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Virtual Assistant Market 2020 High Growth, Market Share, Size, Demand, New Technology, Challenges and Trends Analysis till 2025

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Thomas Hinds
Virtual Assistant Market 2020 High Growth, Market Share, Size, Demand, New Technology, Challenges and Trends Analysis till 2025

A virtual assistant is a software-based application that can identifies voice commands and responds or completes tasks for a user. Virtual assistants are installed in almost every tablet and smartphone, advanced computers, and, nowadays in standalone devices such as Google Home and Amazon Echo. Virtual assistants can do anything like a human from play music, answer questions, tell jokes, and control home items such as door locks, lights, thermostats, and smart home devices. They are also able to send text messages, respond to various voice commands, make phone calls, and set up reminder

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Increasing use of virtual assistant solutions to improve customer service

The rising adoption of virtual assistant solutions in customer service is considered as the primary factor driving the growth of the global market across the globe. With the help of virtual assistant solutions, companies can enhance customer service functions such as front desk activities, meeting reminders, and other customized services. An increasing number of mobile payments across the globe is one of the major factors contributing to the growth of virtual assistant solutions. For instance, it is expected that around 1.06 billion people will make mobile payments by the end of 2020.

Furthermore, increasing usage of smart technologies and devices such as smart speakers and chatbots in industries such as retail, automotive, media & entertainment, travel, etc. is expected to impact significantly on the growth of the virtual assistant market. Various consumer products brands have already adopted virtual assistant solution in their business operations.

Adoption of natural language processing in virtual assistant solutions

The development of natural language processing (NLP) is also one of the major factors contributing to the growth of the global virtual assistant market over the forecasted period. NLP is an element of artificial intelligence (AI), which is capable of analyzing human language and converting it into machine language. NLP has the ability to operate the system only when the recorded voice is detected in various applications.

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The automotive application holds a significant market share

Consumer electronics, automotive, healthcare, BFSI, retail, and others are some of the applications analyzed in this market. Among these, the automotive application is expected to have the highest growth rate during the analysis period. The adoption of integrated technologies such as ADAS technologies, adaptive cruise control, automatic parking, etc. has increased. Combining these features with a virtual assistant, automotive manufacturers can deliver smart and safer driving experience and personalized content to the driver.

North America holds the largest share in the global market

Geographic regions included in the global virtual assistant market study are North America, Europe, Asia Pacific, South America, and Middle East & Africa along with its major countries. Among these, North America is expected to hold the largest share in the global virtual assistant market in a given forecasted period. The rising number of wireless devices and mobile subscribers in North America is expected to drive the virtual assistant market in the region.  Additionally, increasing the adoption of Bring Your Own Device (BYOD) has led to the emergence of working remotely. Moreover, increasing the use of cloud-based solutions such as MS Office and Skype has led to technological advancements, which further impacted the demand for virtual assistant solutions in the region.

Key Market Players

  • IBM Corporation
  • Google Inc.
  • CodeBaby Corporation
  • MedRespond
  • Next IT Corporation
  • Nuance Communications, Inc.
  • Oracle Corporation
  • Apple Inc.
  •   Microsoft
  • eGain Corporation
  • Amazon
  • Verint
  • Others

Market Segments: Virtual assistant Market

By Product

Chatbots

Smart Speakers

By Technology

Automatic Speech Recognition

Text-to-Speech

By Application

Consumer Electronics

Automotive

Healthcare

BFSI

Retail

Others

By Region (tentative)

North America

US

Canada

Mexico

Europe

Germany

France

UK

Russia

Asia Pacific

China

India

South Korea

Japan

South-East Asia

The Middle East and Africa

Saudi Arabia

South America

Brazil

Key Sources

  • Industry Associations
  • Patent Websites
  • Company Annual Reports
  • Company Websites
  • Key industry leaders
  • Technology consultants
  • Others

Key Questions Answered

  •     What are the key growth regions and countries?
  • What are the important types and technologies being used?
  • What are the market players doing, in terms of research and development?
  • Which are the new applications for this market?
  • What are the integrations happening?
  • What are the recent news, developments, mergers, or large value deals?

Key Stakeholders

  • Communication Equipment Manufacturers
  • Technology Support Providers
  • Original Equipment Manufacturers (OEMs)
  • Software Service Providers
  • Regulatory Authorities
  • Research and Innovation Organizations
  • Technocrats
  • Suppliers and Distributors
  • Other Channel Partners
  •     Quality Control Organizations
  • Environmental Authorities

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About Us

Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market's size, key trends, participants and future outlook of an industry. We intend to become our clients' knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code - Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.

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