The global virtual assistant marketis expected to grow at a CAGR of around 12% during the forecast period, according to Technavio's latest report.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170824005099/en/
Technavio has published a new report on the global virtual assistant market from 2017-2021. (Graphic: Business Wire)
In this report, Technavio covers the market outlook and growth prospects of the global virtual assistantmarket for 2017-2021. The market is segmented based on product, which includes (list out all the products).
The rise in the virtual assistant applicationsin industries, such as banking, financial services, and insurance (BFSI), automotive, healthcare, retail, and others, is a key factor for driving the growth of the market. An increase in the number of handheld devices, such as smartphones and tablets, is enabling the enterprises to provide web-based services to customers through various communication platforms. As the demand for customer self-service is increasing worldwide, it is providing ample opportunities for the virtual assistant market to grow in various industries.
Technavio's media and entertainment research analysts categorize the global virtual assistant market into the following segments by regions:
- Americas
- APAC
- EMEA
Looking for more information on this market? Request a free sample report
Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Americas: virtual assistant market
"The Americas has a higher inclination toward the use of high-end technological products and services because of the availability of high-end services and higher disposable incomes in the region. Hence, it can easily adapt to the technological changes. The Americas is home to the best artificial intelligence technologies in the world, and hence the region has easy access to these technologies," says Ujjwal Doshi, a lead analyst at Technavio for research on media and entertainment services.
Increased innovative technological developments have resulted in the faster adoption of virtual assistants in the region. As the Americas have a greater adoption rate of smartphones, the use of virtual assistant mobile apps is also very popular in the region. North America accounts for a higher share of the virtual assistant market because of the availability of developed infrastructure and higher acceptance of new technologies.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free
Virtual assistant market in APAC
"In 2016, the market for virtual assistant in APAC held the second-largest share globally and is estimated to grow at the fastest rate during the forecast period. To be competitive in a dynamic environment, most of the high-tech companies, such as Google, Apple, and Microsoft, use the features, solutions, and technologies provided by artificial intelligence to drive the productivity, effectiveness, and efficiency," adds Ujjwal.
The market for virtual assistants is mainly driven by the healthcare, BFSI, and travel industry in this region as more customers from this region are using the services provided by chatbots. Also, the region has more than 1,000 startups, which work exclusively to provide better artificial intelligence features. More than 80% of the customers are expected to use chatbots for self-service by the end of the forecast period in this region. Hence, the global virtual assistant market will undergo rapid growth during the forecast period.
Virtual assistant market in EMEA
The virtual assistant market in EMEA held the third largest share of the global market in 2016. The market in EMEA for the use of artificial intelligence technologies, such as virtual assistant, is mainly driven by Europe. The virtual intelligence in European countries is witnessing healthy growth as companies in this region are leveraging the benefits of virtual assistants to provide effective customer reach while offering services and solutions.
The major driver for the growth of virtual assistants in this region is the quick adoption of chatbots by the European countries. Chatbots are increasingly used to provide improved productivity and increased level of satisfaction. This demand for virtual assistant apps is expected to drive the market in the coming years.
The top vendors in the global virtual assistant market highlighted in the report are:
- Apple
- eGain
- Microsoft
- Nuance Communications
Browse Related Reports:
- Global Content Recognition Market 2017-2021
- Global Corporate Entertainment Market 2017-2021
- Global Secondary Tickets Market 2017-2021
About Technavio
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 10,000 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.
If you are interested in more information, please contact our media team at media@technavio.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170824005099/en/
Contacts:
Technavio Research
Jesse Maida
Media Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com