Introduction
The smart virtual personal assistants or VAs refer to the form of virtual reality wherein one does not need to have a human being to assist them. VAs run on advanced AI technology and natural language algorithms. Smart virtual assistants are the software that work on smartphones or other devices and help in assisting the users just like a personal assistant.
It can help in setting up meetings, organizing calendars, reminding the users of any upcoming events and activities, searching for information online, and much more. These smart virtual assistants are becoming smarter as technological upgradation is taking place at all times. With each new version, new features can be witnessed in the virtual assistant software. The users can interact with the software via voice, text, image, and other means. According to the input, the software generates the output. It feels similar to having a conversation with a human assistant.
Market Size and Forecast
The market for smart virtual assistants is anticipated to grow with time. It is expected to achieve significant CAGR during the forecast period, i.e. 2020-2028. The market is segmented by application, by input type and by region. On the basis of input type, the market is segmented into voice, text and graphic. The voice sub- segment is expected to hold the largest market share as it is more convenient to communicate with the software verbally. The developments taking place in the fields of AI and technology is making it possible to have a virtual assistant that can work just like a human assistant. Further, the Internet of Things (IoT) is gaining popularity, as a result, machine to machine, and machine to human interaction is increasing. Moreover, the virtual assistant can learn and speak the native language of the users and can show results and perform tasks accordingly. The usage of virtual assistants is anticipated to increase across the globe.
Growth Drivers
Rising Use Of Smartphones
The use of smartphones is increasing significantly, and the use of personal assistants such as Siri, Google Assistant, and others are rapidly increasing as well. Smart virtual assistants are useful for people who do not know how to surf the internet. They just need to speak and the assistant helps in finding the information for them. This makes the assistant software user- friendly. On the back of this, the market is anticipated to witness significantly high growth.
Technological Advancements
Advancement in technology and Artificial Intelligence has changed the way IT works. New software solutions are being developed to ease the work of humans. Smart virtual assistant is one of the software that helps in assisting the user with the routine work. This is likely to drive the growth of the smart VAs market in the upcoming years.
Cost Reduction to Drive the Market Growth
The virtual assistants are comparatively cheaper than a human personal assistant. There is a one- time cost incurred and the work gets done quickly. The machine is faster than a human in completing the tasks. Hence, many people are preferring smart virtual personal assistants over human assistants.
Opportunities
There are advancements in the technology sector and with it, the software is also being innovated and improved. Earlier the assistants were just used to find information but now they can make calls, set up meetings, arrange calendars, send e-mails, and do much more. These innovations are an opportunity for the players of this market as there is always something new that a user can expect and explore.
Restraints
The smart virtual assistant market is growing but there are some limitations to it as well. The assistant can perform certain activities but several other tasks cannot be performed by it. The virtual assistant lacks EQ (Emotional Quotient), which is something that a human being requires. The virtual assistant cannot understand every situation and can only provide outputs and not suggestions. It works by fulfilling the demand of the user. These limitations are estimated to hinder the market growth of smart virtual assistants.
Market Segmentation
Our in-depth analysis of the smart virtual personal assistant market includes the following segments:
By Application
- Navigation Tools
- Smartphones
- E-commerce websites
- Gaming apps
- Translation devices
- Online portals
By Input type
- Voice
- Text
- Graphic
By Region
On the basis of region-wise analysis, the smart virtual personal assistant market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The North American market holds a significant market share of the smart virtual personal assistant. This is the result of good IT infrastructure in this region and increasing use of technology by people in their day- to- day tasks. The companies that dominate this market are located in this region. In the second place comes the market in European region and is followed by the market in Asia Pacific region, where it is growing as countries in this region are developing and innovations in technology are coming into play.
The smart virtual personal assistant market is further classified on the basis of region as mentioned below:
• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
• The Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Top Featured Companies Dominating The Market
- Apple Inc.
- Oracle Corporation
- 24me Ltd.
- IBM Corporation
- Microsoft Corporation
- Intel Corporation
- SK Telecom Co. Ltd.
- Artificial Solutions
- Creative Virtual
- Nuance Communication
