0

Virtual Assistant Market by End-user, Type, and Geography - Forecast and Analysis 2021-2025

  • Published: Mar 2021
  • Pages: 140
  • SKU: IRTNTR70433
Technavio

Enjoy complimentary customisation on priority with our Enterprise License!

Safe and Secure SSL Encrypted

info
close
  • Single User:

    Quick and easy buy and download option

  • Enterprise:

    Flexible option - Complimentary customization included

2500 USD

The virtual assistant market share is expected to increase by USD 4.12 bn from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 11.79%.

This virtual assistant market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers virtual assistant market segmentations by End-user (automotive, BFSI, government, retail, and others), Type (spoken commands and text-to-speech), and Geography (North America, APAC, Europe, South America, MEA, North America, APAC, Europe, South America, and MEA). The virtual assistant market report also offers information on several market vendors, including Alphabet Inc., Amazon.com Inc., Apple Inc., CX Co., eGain Corp., International Business Machines Corp., Nuance Communications Inc., Oracle Corp., Synthetix Ltd., and VA Company LLC among others.

What will the Virtual Assistant Market Size be During the Forecast Period?

Virtual Assistant Market Size

Download the Free Report Sample to Unlock the Virtual Assistant Market Size for the Forecast Period and Other Important Statistics

 

Virtual Assistant Market: Key Drivers, Trends, and Challenges

The demand for enhanced customer service is notably driving the virtual assistant market growth, although factors such as technical concerns may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the virtual assistant market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Virtual Assistant Market Driver

The demand for enhanced customer service is notably driving the virtual assistant market growth. Businesses and enterprises are demanding enhanced software and technology to offer enriched and high-quality customer support. This is mainly to improve the market value of the enterprises by improving the overall customer experience with their business operations. Furthermore, capturing the experience of each customer to analyze and deliver real-time insights helps enterprises and businesses optimize their operations while improving the accuracy of their responses. Therefore, it helps in strengthening the bond between the company and its customers. Hence, more and more organizations are adopting the intelligent virtual assistant as they improve customer and brand experience using a customer-friendly approach. This, in turn, is driving the overall market. 

Key Virtual Assistant Market Trend

Smartphones with intelligent virtual assistants supporting human interactions are the key market trend driving the virtual assistant market growth. For decades, people across nations have been working to enhance the use of artificial intelligence in allowing humans to interact with computers using natural voice interfaces. Consumer electronics, such as smartphones, are used to exhibit a great deal of activity using virtual assistants with interactive voice capability. Major tech firms are developing personal assistants for large-scale digital platforms to make progress in their own business operations. Therefore, the increasing use of voice recognition technologies in mobile platforms is driving the demand for intelligent virtual assistants as they simplify voice interactions

Key Virtual Assistant Market Challenge

The technical concerns is the major challenge impeding the virtual assistant market growth. Despite the obvious benefits of using intelligent virtual assistants, the technical challenges that virtual assistant face limits their success. Virtual assistants face a lack of accuracy and personalization issues as they use rigorous optimization, which involves both human and machine learning. To overcome this problem, a virtual assistant must allow customers to use natural language, which includes the use of slang, typos, unstructured content, and complex grammar. It should also be able to guide customers through a step-by-step process. Some of the virtual assistants in the market also face a lack of behavioral targeting issues and have difficulty engaging the consumers.

This virtual assistant market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global virtual assistant market is a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the virtual assistant market during the forecast period.

Who are the Major Virtual Assistant Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Alphabet Inc.
  • Amazon.com Inc.
  • Apple Inc.
  • CX Co.
  • eGain Corp.
  • International Business Machines Corp.
  • Nuance Communications Inc.
  • Oracle Corp.
  • Synthetix Ltd.
  • VA Company LLC

 

This statistical study of the virtual assistant market encompasses successful business strategies deployed by the key vendors. The virtual assistant market is fragmented and the vendors are deploying growth strategies such as developing, embedding and offering services of virtual assistants to enterprises and businesses in the apps to compete in the market.

Product Insights and News

  • Alphabet Inc. - The company offers Google Assistant. It can make calls and send messages by reading human speech.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The virtual assistant market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Virtual Assistant Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the virtual assistant market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Virtual Assistant Market?

Virtual Assistant Market Market segmentation by region

For more insights on the market share of various regions Request for a FREE sample now!

40% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for the virtual assistant market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

There is an accelerated growth in the use of artificial intelligence-powered virtual assistants, expected in the markets of China, India, Japan, South Korea, Singapore, and Malaysia in the coming years. The penetration of mobiles and the internet continues to increase across APAC, which will facilitate the virtual assistant market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating End-user Segments in the Virtual Assistant Market?

Virtual Assistant Market Segmentation

To gain further insights on the market contribution of various segments Request for a FREE sample

The virtual assistant market share growth by the automotive segment will be significant during the forecast period. A rapidly growing number of consumers are using voice assistants in cars, as a result of which, the automotive industry is investing in convenience and connectivity in cars with the help of virtual assistants. This will drive the segment growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the virtual assistant market size and actionable market insights on post COVID-19 impact on each segment.

 

Virtual Assistant Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 11.79%

Market growth 2021-2025

$ 4.12 billion

Market structure

Fragmented

YoY growth (%)

7.65

Regional analysis

North America, APAC, Europe, South America, MEA, North America, APAC, Europe, South America, and MEA

Performing market contribution

APAC at 40%

Key consumer countries

US, China, UK, Japan, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Alphabet Inc., Amazon.com Inc., Apple Inc., CX Co., eGain Corp., International Business Machines Corp., Nuance Communications Inc., Oracle Corp., Synthetix Ltd., and VA Company LLC

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Request for a FREE sample

What are the Key Data Covered in this Virtual Assistant Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive virtual assistant market growth during the next five years
  • Precise estimation of the virtual assistant market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the virtual assistant industry across North America, APAC, Europe, South America, MEA, North America, APAC, Europe, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of virtual assistant market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Application software market

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces analysis 2020 & 2025
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • 5.2 Comparison by End-user
        • 5.3 Automotive - Market size and forecast 2020-2025
          • Exhibit 17: Automotive - Market size and forecast 2020-2025 ($ million)
          • Exhibit 18: Automotive - Year-over-year growth 2020-2025 (%)
        • 5.4 BFSI - Market size and forecast 2020-2025
          • Exhibit 19: BFSI - Market size and forecast 2020-2025 ($ million)
          • Exhibit 20: BFSI - Year-over-year growth 2020-2025 (%)
        • 5.5 Government - Market size and forecast 2020-2025
          • Exhibit 21: Government - Market size and forecast 2020-2025 ($ million)
          • Exhibit 22: Government - Year-over-year growth 2020-2025 (%)
        • 5.6 Retail - Market size and forecast 2020-2025
          • Exhibit 23: Retail - Market size and forecast 2020-2025 ($ million)
          • Exhibit 24: Retail - Year-over-year growth 2020-2025 (%)
        • 5.7 Others - Market size and forecast 2020-2025
          • Exhibit 25: Others - Market size and forecast 2020-2025 ($ million)
          • Exhibit 26: Others - Year-over-year growth 2020-2025 (%)
        • 5.8 Market opportunity by End-user
          • Exhibit 27: Market opportunity by End-user

        6 Market Segmentation by Type

        • 6.1 Market segments
          • Exhibit 28: Type - Market share 2020-2025 (%)
        • 6.2 Comparison by Type
          • Exhibit 29: Comparison by Type
        • 6.3 Spoken commands - Market size and forecast 2020-2025
          • Exhibit 30: Spoken commands - Market size and forecast 2020-2025 ($ million)
          • Exhibit 31: Spoken commands - Year-over-year growth 2020-2025 (%)
        • 6.4 Text-to-speech - Market size and forecast 2020-2025
          • Exhibit 32: Text-to-speech - Market size and forecast 2020-2025 ($ million)
          • Exhibit 33: Text-to-speech - Year-over-year growth 2020-2025 (%)
        • 6.5 Market opportunity by Type
          • Exhibit 34: Market opportunity by Type

        7 Customer Landscape

        8 Geographic Landscape

        • 8.1 Geographic segmentation
          • Exhibit 36: Market share by geography 2020-2025 (%)
        • 8.2 Geographic comparison
          • Exhibit 37: Geographic comparison
        • 8.3 North America - Market size and forecast 2020-2025
          • Exhibit 38: North America - Market size and forecast 2020-2025 ($ million)
          • Exhibit 39: North America - Year-over-year growth 2020-2025 (%)
        • 8.4 APAC - Market size and forecast 2020-2025
          • Exhibit 40: APAC - Market size and forecast 2020-2025 ($ million)
          • Exhibit 41: APAC - Year-over-year growth 2020-2025 (%)
        • 8.5 Europe - Market size and forecast 2020-2025
          • Exhibit 42: Europe - Market size and forecast 2020-2025 ($ million)
          • Exhibit 43: Europe - Year-over-year growth 2020-2025 (%)
        • 8.6 South America - Market size and forecast 2020-2025
          • Exhibit 44: South America - Market size and forecast 2020-2025 ($ million)
          • Exhibit 45: South America - Year-over-year growth 2020-2025 (%)
        • 8.7 MEA - Market size and forecast 2020-2025
          • Exhibit 46: MEA - Market size and forecast 2020-2025 ($ million)
          • Exhibit 47: MEA - Year-over-year growth 2020-2025 (%)
        • 8.8 Key leading countries
          • Exhibit 48: Key leading countries
        • 8.9 Market opportunity by geography
          • Exhibit 49: Market opportunity by geography ($ million)

        9 Drivers, Challenges, and Trends

        • 9.1 Market drivers
          • 9.2 Market challenges
            • Exhibit 50: Impact of drivers and challenges
          • 9.3 Market trends

            10 Vendor Landscape

            • 10.1 Overview
              • 10.2 Vendor landscape
                • Exhibit 51: Vendor landscape
              • 10.3 Landscape disruption
                • Exhibit 52: Landscape disruption
                • Exhibit 53: Industry risks

              11 Vendor Analysis

              • 11.1 Vendors covered
                • Exhibit 54: Vendors covered
              • 11.2 Market positioning of vendors
                • Exhibit 55: Market positioning of vendors
              • 11.3 Alphabet Inc.
                • Exhibit 56: Alphabet Inc. - Overview
                • Exhibit 57: Alphabet Inc. - Business segments
                • Exhibit 58: Alphabet Inc. - Key news
                • Exhibit 59: Alphabet Inc. - Key offerings
                • Exhibit 60: Alphabet Inc. - Segment focus
              • 11.4 Amazon.com Inc.
                • Exhibit 61: Amazon.com Inc. - Overview
                • Exhibit 62: Amazon.com Inc. - Business segments
                • Exhibit 63: Amazon.com Inc. - Key news
                • Exhibit 64: Amazon.com Inc. - Key offerings
                • Exhibit 65: Amazon.com Inc. - Segment focus
              • 11.5 Apple Inc.
                • Exhibit 66: Apple Inc. - Overview
                • Exhibit 67: Apple Inc. - Business segments
                • Exhibit 68: Apple Inc. - Key news
                • Exhibit 69: Apple Inc. - Key offerings
                • Exhibit 70: Apple Inc. - Segment focus
              • 11.6 CX Co.
                • Exhibit 71: CX Co. - Overview
                • Exhibit 72: CX Co. - Product and service
                • Exhibit 73: CX Co. - Key offerings
              • 11.7 eGain Corp.
                • Exhibit 74: eGain Corp. - Overview
                • Exhibit 75: eGain Corp. - Business segments
                • Exhibit 76: eGain Corp. - Key news
                • Exhibit 77: eGain Corp. - Key offerings
              • 11.8 International Business Machines Corp.
                • Exhibit 78: International Business Machines Corp. - Overview
                • Exhibit 79: International Business Machines Corp. - Business segments
                • Exhibit 80: International Business Machines Corp. - Key news
                • Exhibit 81: International Business Machines Corp. - Key offerings
                • Exhibit 82: International Business Machines Corp. - Segment focus
              • 11.9 Nuance Communications Inc.
                • Exhibit 83: Nuance Communications Inc. - Overview
                • Exhibit 84: Nuance Communications Inc. - Business segments
                • Exhibit 85: Nuance Communications Inc. - Key news
                • Exhibit 86: Nuance Communications Inc. - Key offerings
                • Exhibit 87: Nuance Communications Inc. - Segment focus
              • 11.10 Oracle Corp.
                • Exhibit 88: Oracle Corp. - Overview
                • Exhibit 89: Oracle Corp. - Business segments
                • Exhibit 90: Oracle Corp. - Key news
                • Exhibit 91: Oracle Corp. - Key offerings
                • Exhibit 92: Oracle Corp. - Segment focus
              • 11.11 Synthetix Ltd.
                • Exhibit 93: Synthetix Ltd. - Overview
                • Exhibit 94: Synthetix Ltd. - Product and service
                • Exhibit 95: Synthetix Ltd. - Key offerings
              • 11.12 VA Company LLC
                • Exhibit 96: VA Company LLC - Overview
                • Exhibit 97: VA Company LLC - Product and service
                • Exhibit 98: VA Company LLC - Key offerings

              12 Appendix

              • 12.1 Scope of the report
                • 12.2 Currency conversion rates for US$
                  • Exhibit 99: Currency conversion rates for US$
                • 12.3 Research methodology
                  • Exhibit 100: Research Methodology
                  • Exhibit 101: Validation techniques employed for market sizing
                  • Exhibit 102: Information sources
                • 12.4 List of abbreviations
                  • Exhibit 103: List of abbreviations

                Research Framework

                Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                TechnavioINFORMATION SOURCES

                Primary sources

                • Manufacturers and suppliers
                • Channel partners
                • Industry experts
                • Strategic decision makers

                Secondary sources

                • Industry journals and periodicals
                • Government data
                • Financial reports of key industry players
                • Historical data
                • Press releases
                Technavio

                TechnavioDATA ANALYSIS

                Data Synthesis

                • Collation of data
                • Estimation of key figures
                • Analysis of derived insights

                Data Validation

                • Triangulation with data models
                • Reference against proprietary databases
                • Corroboration with industry experts
                Technavio

                TechnavioREPORT WRITING

                Qualitative

                • Market drivers
                • Market challenges
                • Market trends
                • Five forces analysis

                Quantitative

                • Market size and forecast
                • Market segmentation
                • Geographical insights
                • Competitive landscape
                Interested in this report?
                Get your sample now!
                Virtual Assistant Market market growth will increase by $4.12 bn during 2021-2025.
                The virtual assistant market market is expected to grow at a CAGR of 11.79% during 2021-2025.
                Technavio has segmented the virtual assistant market market by end-user (automotive, BFSI, government, retail, and others) ,type (spoken commands and text-to-speech) , and geography (North America, APAC, Europe, South America, and MEA).
                Alphabet Inc., Amazon.com Inc., Apple Inc., CX Co., eGain Corp., International Business Machines Corp., Nuance Communications Inc., Oracle Corp., Synthetix Ltd., VA Company LLC are a few of the key vendors in the virtual assistant market market.
                APAC will register the highest growth rate of 40% among the other regions. Therefore, the virtual assistant market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
                The key factors driving the virtual assistant market market growth are:
                • demand for enhanced customer service
                • Popularity of chatbots
                The virtual assistant market market vendors should focus on grabbing business opportunities from the automotive segment as it accounted for the largest market share in the base year.
                • What are the key global market and the regional market share?
                • What are the revenue-generating key market segments?
                • What are the key factors driving and challenging this market’s growth?
                • Who are the key market vendors and their growth strategies?
                • What are the latest trends influencing the growth of this market?
                • What are the variables influencing the market growth in the primary regions?
                • What are the factors influencing the growth of the parent market?
                • Off-the-shelf research reports
                • Reports can be tailored to meet the customer's needs
                • Trusted by more than 100 fortune 500 organizations
                • Information about the market's key drivers, trends, and challenges
                • Parent market analysis
                • Every week, 50,000 people visit our subscription platform
                • Detailed vendors report with competitive landscape
                • Covid-19 impact and recovery analysis
                • Data on revenue-generating market segments
                • Details on the market shares of various regions
                • Five-force market analysis

                Certified ISO 9001 : 2015

                We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.

                We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.

                Safe and Secure SSL Encrypted
                Technavio

                info
                close
                • Single User:

                  Quick and easy buy and download option

                • Enterprise:

                  Flexible option - Complimentary customization included

                2500 USD

                Technavio Get the report (PDF) sent to your email within minutes.

                Subscribe & Save

                Get lifetime access to our
                Technavio Insights

                Customized Report as per your Business Needs

                • Our analysts will work directly with you and understand your needs
                • Get data on specified regions or segments, competitor and Vendors
                • Data will be formatted and presented as per your requirements
                • We offer $1000 worth of FREE customization at the time of purchase

                Let us help you make report more suited to your requirements.

                • Get a competitive breakdown as per your niche industry
                • Customize the data with various metrics that meet your business prerequisite
                • Understand Revenue Sources, Customers and many more
                • Details on Market Share
                • These customizations are done in a short amount of time by our analysts and industry experts
                Technavio
                Enquire Before Buying
                17,000 reports available | Plans starting from just 5,000 USD | Get FREE trial>>