Press release
Virtual Assistant Global Market 2024 : Major Drivers, Analysis, Size, Share, Growth And Forecast To 2033
Virtual Assistant Market
The Business Research Company presents an extensive market research report on the Virtual Assistant Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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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Key Market Players:
Major companies operating in the virtual assistant market report are 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
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.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/virtual-assistant-global-market-report
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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