Global Smart Virtual Personal Assistants Market Size: Anticipated CAGR of 26.53%, Reaching USD 15.23 Billion by 2030
[226 + Pages Report] According to a market research study published by Zion Market Research, the demand analysis of Global Smart Virtual Personal Assistants Market size & share revenue was valued at around USD 2.35 billion in 2022 and is estimated to grow about USD 15.23 billion by 2030, at a CAGR of approximately 26.53% between 2023 and 2030. The key market players are listed in the report with their sales, revenues and strategies are Apple Siri, Amazon Alexa, Samsung Bixby, Google Assistant, OpenAI GPT-3, Microsoft Cortana, Baidu DuerOS, IBM Watson Assistant, Yandex Alice, Nuance Communications, Sony Xperia Assistant, Alibaba AliGenie, HTC Sense Companion, Xiaomi Xiao AI, LG ThinQ, and others.
Washington, DC, Sept. 26, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Smart Virtual Personal Assistants Market By Application (Education, BFSI, Retail, Healthcare, IT & Telecom, Automotive, Consumer Electronics, Travel & Hospitality, And Others), By Product Outlook (Smart Speakers And Chatbots), By Technology (Text-Based, Text-To-Speech, And Automatic Speech Recognition), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Smart Virtual Personal Assistants Market size & share in terms of revenue was valued at USD 2.35 billion in 2022 and it is expected to surpass around USD 15.23 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 26.53% during the forecast period 2023 to 2030.”
What are Smart Virtual Personal Assistants? How big is the Smart Virtual Personal Assistants Industry?
The global smart virtual personal assistants market size was worth around USD 2.35 billion in 2022 and is predicted to grow to around USD 15.23 billion by 2030 with a compound annual growth rate (CAGR) of roughly 26.53% between 2023 and 2030.
A digital assistant or an artificial intelligence (AI) assistant is another name for a clever virtual personal helper. Another name for a digital assistant is a digital assistant. It is a computer program that responds to natural language commands, whether they are spoken, written, or spoken to the computer. There are numerous varieties of artificial intelligence (AI) personal assistants available today, such as chatbots, voice assistants, avatars, and virtual assistants that are specialized to particular industries. The technology that underpins the development and implementation of smart virtual personal assistants has made its way into virtually every sector of industry and business. It has helped to strengthen the brand image while also decreasing the workload of teams responsible for customer service.
There are a few particular technologies that serve as the foundation for the development of AI assistants. For example, the technology of a corporation is the speech-to-text (STT) or text-to-speech (TTS) programming ecosystem, in which the former translates human speech into digital signals and the latter utilizes a method that works in the opposite direction. On the other hand, chatbots often function utilizing deep learning methods, which entail that the AI tools are equipped with deep learning algorithms, and that the chatbots learn from human-to-human communication as well as their data. During the time under consideration, it is anticipated that there would be an increase in the pace of growth of demand for intelligent virtual personal assistants.
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Global Smart Virtual Personal Assistants Market: Growth Factors
Continuing developments in the area of artificial intelligence assistants to fuel the expansion of the market
The global market for smart virtual personal assistants is anticipated to expand in the coming years as a result of the numerous ongoing initiatives that aim to make additional advancements in AI assistant technology. The creators of computer programs are striving toward the goal of producing smart virtual personal assistants that can replicate human interactions in real life as closely as feasible. However, there has been a big development in smart virtual personal assistant ecosystems with the most recent tools like as Chat GPT, Microsoft Bing, Chatsonic, and many more. Some of the currently available solutions allow interactions that may be immediately recognised as machine-led discussions.
Text-based interaction is not the only type of communication that can be facilitated by the technology. There are a number of companies that provide solutions that have been developed expressly to satisfy the requirements of wider applications. For example, Otter, an AI assistant built by Otter.ai, is able to automatically record audio, generate summaries, write notes, and collect slides. Otter can automatically attend and record meetings that are held on Google Meet, Zoom, or Microsoft Teams if it is connected to critical office communication systems such as Microsoft or Google Calendar. This may be accomplished by linking Otter to these platforms. These intelligent digital assistants can assist businesses in reducing massive amounts of manual labor and reallocating human resources to address other crucial demands relating to business operations.
The Challenges Facing the Smart Virtual Personal Assistants Market
Fears that digital assistants will invade users’ privacy and store their data without their consent will prevent the market from expanding.
The size of the global smart virtual personal assistants market may be constrained as a result of the growing worries regarding the invasion of privacy brought on by intelligent virtual personal assistants. There is a possibility of a security breach and the theft of personal data by cybercriminals due to the fact that practically all AI interactive tools capture and store private data such as the name of the person using the tool and login credentials. For instance, a report that was published in 2018 highlighted in great depth the various security flaws that researchers discovered in the voice commands of smart virtual personal assistants. A recent example that sparked additional discussion about the invasion of privacy involves the recording of a private conversation by an Echo smart speaker, which was then forwarded by the device to an unidentified contact of the user’s choosing. Consumers are growing increasingly apprehensive to place their trust in highly advanced technology that is capable of learning and evolving on its own and that has the potential to directly influence the personal lives of users.
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The Smart Virtual Personal Assistants Market: Opportunities
The development of strategic alliances between companies may result in the creation of good growth possibilities.
The key participants in the smart virtual personal assistants sector are building strategic partnerships with businesses located all over the world in order to aggressively expand their enterprises. This pattern is observable in the increasing number of collaborations that have taken place over the course of the previous few years. These partnerships have focused on everything from the delivery of broad solutions to the fulfillment of particular company requirements. JIVY Group and DRUID AI made the announcement in August 2023 that they would be working together to reinvent the ecosystem surrounding AI helpers. JIVY Group is a prominent provider of next-generation technology services and strategy-driven enterprise delivery, while DRUID AI is the industry leader in the development of conversational AI solutions. The leading provider of enterprise conversational AI (CAI) platforms, Kore.ai, made an announcement in July 2023 that it had started an innovative partner program to provide more support to the company’s related indirect sales channel. This was done in order to meet the growing demand for the company’s products. According to recent reports, the growth of Kore.ai is estimated to be at a rate of 55% year on year. In the month of August 2023, one more significant strategic alliance successfully marked the beginning of its operations. It was a collaboration between digital titans Google Cloud and SIX Flags Entertainment Corporation, with the latter planning to deploy Google AI assistant in order to improve corporate processes.
The Smart Virtual Personal Assistants Market: Challenges
Lack of clarity regarding copyright concerns associated with AI assistants will be a barrier to industry expansion.
There have been a number of discussions regarding the challenges associated with securing intellectual property rights for the work generated by artificial intelligence assistants as their use has increased alongside the development of ever more sophisticated and intelligent virtual personal assistants. These worries are complicated by the fact that they include multiple factors. For instance, academics suggest that since the majority of the material provided by an AI assistant is derivative work based on previously published information, AI assistants should be held liable for copyright infringement if they are found to be infringing on intellectual property rights. In addition to this, they have brought up concerns about the prospect of copyrighting information or artwork created by an AI. A greater level of clarity is required to differentiate between the quality of information provided by a human and that of a machine, and it is anticipated that this will cause challenges for the competitors operating in the worldwide market over the projection period.
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|Market Size in 2022||USD 2.35 billion|
|Projected Market Size in 2030||USD 15.23 billion|
|CAGR Growth Rate||26.53% CAGR|
|Key Market Players||Apple Siri, Amazon Alexa, Samsung Bixby, Google Assistant, OpenAI GPT-3, Microsoft Cortana, Baidu DuerOS, IBM Watson Assistant, Yandex Alice, Nuance Communications, Sony Xperia Assistant, Alibaba AliGenie, HTC Sense Companion, Xiaomi Xiao AI, LG ThinQ, and others.|
|Key Segment||By Application, By Product Outlook, By Technology, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
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Smart Virtual Personal Assistants Market: Segmentation Analysis
The smart virtual personal assistants market around the world may be broken down into four different categories: application, product, technology, and geography.
Education, banking, financial services, and insurance, retail, healthcare, information technology and telecommunications, automobiles, consumer electronics, travel and hospitality, and other industries make up the various application-based segments of the global market. In 2022, the market share of consumer electronics increased to 18.65 percent, representing the segment with the strongest growth. The most important factor driving higher segmental growth is the increasing incorporation of voice control systems into consumer electronic products like smartphones, laptops, speakers, and other such products. As a result of numerous automakers’ investments in the distribution of infotainment systems for the purpose of enhancing the quality of the driving experience, it is anticipated that the automotive sector will maintain its current rate of growth during the time covered by the forecast.
The smart virtual personal assistants market can be broken down into two distinct product categories: chatbots and smart speakers.
Text-based, text-to-speech, and automatic voice recognition are the three subcategories that make up the sector of the smart virtual personal assistants market that focuses on technology. Text-to-speech was the market category that showed the greatest increase in growth in 2022, and it was also the segment that retained control of 61.45% of the total share. It is anticipated that the rapidly increasing acceptance rate of smart speakers across a variety of industries will propel the segmental growth for automatic voice recognition technology. In addition, the ever-increasing prevalence of mobile computing technologies may serve as an essential driving force for the voice recognition market.
The global Smart Virtual Personal Assistants market is segmented as follows:
- IT & Telecom
- Consumer Electronics
- Travel & Hospitality
By Product Outlook
- Smart Speakers
- Automatic Speech Recognition
Browse the full “Smart Virtual Personal Assistants Market By Application (Education, BFSI, Retail, Healthcare, IT & Telecom, Automotive, Consumer Electronics, Travel & Hospitality, And Others), By Product Outlook (Smart Speakers And Chatbots), By Technology (Text-Based, Text-To-Speech, And Automatic Speech Recognition), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030″ Report At https://www.zionmarketresearch.com/report/smart-virtual-personal-assistants-market-size
Some of the main competitors dominating the global Smart Virtual Personal Assistants market include –
- Apple Siri
- Amazon Alexa
- Samsung Bixby
- Google Assistant
- OpenAI GPT-3
- Microsoft Cortana
- Baidu DuerOS
- IBM Watson Assistant
- Yandex Alice
- Nuance Communications
- Sony Xperia Assistant
- Alibaba AliGenie
- HTC Sense Companion
- Xiaomi Xiao AI
- LG ThinQ
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Smart Virtual Personal Assistants market is likely to expand at a CAGR of around 26.53% during the forecast period (2023-2030).
- In terms of revenue, the Smart Virtual Personal Assistants market size was valued at around US$ 2.35 billion in 2022 and is projected to reach US$ 15.23 billion by 2030.
- The smart virtual personal assistants market is projected to grow at a significant rate due to the growing advancements in the field of AI assistants.
- Based on application segmentation, consumer electronics was predicted to show maximum market share in the year 2022.
- Based on technology segmentation, text-to-speech was the leading technology in 2022.
- On the basis of region, North America was the leading revenue generator in 2022.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Smart Virtual Personal Assistants industry?
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- What are the leading companies in the Smart Virtual Personal Assistants Industry?
- What segments does the Smart Virtual Personal Assistants Market cover?
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- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Application, By Product Outlook, By Technology, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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North America is poised to lead the way in the forecasted period.
The global smart virtual personal assistants market is expected to be dominated by North America in the upcoming forecast period. In 2022, this region contributed to more than 30.27% of the total global revenue. The primary driver behind this robust regional growth is the presence of key developers of smart virtual personal assistants in the United States, who have effectively shaped the trends in the technology sector. For example, the very first virtual assistant was pioneered by a scientist at the Massachusetts Institute of Technology (MIT). Recently, the region has witnessed the introduction of several new AI assistants tailored to meet the evolving demands of tech-savvy consumers.
In May 2023, Microsoft, a prominent global tech company, unveiled a novel virtual assistant named Copilot. This tool will be seamlessly integrated into all Windows 11 operating systems by Microsoft. Concurrently, various end-user sectors employing smart virtual personal assistants have been rolling out customized business tools to enhance operational efficiency. In October 2022, the American financial giant Wells Fargo introduced an internal virtual assistant tool called Fargo. Subsequently, the company extended the program to its customers in the following months, aiming to enhance the overall banking experience. Factors such as increased sales of advanced consumer electronics, higher adoption rates among financial service providers, and brands operating within the regional tourism sector are expected to drive growth in North America.
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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