driven entity that leverages artificial intelligence (AI) technologies, including natural language processing (NLP), machine learning, and sometimes speech recognition, to interact with users and perform tasks. For instance, in February 2022, International Business Machines Corporation, a US-based technology corporation, launched an AI-based virtual assistant for TD Precious Metals Digital Store customers in Canada. The virtual assistant is powered by IBM Watson Assistant and is designed to provide quick responses to frequently asked customer questions related to pricing, delivery options, and shipping, along with links for further assistance.
The virtual assistant market covered in this report is segmented –
1) By Product Type: Chatbots, Smart Speakers
2) By User Interface: Text-Based, Text-To-Speech Based, Automatic Speech Recognition
3) By End-Users: Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecommunications, Consumer Electronics, Defense And Government, Retail, Healthcare, Travelling And Hospitality, Automotive, Media And Entertainment, Other End-Users
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Regional Insights –
North America was the largest region in the virtual assistant market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual assistant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Amazon.com Inc., Apple Inc., Alphabet Inc, Samsung Electronics Co. Ltd, Microsoft Corporation, Alibaba, Tencent, IBM Corporation, Oracle Corporation, Baidu Inc., Nuance Communication, 247.ai Inc., Verint Systems Inc., KAI, eGain Corporation, SoundHound Inc., Creative Virtual Ltd., Next IT Corp., CX Company, Synthetix Ltd., Anboto Group, Artificial Solutions Holding Ash AB, True Image Interactive Inc, Speaktoit, MedRespond, CSS Corp, CodeBaby, VA Company LLC, Eidoserve
Table of Contents
1. Executive Summary
2. Virtual Assistant Market Report Structure
3. Virtual Assistant Market Trends And Strategies
4. Virtual Assistant Market – Macro Economic Scenario
5. Virtual Assistant Market Size And Growth
…..
27. Virtual Assistant Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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