Press release
Emerging Trends to Drive Virtual Assistant Market Growth at 24.4% CAGR Through 2029
Virtual Assistant
What Is the Expected CAGR for the Virtual Assistant Market Through 2025?
The market size of virtual assistants has seen considerable expansion in the past few years. Its predicted growth is from $6.37 billion in 2024 to $8.11 billion in 2025, representing a compound annual growth rate (CAGR) of 27.3%. The impressive historical growth can be credited to factors such as the incorporation of virtual assistants into different devices, improved client experiences, the growing demand for bespoke customer service, higher connectivity and mobile utilization, and the evolution of speech recognition technology.
What's the Projected Size of the Global Virtual Assistant Market by 2029?
The market for virtual assistants is predicted to experience significant growth in the coming years, reaching a value of $19.4 billion by 2029 with a compound annual growth rate (CAGR) of 24.4%. This anticipated growth during the projected period can be associated with the collaboration of humans and machines, multi-mode interfaces, tailor-made industry customizations, and progression in natural language processing and machine learning and AI algorithms. Some of the major trends expected during this period include hyper-personalization, multi-modal interfaces, the integration of emotional intelligence, ongoing integration with IoT devices, and enterprise-class virtual assistants.
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Top Growth Drivers in the Virtual Assistant Industry: What's Accelerating the Market?
The anticipated increase in the usage of smart devices is expected to fuel the expansion of the virtual assistant market. Smart devices, which typically link to other devices or networks through various wireless connections, operate both interactively and independently. Virtual assistants, when coordinated with smart devices like smartphones, smart speakers, and other devices facilitated by IoT, can control and manage them, offer contextual knowledge about the user's environment, and provide personalized advice and services. As an example, in 2023, SmartTek Solutions, a software development company based in the US, stated that over 41.9% of US homes owned a smart device in 2021, which is projected to rise to 48.4% by 2025. Hence, the growth in the usage of smart devices propels the virtual assistant market.
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What Trends Will Shape the Virtual Assistant Market Through 2029 and Beyond?
Leading companies in the virtual assistant market are prioritizing the development of innovative solutions with cutting-edge technology, including AI-based virtual assistants, to secure their market standing. An AI-based virtual assistant is a digitally programmed entity that utilizes AI technologies like natural language processing (NLP), machine learning, and sometimes speech recognition to engage with users and carry out tasks. For example, in February 2022, American technology company International Business Machines Corporation introduced an AI-based virtual assistant dedicated to TD Precious Metals Digital Store customers in Canada. The assistant, powered by IBM Watson Assistant, aims to offer rapid responses to common customer inquiries regarding pricing, delivery choices, and shipment, alongside relevant links for additional support.
What Are the Main Segments in the Virtual Assistant Market?
The virtual assistantmarket 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
Subsegments:
1) By Chatbots: Text-Based Chatbots, Voice-Enabled Chatbots, AI-Driven Chatbots
2) By Smart Speakers: Single-Room Smart Speakers, Multi-Room Smart Speakers, Display-Enabled Smart Speakers
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Which Top Companies are Driving Growth in the Virtual Assistant Market?
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
Which Regions Will Dominate the Virtual Assistant Market Through 2029?
North America was the largest region in the virtual assistant market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual assistant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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