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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

The Worldwide Digital Assistant Industry is Expected to Reach $33+ Billion by 2027 - ResearchAndMarkets.com

December 20, 2021 GMT

DUBLIN--(BUSINESS WIRE)--Dec 20, 2021--

The “Digital Assistant Market - Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.

The global digital assistant market is projected 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 advanced artificial intelligence (AI), natural language processing, natural language understanding, and machine learning to learn as they simulate a conversation with people who use it typically over the internet to provide a personalized, conversational experience.

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Driving Factors

The growing use of digital assistance in various sectors such as IT & Telecom, automotive, healthcare due to a need for improved efficiencies across these industries and service-based companies and the integration of Artificial Intelligence (AI) powered intelligent virtual assistant (IVA) among various devices such as tablets, computers, and smartphones has driven the global digital assistance market in the forecast period.

Also, growth in smartphone penetration is one of the key growth drivers of the global digital assistance market. With the increasing demand for smartphones, companies are trying to integrate advanced and unique features into their product to attract more users. These unique features also include IVA-enabled apps and improved performance where intelligent and smart virtual assistance provides ease of conveyance in comparison to old technology along with other features such as natural language understanding, voice recognition, and affordability.

Large-scale enterprises have also been implementing digital assistants since they help and assist in the elimination of the infrastructure setup cost. Hence, the cost-effectiveness and the feasibility of IVA is imperative to factor that drivesits adoption in enterprises which in turn helps in the support of the global digital assistance market growth.

Restraints

One of the prime restraints for digital assistance is the security flaws as 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 hamper the demand for digital assistance and restrain its growth in the market

Impact of COVID-19 on the digital assistance market

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The COVID-19 pandemic has had a great impact on the world as a whole and has led to economic breakdown and loss of life. The impact of COVID-19 is anticipated to have a significant impact on the service domain in the technology industry. The COVID- 19 pandemic outbreak, where keeping safe distance among each other will inspire the healthcare industry and pharmaceutical vendors to improve their research and development in AI, which is a core technology for enabling various initiatives.

Many industrial sectors such as grocery outlets, financial organizations have initiated the implementation of intelligent virtual assistants and conversational AI tools to enhance customer service in the pandemic. Many medical insurance companies and government websites have deployed chatbots to assist people in providing proper precautions and COVID-19 advice. Many business sectors 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 reestablishing the importance of automation and virtual assistance in today’s world.

Segmentation:

By Type

  • Speech Recognition
  • Text-to-speech Recognition

By End-user

  • Individuals
  • Small and Medium Enterprises
  • Large Enterprises

By Industry

  • BFSI
  • IT & Telecom
  • Automotive
  • Healthcare
  • Education
  • Others

By Geography

  • North America
  • USA
  • Canada
  • Mexico
  • South America
  • Brazil
  • Argentina
  • Others
  • Europe
  • UK
  • Germany
  • France
  • Spain
  • Others
  • Middle East and Africa
  • Israel
  • Saudi Arabia
  • Others
  • Asia Pacific
  • Japan
  • China
  • India
  • Indonesia
  • Taiwan
  • Thailand
  • Others

Companies Mentioned

  • Amazon
  • Apple
  • Baidu Inc.
  • Creative Virtual Ltd.
  • Facebook
  • Google
  • IBM
  • Microsoft
  • Samsung
  • Clara Labs

For more information about this report visit https://www.researchandmarkets.com/r/4m6jp5

View source version on businesswire.com:https://www.businesswire.com/news/home/20211220005659/en/

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SOURCE: Research and Markets

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PUB: 12/20/2021 11:47 AM/DISC: 12/20/2021 11:47 AM

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