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As per a new report published by Fact.MR, a market research and competitive intelligence provider, the global Chat bots apps market is anticipated to exceed a valuation of US$ 3.1 Bn by 2021, and surge at an impressive CAGR of 18.3% over the forecast period of 2021 to 2031.
The market is in the growth phase of its lifecycle, registering annual growth of 14.3% during the historical period of 2016 – 2020. Fact.MR anticipates significant potential in the market, owing to factors such as increased phone calling and playing music by using speech to speech technology while driving.
The control of smart homes has risen into one of the most substantial areas of personal assistance apps. It’s no longer just about ordering for playing music or the weather with fancy speech to speech control; it’s also about controlling and connecting to other devices at home.

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Market Segments Covered in Smart Device Apps Industry Research

By Product Type
 Chatbots
 Smart Device Apps
 Mobile Apps

By Revenue
 Free/Freemium Personal Assistance Apps
 Subscription (Monthly, Yearly) Personal

Assistance Apps
 One-time License Personal Assistance Apps

By Technology
Speech to Text Personal Assistance Apps
 Text to Speech Personal Assistance Apps
 Speech to Speech Personal Assistance Apps
 Text to Text Personal Assistance Apps

By Application Sector
o Residential / Individual Personal Assistance Apps
o Commercial Personal Assistance Apps
 BFSI (Banking, financial services and insurance)
 Electronics & Semiconductors
 Automotive
 Healthcare
 Education
 Retail
 IT & Telecom
 Travel & Hospitality
 Transport & Logistics
 Others

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Key Takeaways from Market Study
• Mobile apps as personal assistance apps are expected to remain the most attractive and witness an absolute dollar opportunity of US$ 6.5 Bn during 2021 – 2031.
• Based on revenue, one-time license of personal assistance apps are anticipated to be the most lucrative with a market share of 70%.
• Based on technology, demand for speech to speech is expected to grow 5.1X during the projection period.
• Together, North America and Europe represented over 63% of overall market share in 2020.
• East Asia is expected to have a market share of 16.5% in 2031, and emerge as a market valued at US$ 2.7 Bn.

Winning Strategy
Some personal assistance app developers have been using newer technologies to streamline their delivery process. Winning strategies among developers are high on the list of priorities for personal assistance apps. It is essential that users have a good indulgence of app analytics and how to use voice commands to lift the app preservation, as part of a winning strategy.

More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global personal assistance apps market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of product type (chatbots, smart device apps, mobile apps), revenue (free/freemium, subscription, one-time license), technology (speech to text, text to speech, speech to speech, text to text), and application (residential / individual, commercial), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).

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This release was published on openPR.