The global Intelligent Virtual Assistant Market is growing rapidly. These advanced apps have been garnering significant popularity, helping businesses save money and offering convenient workflow for employees. Also, intelligent personal assistant solutions can improve employee performance, combining information from systems, such as HCM, ERP, CRM, and others.
The specific objectives and benefits of intelligent personal assistants include callers-defined task completion paths, asynchronous conversations support over any device, and consistently correct conversational answers, actions, and recommendations at scale. These, as a result, allow intelligent personal assistant technology to witness increasing adoption for various business needs.
Heading with the rapid realization of Conversational Service Automation (CSA) capabilities, the market is estimated to witness constantly rising revenues. In this regard, Market Research Future (MRFR) states that the global intelligent personal assistant market is poised to reach an exponential value by 2027, growing at an impressive CAGR during the review period (2020-2027).
Global Intelligent Personal Assistant – Competitive Landscape
Highly competitive, the intelligent personal assistant appears fragmented with the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers acquisitions, collaboration, expansion, and product/technology launch. Substantial investments are transpired in RD to develop a completely different technology compared to their competition.
Major Players:
Players leading the global intelligent personal assistant market include Google Inc. (US), Apple Inc. (US), Microsoft (US), Amazon (US), Baidu (China), IBM (US), AOL (US), Nuance (US), Facebook Inc. (US), and Artificial Solutions (Spain), among others.
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Additionally, the increasing popularity of connected devices and preference for smart homes, alongside the increasing adoption of voice search technologies and high demand for self-service applications, are major factors driving the market's growth predominantly. Combining CRM with other marketing automation tools, intelligent personal assistant improves the company's reach to markets and customer experience.
With advances in AI, NLP, and machine learning, intelligent personal assistants are becoming smarter, providing more natural conversations, answering more complex questions, and offering more insightful recommendations.
Advent of 5G technology and AI integration would enable intelligent personal assistants to provide faster recommendations and predictions. In the future, intelligent personal assistants would soon be incorporated with advanced features such as high-definition video conferencing. These factors indicate that the intelligent personal assistant market is expected to witness exponential growth in the nearing future.
Global Intelligent Personal Assistant Market – Segments
The intelligent personal assistant market report is segmented into development, technology, and region. The deployment segment is sub-segmented into smartphones, tablets, computers, and others.
The technology segment is sub-segmented into voice recognition, natural language processing, and deep learning. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
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Global Intelligent Personal Assistant – Regional Analysis
North America dominates the global intelligent personal assistant market. The largest market share attributes to the high standard of living led by the high disposable income. Besides, the wide adoption due to the vast awareness about the benefits of intelligent personal assistants is a key tailwind behind the growing market share.
Moreover, the well-developed network architecture, technical advances, and changing business/work-related needs substantiate the intelligent personal assistants market size. The North American intelligent personal assistant market is predicted to retain its dominance throughout the forecast period.
Europe stands second in terms of the global intelligent personal assistant market revenue. Factors such as improving living standards and increasing IoT investments are major factors influencing the market's growth. Additionally, the presence of advanced infrastructure and the increasing adoption of advanced technology in various European countries boost the market growth.
The Asia Pacific region also accounts for a substantial global intelligent personal assistant market share. The region demonstrates a high adoption rate of brilliant personal assistants as many APAC countries are developing and witnessing the rapid integration of advanced technologies in different sectors. Furthermore, the high demand for smartphones and tablets from India and China fosters the growth of the intelligent personal assistant market in this region.
Rising adoption of AI-powered intelligent personal assistant solutions across industries to gain highly effective services, such as professional conversation, appointment scheduling, and business consulting, are major trends in this market. Additionally, the shift in production bases of several global intelligent personal assistant developers to the region and technological advances influences the market growth.
Industry/ Innovation/ Related News:
May 25, 2021 ---- Whirlpool Corporation announced proactive voice alerts to the home as launch collaborator for Google assistant voice notifications. Whirlpool is enhancing its voice-command capabilities with Google Assistant voice notifications, a new functionality available through Google's intelligent personal assistant software.
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