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Virtual Assistant Market Size, Share, Industry Analysis, Segments And Forecast To 2033
Virtual Assistant Market
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Virtual Assistant Market 2024 Key Insights:
• The virtual assistant market is expected to grow to $15.88 billion in 2028 at a compound annual growth rate (CAGR) of 25.7%.
• Rising Penetration Of Smart Devices On The Growth Of The Virtual Assistants Market
• AI Innovations For Enhanced User Interaction And Efficiency
• North America was the largest region in the virtual assistant market in 2023
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