Virtual Assistant Market to grow by $ 4.12 Billion | COVID-19 Impact Analysis, Key Drivers, Trends, and Products Offered by Major Vendors | Technavio
The global virtual assistant market is expected to grow by USD 4.12 billion, exhibiting a CAGR of almost 12% during 2021-2025, according to Technavio's latest market report.
NEW YORK, April 6, 2021 /PRNewswire/ --
The global virtual assistant market is expected to grow by USD 4.12 billion, exhibiting a CAGR of almost 12% during 2021-2025, according to Technavio's latest market report. Based on our research, the application software sector witnessed a mixed impact due to the widespread growth of the COVID-19 pandemic. The report also throws light on the pre- and post-impact of COVID-19 on businesses.
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The automotive segment will generate maximum revenue in the virtual assistant market, owing to the increasing investments by carmakers to provide better user experiences. In terms of geography, APAC will present significant opportunities for market vendors due to the increased adoption of chatbots in healthcare, BFSI, and travel industries in the region.
Virtual Assistant Market: Major Growth Drivers
The following factors are expected to drive the growth of the market during the forecast period:
- Increasing demand for advanced customer services and advanced software
- Demand for enhanced customer service
- Smartphones with intelligent virtual assistants supporting human interactions
In addition, the report identifies the benefits offered to content consumers, owners, and publishers as a major trend in the virtual assistant market. People with disabilities find it difficult to read enormous amounts of text or data. This has increased the adoption of virtual assistants to provide easy access to website content to help such users. Virtual assistants also provide users the option to listen to the content rather than reading the content online, which enhances convenience as well as user engagement. This trend is expected to provide significant growth opportunities to vendors during the forecast period.
The report helps businesses create strategies to make the most of future growth opportunities.
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Virtual Assistant Market: Key Vendor Offerings
Alphabet Inc.: The company offers Google Assistant. It can make calls and send messages by reading human speech.
Amazon.com Inc.: The company offers the Amazon Virtual Assistant. It provides administrative support to business owners online/offsite.
Apple Inc.: The company offers Siri. It helps users take calls or send texts without a touch.
CX Co.: The company offers chat bots, intelligent virtual assistant and other products.
eGain Corp.: The company offers eGain Virtual Assistant. It is a chatbot.
Reasons to Buy Virtual Assistant Market Report:
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist virtual assistant market growth during the next five years
- Estimation of the virtual assistant market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the virtual assistant market across North America, APAC, Europe, South America, and MEA
- 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
This report can be personalized according to your business needs.
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