Virtual Assistant Market size to grow by USD 4.12 Bn| Insights on Key Drivers, Trends, and Products Offered by Major Vendors | Technavio

This 120-page report and TOC analyzes the virtual assistant 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).

NEW YORK, June 20, 2022 /PRNewswire/ — The global Virtual Assistant Market size is expected to grow by USD 4.12 billion, at a CAGR of 11.79% during the forecasted period, according to Technavio’s latest market report.

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.

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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 read 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.

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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 chatbots, intelligent virtual assistants,s and other products.
  • eGain Corp.: The company offers eGain Virtual Assistant. It is a chatbot.

Find additional highlights on the growth strategies adopted by vendors and their product offerings, Read Sample Report.

Reasons to Buy Virtual Assistant Market Report:
  • CAGR of the market during the forecast period
  • 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. Speak to an analyst now!

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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.

Table of Contents

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
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Virtual Assistant Market size to grow by USD 4.12 Bn| Insights on Key Drivers, Trends, and Products Offered by Major Vendors | Technavio WeeklyReviewer

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