Virtual assistant

Smart Virtual Assistant Market to Register CAGR of 28.2% as Voice-Activated Speakerphones Gain Popularity

Why a strong consumer electronics sector is essential for manufacturers of intelligent virtual assistants? Fact.MR finds in new study

NEW YORK, May 4, 2022 /PRNewswire/ — The new study by Fact.MR provides detailed information on the global intelligent virtual assistant market for the next decade. Additionally, it provides an elaborate analysis of the opportunities, growth drivers, and barriers propelling the Sales of Intelligent Virtual Assistants across various segments including product, technology, industry vertical, and regions.

Fact.MR – A market research and competitive intelligence provider: Global Intelligent Virtual Assistant Market Sales Expected to Reach $62 billiongrowing at a CAGR of 28.2% over the forecast period (2022-2032).

According to the studythe global intelligent virtual assistant market is expected to reach a valuation of US$5.2 billion in 2022, from US$3.9 billion in 2021. The growing need for effective customer engagement among diverse businesses bodes well for the global market.

The advent of artificial intelligence (AI), machine learning, and deep neural network technologies in various industries is expected to drive growth. In addition to this, the adoption of smart speakers and chatbots to improve customer experience in the BFSI and healthcare sectors is booming.

Several tech companies will likely focus more on developing state-of-the-art virtual assistants. Apple’s Siri, for example, can help customers accomplish multiple tasks. Likewise, some of the latest assistants can provide an intuitive interface for connected cars and homes. This should facilitate the growth of the market.

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Additionally, the growing adoption of virtual assistants to act as customer service agent in many industries is estimated to increase the market. These assistants are supposed to enhance the brand, as well as the customer experience with a user-friendly approach.

Depending on the needs of the end users, the capabilities of these virtual assistants can be customized. In the health sector, these are likely to help patients fill or renew their prescriptions, find a doctor’s office and obtain payment reminders.

Apart from the healthcare industry, the retail industry is also expected to implement chatbots in their systems. These would help them deliver a rich customer experience. Various retail outlets, such as Domino’s, are leveraging AI and machine learning via chatbots to take orders from customers.

Also, the introduction of voice-activated speakers or smart speakers in various parts of the world is expected to accelerate the growth. Media companies and publishers need to create short audio briefs specifically tailored for smart speakers.

Report attributes

Details

Base year value (2021A)

US$3.9 billion

Estimated annual value (2022E)

US$5.2 billion

Projected year value (2032F)

$62 billion

World growth rate (2022-2032)

CAGR 28.2%

Key points to remember:

  • Based on the technology, the speech recognition segment is expected to grow at a CAGR of 29.1% through 2032.
  • Sales of automatic speech recognition technology are expected to grow at a CAGR of 30.0% by 2032.
  • By vertical, the consumer electronics segment provided a revenue share of approximately 18.5% in 2020.
  • China The intelligent virtual assistant market is expected to grow at a CAGR of 30.2% between 2022 and 2032.
  • Sales of intelligent virtual assistants in the United States are expected to grow at over 27.9% CAGR in the coming years.

Growth drivers:

  • High demand for intelligent virtual assistants in home automation systems should stimulate the market.
  • The rapid expansion of the healthcare and banking sectors is expected to propel the demand for intelligent virtual assistants to increase customer personalization.

Constraints:

  • As smart virtual assistants collect crucial data from consumers, hackers can try to steal the data and this can hamper market demand.
  • Intelligent virtual assistants lack more meaningful engagements because content is presented by voice, not visuals.

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Competitive Landscape:

The global market is moderately competitive with the presence of few major players. Majority of these key players are striving to improve the integrated voice and gesture recognition technologies to provide better service to customers. Some of the other companies are focusing on expanding their geographical presence by setting up new offices, especially in untapped regions.

For instance,

  • April 2022: Gnani.ai, a renowned AI company based in the United States, has announced that it has observed a 3x increase in the adoption of its new version of the assist365 low-code omnichannel automation platform. It is the company’s most advanced platform capable of automating interactions throughout the customer journey. It is available in over 80 languages ​​and comes with a built-in voice analysis feature.
  • June 2021: Samsung, a multinational electronics company headquartered in South Korea, announced plans to unveil their new virtual assistant called Sam. He can work as a 3-dimensional character. Sam will have more textures, poses and expressions. The company worked with Lightfarm Studios to provide Sam with more changes.

Top Companies Featured by Fact.MR

  • VoiceVault Inc.
  • Voicebox Technologies Corp.
  • Uniphore Software Solutions Pvt Ltd
  • Sony Company
  • Samsung Electronics
  • Next IT company
  • Nuance Communications Inc.
  • Inbenta Technologies
  • CX Company
  • Limited Virtual Creative
  • CodeBaby Corp.
  • Baidu
  • Apple Inc.
  • Amazon Web Services
  • Anboto Group
  • Alphabet Inc.

More Valuable Insights into the Intelligent Virtual Assistant Market

In the latest study, Fact.MR reveals the key factors that are expected to drive the growth of the Global Intelligent Virtual Assistant Market over the forecast period (2022-2032). The survey also provides an in-depth analysis of the opportunities and predicted drivers to propel the sales of Intelligent Virtual Assistants through detailed segmentation as follows:

By product

By technology

  • text to talk
  • Speech recognition
  • Text-based

By industry vertical

  • Consumer electronics
  • BFSI
  • Health care
  • Education
  • Detail
  • Government
  • Utilities
  • travel and hospitality
  • Others

By region

  • North America
  • Europe
  • APAC
  • Middle East and Africa (SOUL)
  • Latin America

Key Questions Covered in the Intelligent Virtual Assistant Market Report

  • What is the estimated revenue of the Intelligent Virtual Assistant market during the forecast period?
  • What are the challenges faced in the intelligent virtual assistant market?
  • Which region is estimated to show the fastest growth rate in the global intelligent virtual assistant market in 2022-2032?
  • What is the projected market valuation of the intelligent virtual assistant market in 2022?
  • What are the driving factors of the intelligent virtual assistant in 2022-2032?
  • What is the expected growth rate of the intelligent virtual assistant market through 2032?

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About Fact.MR

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