The virtual assistant market share is expected to grow at a CAGR of 11.79% between 2022 and 2027. The demand for enhanced customer service and the popularity of chatbots provide a promising ground for the virtual assistant market.
Businesses and enterprises are demanding enhanced software and technology to offer enriched and high-quality customer support. More and more organizations are adopting intelligent virtual assistants as they improve customer and brand experience using a customer-friendly approach. This, in turn, will drive the overall market growth.
Technavio’s analysis of the “Virtual Assistant Market” projects that the market share is expected to increase by USD 26,945.07 million an accelerating CAGR during 2023-2027.
Browse Technavio's 175-page report and in-depth TOC on "Virtual Assistant Market by type (spoken commands and text-to-speech), end-user (automotive, BFSI, government, retail, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa)."
View detailed Table of Contents Here: https://www.technavio.com/report/virtual-assistant-market-industry-analysis?v1
The increasing adoption of smartphones across the world, along with the integration of advanced technology, is expected to drive the growth of the global virtual assistant market through the spoken commands segment during the forecast period. North America is estimated to contribute 39% to the growth of the global market during the forecast period.
Technical concerns have become a major challenge to the adoption of virtual assistance. Despite the obvious benefits of using intelligent virtual assistants, the technical challenges that virtual assistants face limiting their success. Some of the virtual assistants in the market also face a lack of behavioral targeting issues and have difficulty engaging consumers. Such factors will hinder the market growth during the forecast period.
The market structure is fragmented, and the vendors are implementing various strategies such as technological innovations to compete in the market.
Some of the major virtual assistant market vendors are 247.ai Inc., Alphabet Inc., Amazon.com Inc., Anboto Europe SL Co., Apple Inc., Artificial Solutions International AB, Baidu Inc., Creative Virtual Ltd., CSS Corp., CX Co., eGain Corp., GAVS Technologies NA Inc., Inbenta Holdings Inc., International Business Machines Corp., Microsoft Corp., Oracle Corp., Synthetix Ltd., True Image Interactive Inc., VA Company LLC, and Verint Systems Inc.
amazon.com - The company offers data security solutions such as AWS Cloud Security.
Download the PDF Sample Report for highlights on the market size, growth momentum, regional growth opportunities, vendor analysis, and other factors influencing the market growth.
Precise market size estimation during the forecast period 2023-2027.
CAGR of the virtual assistant market forecast during 2023-2027.
Market-level data on units, average selling prices, and values of the virtual assistant market share.
Prediction of the upcoming trends, drivers, and factors that challenge the virtual assistant market.
Virtual assistant market growth across North America, APAC, Europe, South America, and Middle East and Africa.