Digital Assistant Market is Projected to Hit USD 28.35 Billion at a healthy CAGR of 33.45% by 2030 - Report by Market Research Future (MRFR)
The digital assistant market will witness a healthy growth from 2020 to 2030, a research report suggests. Growing at a CAGR of 33.45%, the market is projected to reach $28.35 Billion by 2030. The rising adoption of consumer electronic products is expected to support the market growth along with the evolution of communication network technologies. As predicted by analysts, the risk of security flaws will negatively affect the market's performance from 2020 to 2030. During the forecast period, the market will be supported by the growing demand for outsourced assistance and advanced features such as the ability to recognize languages.
The scarcity of skilled professionals on the other hand will challenge software solutions sector-based organizations functioning in the global digital assistant market. Analysts have split the market into deployment, product, and application segments based on products and services. Software solutions-based companies have been profiled. The increasing risk of security flaws is set to affect the global market during the forecast period 2020 to 2030. The report also provides the market's performance forecasts till 2023. Analysts have studied the strategy of software solutions segment-based organizations to help new entrants and established businesses. The software solutions sector itself is supported by favorable policies across regional markets as well as the changing social behavior. During the forecast period 2020 to 2030, the digital assistant market is set to witness a health growth across deployment, product, and application segments as well as regional markets.
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• Artificial Solutions (Spain)
• IBM Corporation (U.S.)
• Cisco Systems Inc. (U.S.)
• Nuance Communications (U.S.)
• Baidu Inc. (China)
• Facebook Inc. (U.S.)
• Amazon Inc. (U.S.)
• Google Inc. (U.S.)
• Samsung Corporation (South Korea)
• Microsoft Corporation (U.S.)
• Apple Inc. (U.S.)
The software solutions sector has seen growth across deployment, product, and application segments owing to the presence of untapped market opportunities and the presence of effective communication. To study the digital assistant market, analysts have further segmented deployment, product, and application into on premise and on-cloud based on deployment. The market is further segmented into the product sub segment which is split into Samsung Bixby, Microsoft Crotona, Amazon Alexa, Google Assistant, and Apple's SIRI. Additionally, the digital assistant market based on application is segmented into smart homes and TV devices, wearable devices, and smartphones.
The segmental analysis presented in the report provides software solutions field-based organizations insights into key growth factors such as the increasing spending power of consumers as well as challenges such as the fluctuating price of raw materials the market will face from 2020 to 2030. Increasing adoption of consumer electronic products and high demand across industry verticals are some of the key factors having an influence on software solutions industry-based companies, suggest analysts as per the digital assistant market report. But the report also identifies the unavailability of professional services and the lack of demand from certain regional markets as major threats companies in software solutions will face till 2023.
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Software solutions market-based companies in the digital assistant market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. Advancements in technology will be a key growth driver for regional markets. However, growing concerns regarding high cost will turn out to be a threat. For the forecast period 2020 to 2030 each of these regional markets are studied in the report. Starting from North America, the regional market and software solutions vertical based companies are spread across the United States, Canada, and Mexico. The lack of effective communication will turn out to be a major challenge from 2020 to 2030. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by the rising industrialization as well as the surging usage across different industries, suggests the report. Similarly, the software solutions sector's segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the digital assistant market covers the Middle East and Africa. Forecast based on the report's findings are presented for the forecast period till 2023.
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