The smart virtual assistant market is projected to grow at a CAGR of 26.29% to reach US$12.383 billion by 2024, from US$3.052 billion in 2018. The need for easier and more fluid accessibility of services will drive the demand for smart virtual assistants. The growing number of e-businesses raises the need for a more streamlined and consumer-friendly approach, further boosting the demand for virtual assistants. However, the increasing integration of virtual assistants gives rise to many privacy concerns amongst users and the slow adoption and limited awareness in developing countries will be the restraints in the demand for smart virtual assistants. The North American region holds a significant share of the market due to earlier adoption of automation services and rising research and development expenditure by vendors to introduce new products in the market. The Asia Pacific market, due to its increasing emphasis on information technology and automation, will provide many growth opportunities.
This research study examines the current market trends related to demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top-down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the Smart Virtual Assistant value chain. The last step involves complete market engineering which includes analysing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the smart virtual assistant market.
Major industry players profiled as part of the report are Alphabet, Inc., Apple, Inc., Amazon.com, Inc., Microsoft Corporation, and Samsung Electronics among others.
|Market size value in 2018||US$3.052 billion|
|Market size value in 2024||US$12.383 billion|
|Growth Rate||CAGR of 26.29% from 2018 to 2024|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Component, Industry, Device, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Alphabet, Inc., Apple, Inc., Amazon.com, Inc., Microsoft Corporation, Samsung Electronics, Artificial Solutions, International Business Machines (IBM), Nuance Communications, Inc., Inbenta Technologies, Inc., Baidu, Inc.|
|Customization scope||Free report customization with purchase|
The smart virtual assistant market has been analyzed through the following segments:
Banking and Finance
Smartphones and Tablets
Personal Computers and Laptops
Smart Home Devices
Small and Medium Enterprises
Middle East and Africa
Frequently Asked Questions (FAQs)
Q1. What will be the smart virtual assistant market size by 2024?
A1. The smart virtual assistant market is projected to reach a total market size of US$12.383 billion by 2024.
Q2. What is the size of the global smart virtual assistant market?
A2. Smart Virtual Assistant Market was valued at US$3.052 billion in 2018.
Q3. What are the growth prospects for the smart virtual assistant market?
A3. The global smart virtual assistant market is projected to grow at a CAGR of 26.29% during the forecast period.
Q4. Which region holds the largest market share in the smart virtual assistant market?
A4. The North American region holds a significant share of the smart virtual assistant market due to earlier adoption of automation services and rising research and development expenditure by vendors to introduce new products in the market.
Q5. What factors are anticipated to drive the smart virtual assistant market growth?
A5. The need for easier and more fluid accessibility of services will drive the demand for smart virtual assistants.
International Business Machines (IBM)
Nuance Communications, Inc.
Inbenta Technologies, Inc.
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