Dublin, Dec. 20, 2021 (GLOBE NEWSWIRE) -- 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.
The growing use of digital assistance in various sectors such as IT & Telecom,automotive, healthcare due to needing 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.
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
By industry, the BFSI, IT & Telecom industry, Automotive industry, Healthcare, and Educational sector are anticipated to be the growth factors for the global digital assistance market. The automotive industry is emerging to be one of the fastest-growing segments in the digital assistance market owing to the integration of virtual assistance with the infotainment system contributes towards sending personalized content as well as enhances convenience and comfort. Several automotive companies like BMW, Audi, Hyundai have invested in voice-enabled infotainment systems. In January 2020, Amazon announced the launch of Echo Auto, an advanced and novel voice assistant device that contributes toward improving the overall driving experience. All these factors have led to the growing market of digital assistance.
By type, the global digital assistance market is segmented into speech recognition and Text speech recognition. The speech recognition segment is anticipated to grow in the forecast period owing to the wide adoption of smart speakers in various sectors as smart speakers recognize speech and respond accordingly. The growth of mobile computing technology has surged the widespread demand for the automatic speech recognition segment. Major smart speaker manufacturers in the industry are Google Home, Amazon-Alexa, and Bose.
By end-user, the use of digital assistance in small and medium enterprises, large enterprise, and individuals have boosted the digital assistance market and led to its growth. The large enterprise demand for digital assistance technology has boosted the market as it is not physically possible to meet every need in a large enterprise due to which high deployment of these AI-based assistants has surged the demand in the market.
Geographically, the Asia Pacific region is anticipated to have maximum growth owing to the growth in the automotive and healthcare sectors in the region. The development of AI-powered digital assistance in these industry sectors amid the pandemic in the healthcare industry has boosted the demand in this region.
In July 2018, SBI Card launched the ELA (Electronic Live Assistant), a virtual assistant for customer services and support which is driven and run by Machine learning and AI and has been designed and built to enhance the customer's overall experience by offering immediate and appropriate replies to key customer queries.
Impact of COVID-19 on the digital assistance market
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.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Function
4.4. Function Value Chain Analysis
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 Enterprises
7. Global Digital Assistant Market Analysis, By Industry
7.3. IT & Telecom
8. Global Digital Assistant Market Analysis, 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. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.3. Baidu Inc.
10.4. Creative Virtual Ltd
10.10. Clara Labs
For more information about this report visit https://www.researchandmarkets.com/r/orh517
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