Dublin, December 20, 2021 (GLOBE NEWSWIRE) – The “Digital assistants market – Forecasts from 2021 to 2026” the report was added to ResearchAndMarkets.com offer.
The global digital assistant market is expected to grow at a CAGR of 32.17% to reach US $ 33.771 billion by 2026, from US $ 4.793 billion in 2019.
Digital Assistant is an advanced computer program that uses artificial intelligence (AI), natural language processing, natural language understanding, and machine learning to learn by simulating a conversation with people who typically use it on Internet to provide a personalized conversational experience. .
The increasing use of digital assistance in various sectors such as IT and telecommunications, automotive, healthcare due to the need to improve efficiency in these industries and service companies and integration of artificial intelligence (AI) powered intelligent virtual assistant (IVA) among various devices such as tablets, computers and smartphones have driven the global digital assistance market during the forecast period.
In addition, the growth in smartphone penetration is one of the major growth drivers of the global digital assistance market. With the growing demand for smartphones, companies are trying to incorporate advanced and unique features into their product to attract more users. These unique features also include IVA compatible applications and improved performance where intelligent and intelligent virtual assistance makes transport easier compared to old technology, as well as other features such as natural language understanding, speech recognition and l affordability.
Large companies have also implemented digital assistants as they help and help eliminate infrastructure installation costs. Hence, the profitability and feasibility of IVA are imperative to consider its adoption in enterprises which in turn helps to support the growth of the global digital assistance market.
One of the main constraints of digital assistance is security loopholes, as the growing integration of virtual assistants creates many privacy concerns among users and slow adoption and limited awareness in developing countries. development will hamper the demand for digital assistance and slow down its growth in the market
By industry, BFSI, IT & Telecom sector, Automotive industry, Healthcare and education are expected to be the growth factors of the global digital assistance market. The automotive industry is emerging as one of the fastest growing segments in the digital assistance market, as the integration of virtual assistance with the infotainment system helps to send personalized content and improves convenience and comfort. Several automakers like BMW, Audi and Hyundai have invested in voice-activated infotainment systems. In January 2020, Amazon announced the launch of Echo Auto, a new advanced voice assistant that helps improve the overall driving experience. All these factors have led to the development of the digital assistance market.
By type, the global digital assistance market is segmented into speech recognition and speech text recognition. The speech recognition segment is expected to grow during the forecast period owing to the wide adoption of smart speakers in various industries as smart speakers recognize speech and respond accordingly. The growth of mobile computing technology has driven the widespread demand for the automatic speech recognition segment. The main smart speaker manufacturers in the industry are Google Home, Amazon-Alexa, and Bose.
By the end user, the use of digital assistance in small and medium businesses, large enterprises and individuals has energized the digital assistance market and led to its growth. The demand of large enterprises for digital assistive technology has driven the market as it is not physically possible to meet all the needs of a large enterprise due to which the high deployment of these AI based assistants has exploded demand in the market.
Geographically, the Asia-Pacific region is expected to experience maximum growth due to the growth of the automotive and healthcare sectors in the region. The development of AI-powered digital assistance in these industrial sectors amid the pandemic in the healthcare sector has boosted demand in this region.
In July 2018, SBI Card launched ELA (Electronic Live Assistant), a virtual assistant for customer service and support that is driven and managed by machine learning and AI and has been designed and built to improve performance. overall customer experience by providing an immediate and appropriate offer. answers to key customer questions.
Impact of COVID-19 on the digital assistance market
The COVID-19 pandemic has had a huge impact on the world as a whole and has resulted in an economic crisis and loss of life. The impact of COVID-19 is expected to have a significant impact on the field of services in the technology industry. The COVID-19 pandemic epidemic, where maintaining a safe distance between them, will prompt the healthcare industry and pharmaceutical suppliers to improve their research and development in AI, which is a core technology to enable various initiatives.
Many industry sectors such as grocery stores, financial organizations have initiated the implementation of intelligent virtual assistants and conversational AI tools to improve customer service during the pandemic. Many medical insurance companies and government websites have deployed chatbots to help people provide the appropriate COVID-19 precautions and counseling. Many industries have invested in new technological avenues such as virtual assistants amid the pandemic. The positive impact on the digital assistance market during the outbreak is a result of the re-establishment of the importance of automation and virtual assistance in today’s world.
Main topics covered:
2. Research methodology
3. Executive summary
4. Market dynamics
4.1. Market factors
4.2. Market constraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining power of suppliers
4.3.2. The bargaining power of buyers
4.3.3. The threat of new entrants
4.3.4. The threat of substitutes
4.3.5. Competitive rivalry in function
4.4. Value chain analysis function
5. Global Digital Assistant Market Analysis, By Type
5.2. Speech recognition
5.3. Text-to-speech recognition
6. Global Digital Assistant Market Analysis, By End User
6.3. Small and medium enterprises
6.4. Large companies
7. Global Digital Assistant Market Analysis, By Industry
7.3. IT & Telecom
7.5. Health care
8. Global analysis of digital assistants market, by geography
8.2. North America
8.2.1. United States
8.3. South America
8.5. Middle East and Africa
8.5.2. Saudi Arabia
8.6. Asia Pacific
9. Competitive environment and analysis
9.1. Analysis of major players and strategy
9.2. Emerging players and market profitability
9.3. Mergers, acquisitions, agreements and collaborations
9.4. Supplier competitiveness matrix
10. Company profiles
10.3. Baidu inc.
10.4. Creative Virtual Ltd
10.10. Clara Laboratories
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