Virtual Digital Assistant (VDA) Market Business Status, Industry Trends and Outlook 2022-2030

The Global Virtual Digital Assistant (VDA) Market size is estimated to be USD 2.23 billion in 2019 and is predicted to reach USD 5.58 billion by 2030 with a CAGR of 8.7% from 2020-2030.

Virtual Digital Assistant (VDA) is software based application which helps humans in understanding the natural language in written and spoken form. This software is developed with the used of advanced technology such as IoT artificial intelligence and others. This software helps humans on a daily basis and day-to-day activities and reduces the human efforts. Smart phones bases assistant such as Google assistant, siri are the most common assistant used the people.

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Top Companies: Amazon, Microsoft, Apple, Botego, CodeBaby, Creative Virtual, Google, Artificial Solutions, CX Company, IBM, Inbenta Technologies, CogniCor, Api.ai, EasilyDo, Interactions, Baidu, Jibo, Ivee, Witlingo, Openstream, Living Actor (Cantoche), Nuance, IPsoft, Samsung and others.

Market Dynamics and Trends

There has been various technological advancement over the period of time which has reduced the human efforts and increased the work efficiency coupled with changing lifestyle and increased used of smart devices are expected to contribute the growth of virtual digital assistant market over the forecast period.

The other factors such as increased use of virtual agents, increased use of IoT, artificial intelligence, and conversational user interfaces are further expected to gain traction over the forecast period. Moreover, wide application in work areas with natural language processing is expected to anticipate the growth of virtual digital assistant market. However, high cost of the software and increase risk of cyber attacks and data security issues are expected to hamper the growth of virtual digital assistant market. Furthermore, constant upgrades and technology development with collaboration among market players are expected to create opportunities in the virtual digital assistant market in the near future.

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Market Segmentations and Scope of the Study:

The global virtual digital assistant market share is analyzed on the basis of type, application and geography. On the basis of type, the market is segmented into Enterprise VDA and consumer VDA. On the basis of application, the market is divided into customer service and marketing, e-commerce and sales, healthcare, business, foreign language tutoring, tax filing and processing. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America contributes the major market share in the virtual digital assistant market owing to the presence of developed countries coupled with increased adoption of advanced software and technology. Moreover, increased awareness and changing lifestyle with increased use of smart device re expected to drive the growth of virtual digital assistant market.

Asia Pacific denotes the developing market with the gradual increase in virtual digital assistant market size and significant growth rate. Increasing adoption of technology and increased use of smart phones, artificial intelligence with increased demand of IoT devices are also expected to drive the growth of virtual digital assistant market.

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