Virtual Assistant Market size to grow by USD 4.12 Bn| Insights on Key Drivers, Trends, and Products Offered by Major Vendors | Technavio – PR Newswire

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This 120-page report and TOC analyzes the virtual assistant market by end-user (automotive, BFSI, government, retail, and others), type (spoken commands and text-to-speech), and geography (North America, APAC, Europe, South America, and MEA).
NEW YORK, June 20, 2022 /PRNewswire/ — The global Virtual Assistant Market size is expected to grow by USD 4.12 billion, at a CAGR of 11.79% during the forecasted period, according to Technavio’s latest market report.
The automotive segment will generate maximum revenue in the virtual assistant market, owing to the increasing investments by carmakers to provide better user experiences. In terms of geography, APAC will present significant opportunities for market vendors due to the increased adoption of chatbots in healthcare, BFSI, and travel industries in the region.
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The following factors are expected to drive the growth of the market during the forecast period:
In addition, the report identifies the benefits offered to content consumers, owners, and publishers as a major trend in the virtual assistant market. People with disabilities find it difficult to read enormous amounts of text or data. This has increased the adoption of virtual assistants to provide easy access to website content to help such users.
Virtual assistants also provide users the option to listen to the content rather than read the content online, which enhances convenience as well as user engagement. This trend is expected to provide significant growth opportunities to vendors during the forecast period.
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Virtual Assistant Market Scope
Report Coverage
Details
Page number
120
Base year
2020
Forecast period
2021-2025
Growth momentum & CAGR
Accelerate at a CAGR of 11.79%
Market growth 2021-2025
$ 4.12 billion
Market structure
Fragmented
YoY growth (%)
7.65
Regional analysis
North America, APAC, Europe, South America, MEA, North America, APAC, Europe, South America, and MEA
Performing market contribution
APAC at 40%
Key consumer countries
US, China, UK, Japan, and Germany
Competitive landscape
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
Alphabet Inc., Amazon.com Inc., Apple Inc., CX Co., eGain Corp., International Business Machines Corp., Nuance Communications Inc., Oracle Corp., Synthetix Ltd., and VA Company LLC
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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