Virtual Assistant Market (By Service- Market assistant and customer service. By Technology- Voice recognition, text-to-speech, and speech recognition. By End-Use - SMBs, large enterprises and speech recognition. By Application- Retail, Automotive, education, BFSI, IT & Telecom, and Healthcare) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2021-2031

The ‘Global Virtual Assistant Market’ was valued $8.4 Billion in 2020 and is expected to reach $ 58.3 Billion at the CAGR of 17.6% between 2021 and 2031. 

Virtual Assistant Market is a software application that eases human interaction with computer via several platforms such as the SMS, internet and messenger. Huge popularity of virtual assistant software system among tech savvy and young users creates a huge market opportunity during the forecast period. Virtual assistant has their wide usage in mobile computing devices and are also present on websites. Virtual assistant uses artificial intelligence technology to assist people and carry out the specified work easily. Virtual assistant acts as an intelligent personal assistant for customers who can visit whichever company’s website at any time of day. Moreover, virtual assistant provides text messages thereby reducing turnaround time for gathering information. Rising applications of Virtual assistant in areas such as retail, healthcare and BFSI, creates a huge scope of this market. Rising focus of many enterprises and businesses to provide high quality service to customers, leads to increase in adoption of virtual assistance. In addition to this, increasing number of mobile devices including tablets and smart phones provide ample growth opportunity for virtual assistant system market. Rising implementation of virtual assistant technology across various organizations including E-retailers, banks, healthcare and others makes the virtual assistant market more demanding during the forecast period of 2021-2031.

Virtual assistant provides several benefits in various sectors which include banks, healthcare, e-retailers among others. Some of the benefits include uniform support to customers, faster training process, and value addition to future ready products. Adoption of virtual assistant technology by several organizations to deliver automated experience to customers and engaging them over conversations using voice or text makes the market more demanding. Google now, Siri, Alexa and Cortona are popular across the globe and are treated as virtual assistant applications. Virtual assistant provides customers an excellent experience of using any digital channel such as an app, a website or a messaging application. Moreover, virtual assistant technology has the ability to handle large number of requests and thereby allowing organizations to adopt this technology to meet rising customer expectations. Several advantages of the technology including reduced operating cost and improved business quality are some of the prime factors encouraging end-users to adopt the technology, and hence fueling the market growth.

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Major applications of virtual assistant mentioned in the report include retail, automotive, education, BFSI, IT & Telecom, and healthcare. The virtual assistant market in the report is segmented by services which includes market assistant and customer service. Moreover, on the basis of technology, the market has been segmented as voice recognition, text-to-speech, and speech recognition. The virtual assistant market has been segmented by end-use which includes SMBs, large enterprises and speech recognition. The global virtual assistant market has been segmented geographically into North America, Europe, Asia-Pacific, Middle East and Africa and Latin America.

Rising focus on customer satisfaction and high adoption of the technology across various industrial scales, are propelling the growth of virtual assistant market across the globe. Technological advancement and creativity by leading vendors has made the market more demanding in recent years. Increase in application of virtual assistant in hospitals, clinics for requesting lab results and scheduling appointments, propels the industry growth. However, high cost of virtual assistant technology and lack of skilled resources pose a threat to the adoption of virtual assistant technology therefore, affecting the growth of the global virtual assistant market.

Some of the major players in the global virtual assistant market include Amazon.com, Inc., Apple Inc., Baidu, Inc., Clara Labs, CSS Corp., Creative Virtual, CodeBaby Corporation, eGain Corporation, Google Inc., IBM Corporation, Kognito, Microsoft Corporation, MedRespond, Next IT Corp., Nuance Communications, Inc., Oracle Corporation, True Image Interactive, Inc., Verint, Welltok, Inc. and Others

Scope of the Report:

The Global Virtual Assistant Market Has Been Segmented into:

Global Virtual Assistant Market: By Service

• Marketing Assistant
• Customer Service

Global Virtual Assistant Market: By Technology

• Voice Recognition
• Text-to-Speech
• Speech Recognition

Global Virtual Assistant Market: By End-Use

• SMBs
• Large Enterprises
• Individual Users

Global Virtual Assistant Market: By Applications

• Retail
• Automotive
• Education
• BFSI
• IT & Telecom
• Healthcare

Global Virtual Assistant Market: By Geography

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• France
• Germany
• Italy
• Rest of Europe
• Asia Pacific
• India
• China
• Japan
• Rest of Asia Pacific
• Middle East and Africa
• South Africa
• Rest of Middle East and Africa
• Latin America
• Brazil
• Rest of Latin America