Virtual assistant market to grow by USD 26,945.07 million; North America to account for 39% of market growth - Technavio

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Feb 01, 2023, 03:00 ET

NEW YORK, Feb. 1, 2023 /PRNewswire/ -- The Virtual Assistant Market by Type, End-user, and Geography - Forecast and Analysis 2023-2027 report has been published by Technavio. Market size is forecast to grow by USD 26945.07 million between 2022 and 2027 at a CAGR of 37.29%. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. Download A PDF Sample Report

Regional analysis

Technavio has announced its latest market research report titled Global Virtual Assistant Market 2023-2027

By region, the global virtual assistant market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. North America will account for 39% of market growth during the forecast period. North America has a higher inclination toward the use of high-end technology products and services because of the availability of high-end services and higher disposable incomes in the region. North America is home to the best artificial intelligence technologies in the world, and hence the region has easy access to these technologies. Many vendors in this region support the development of these technologies. Buy the report

Market dynamics

The market is driven by factors such as demand for enhanced customer service, benefits offered to content consumers, owners, and publishers, and smartphones with intelligent virtual assistants supporting human interactions. However, technical concerns is hindering the market growth.

Company profiles

The virtual assistant market report includes information on the key products and recent developments of leading vendors, including:

Alphabet Inc. - The company offers a virtual assistant namely Google Assistant.

Amazon.com Inc. - The company offers a virtual assistant namely Alexa.

Anboto Europe SL Co. - The company offers a virtual assistant namely Anboto Virtual Assistant.

Apple Inc. - The company offers a virtual assistant namely Siri.

Competitive analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share among others. Request a Sample

Market segmentation

By type, the market is segmented into spoken commands and text-to-speech. The spoken commands segment accounted for the largest share of the market in 2022.
By geography, the market is segmented as North America, APAC, Europe, South America, and Middle East and Africa. North America held the largest share of the market in 2022.

Related Reports:

The health intelligent virtual assistant market has the potential to grow by USD 2.11 billion during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 36.55%. Furthermore, this report extensively covers market segmentation by technology (speech recognition, text-to-speech, and voice recognition) and geography (North America, Europe, APAC, South America, and MEA).

The voice assistant application market share is expected to increase to USD 70.40 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 27.58%. Furthermore, this report extensively covers voice assistant application market segmentation by application (individual users, SMEs, and large enterprises) and geography (North America, Europe, APAC, Middle East and Africa, and South America).

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What are the key data covered in this virtual assistant market report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the virtual assistant market between 2023 and 2027
Precise estimation of the virtual assistant market size and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the industry across North America, APAC, Europe, South America, and Middle East and Africa
Thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of virtual assistant market vendors

Virtual Assistant Market Scope
Report Coverage	Details
Page number	175
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 37.29%
Market growth 2023-2027	USD 26,945.07 million
Market structure	Fragmented
YoY growth 2022-2023 (%)	35.47
Regional analysis	North America, APAC, Europe, South America, and Middle East and Africa
Performing market contribution	North America at 39%
Key countries	US, China, Japan, UK, and Germany
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	247.ai Inc., Alphabet Inc., Amazon.com Inc., Anboto Europe SL Co., Apple Inc., Artificial Solutions International AB, Baidu Inc., Creative Virtual Ltd., CSS Corp., CX Co., eGain Corp., GAVS Technologies NA Inc., Inbenta Holdings Inc., International Business Machines Corp., Microsoft Corp., Oracle Corp., Synthetix Ltd., True Image Interactive Inc., VA Company LLC, and Verint Systems Inc.
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, and Market condition analysis for the 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.

Table of Contents:

1 Executive Summary

1.1 Market Overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market Definition

Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 13: Market segments

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global virtual assistant market 2017 - 2021

Exhibit 18: Historic Market Size – Data Table on Global virtual assistant market 2017 - 2021 ($ million)

4.2 By Type Segment Analysis 2017 - 2021

Exhibit 19: Historic Market Size – By Type Segment 2017 - 2021 ($ million)

4.3 By End-user Segment Analysis 2017 - 2021

Exhibit 20: Historic Market Size – By End-user Segment 2017 - 2021 ($ million)

4.4 Geography Segment Analysis 2017 - 2021

Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

4.5 Country Segment Analysis 2017 - 2021

Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

5.1 Five forces summary

Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

5.2 Bargaining power of buyers

Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

5.3 Bargaining power of suppliers

Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

5.4 Threat of new entrants

Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

5.5 Threat of substitutes

Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

5.6 Threat of rivalry

Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

5.7 Market condition

Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

6.1 Market segments

Exhibit 30: Chart on Type - Market share 2022-2027 (%)
Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

6.2 Comparison by Type

Exhibit 32: Chart on Comparison by Type
Exhibit 33: Data Table on Comparison by Type

6.3 Spoken commands - Market size and forecast 2022-2027

Exhibit 34: Chart on Spoken commands - Market size and forecast 2022-2027 ($ million)
Exhibit 35: Data Table on Spoken commands - Market size and forecast 2022-2027 ($ million)
Exhibit 36: Chart on Spoken commands - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Spoken commands - Year-over-year growth 2022-2027 (%)

6.4 Text-to-speech - Market size and forecast 2022-2027

Exhibit 38: Chart on Text-to-speech - Market size and forecast 2022-2027 ($ million)
Exhibit 39: Data Table on Text-to-speech - Market size and forecast 2022-2027 ($ million)
Exhibit 40: Chart on Text-to-speech - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Text-to-speech - Year-over-year growth 2022-2027 (%)

6.5 Market opportunity by Type

Exhibit 42: Market opportunity by Type ($ million)

7 Market Segmentation by End-user

7.1 Market segments

Exhibit 43: Chart on End-user - Market share 2022-2027 (%)
Exhibit 44: Data Table on End-user - Market share 2022-2027 (%)

7.2 Comparison by End-user

Exhibit 45: Chart on Comparison by End-user
Exhibit 46: Data Table on Comparison by End-user

7.3 Automotive - Market size and forecast 2022-2027

Exhibit 47: Chart on Automotive - Market size and forecast 2022-2027 ($ million)
Exhibit 48: Data Table on Automotive - Market size and forecast 2022-2027 ($ million)
Exhibit 49: Chart on Automotive - Year-over-year growth 2022-2027 (%)
Exhibit 50: Data Table on Automotive - Year-over-year growth 2022-2027 (%)

7.4 BFSI - Market size and forecast 2022-2027

Exhibit 51: Chart on BFSI - Market size and forecast 2022-2027 ($ million)
Exhibit 52: Data Table on BFSI - Market size and forecast 2022-2027 ($ million)
Exhibit 53: Chart on BFSI - Year-over-year growth 2022-2027 (%)
Exhibit 54: Data Table on BFSI - Year-over-year growth 2022-2027 (%)

7.5 Government - Market size and forecast 2022-2027

Exhibit 55: Chart on Government - Market size and forecast 2022-2027 ($ million)
Exhibit 56: Data Table on Government - Market size and forecast 2022-2027 ($ million)
Exhibit 57: Chart on Government - Year-over-year growth 2022-2027 (%)
Exhibit 58: Data Table on Government - Year-over-year growth 2022-2027 (%)

7.6 Retail - Market size and forecast 2022-2027

Exhibit 59: Chart on Retail - Market size and forecast 2022-2027 ($ million)
Exhibit 60: Data Table on Retail - Market size and forecast 2022-2027 ($ million)
Exhibit 61: Chart on Retail - Year-over-year growth 2022-2027 (%)
Exhibit 62: Data Table on Retail - Year-over-year growth 2022-2027 (%)

7.7 Others - Market size and forecast 2022-2027

Exhibit 63: Chart on Others - Market size and forecast 2022-2027 ($ million)
Exhibit 64: Data Table on Others - Market size and forecast 2022-2027 ($ million)
Exhibit 65: Chart on Others - Year-over-year growth 2022-2027 (%)
Exhibit 66: Data Table on Others - Year-over-year growth 2022-2027 (%)

7.8 Market opportunity by End-user

Exhibit 67: Market opportunity by End-user ($ million)

8 Customer Landscape

8.1 Customer landscape overview

Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation

Exhibit 69: Chart on Market share by geography 2022-2027 (%)
Exhibit 70: Data Table on Market share by geography 2022-2027 (%)

9.2 Geographic comparison

Exhibit 71: Chart on Geographic comparison
Exhibit 72: Data Table on Geographic comparison

9.3 North America - Market size and forecast 2022-2027

Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)

9.4 APAC - Market size and forecast 2022-2027

Exhibit 77: Chart on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 78: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 79: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on APAC - Year-over-year growth 2022-2027 (%)

9.5 Europe - Market size and forecast 2022-2027

Exhibit 81: Chart on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 82: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 83: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on Europe - Year-over-year growth 2022-2027 (%)

9.6 South America - Market size and forecast 2022-2027

Exhibit 85: Chart on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 86: Data Table on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 87: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on South America - Year-over-year growth 2022-2027 (%)

9.7 Middle East and Africa - Market size and forecast 2022-2027

Exhibit 89: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 90: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 91: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

9.8 US - Market size and forecast 2022-2027

Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ million)
Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ million)
Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)

9.9 China - Market size and forecast 2022-2027

Exhibit 97: Chart on China - Market size and forecast 2022-2027 ($ million)
Exhibit 98: Data Table on China - Market size and forecast 2022-2027 ($ million)
Exhibit 99: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on China - Year-over-year growth 2022-2027 (%)

9.10 UK - Market size and forecast 2022-2027

Exhibit 101: Chart on UK - Market size and forecast 2022-2027 ($ million)
Exhibit 102: Data Table on UK - Market size and forecast 2022-2027 ($ million)
Exhibit 103: Chart on UK - Year-over-year growth 2022-2027 (%)
Exhibit 104: Data Table on UK - Year-over-year growth 2022-2027 (%)

9.11 Japan - Market size and forecast 2022-2027

Exhibit 105: Chart on Japan - Market size and forecast 2022-2027 ($ million)
Exhibit 106: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
Exhibit 107: Chart on Japan - Year-over-year growth 2022-2027 (%)
Exhibit 108: Data Table on Japan - Year-over-year growth 2022-2027 (%)

9.12 Germany - Market size and forecast 2022-2027

Exhibit 109: Chart on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 110: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 111: Chart on Germany - Year-over-year growth 2022-2027 (%)
Exhibit 112: Data Table on Germany - Year-over-year growth 2022-2027 (%)

9.13 Market opportunity by geography

Exhibit 113: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

Exhibit 114: Impact of drivers and challenges in 2022 and 2027

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

Exhibit 115: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption

Exhibit 116: Overview on factors of disruption

11.4 Industry risks

Exhibit 117: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered

Exhibit 118: Vendors covered

12.2 Market positioning of vendors

Exhibit 119: Matrix on vendor position and classification

12.3 Alphabet Inc.

Exhibit 120: Alphabet Inc. - Overview
Exhibit 121: Alphabet Inc. - Business segments
Exhibit 122: Alphabet Inc. - Key news
Exhibit 123: Alphabet Inc. - Key offerings
Exhibit 124: Alphabet Inc. - Segment focus

12.4 Amazon.com Inc.

Exhibit 125: Amazon.com Inc. - Overview
Exhibit 126: Amazon.com Inc. - Business segments
Exhibit 127: Amazon.com Inc. - Key news
Exhibit 128: Amazon.com Inc. - Key offerings
Exhibit 129: Amazon.com Inc. - Segment focus

12.5 Anboto Europe SL Co.

Exhibit 130: Anboto Europe SL Co. - Overview
Exhibit 131: Anboto Europe SL Co. - Product / Service
Exhibit 132: Anboto Europe SL Co. - Key offerings

12.6 Apple Inc.

Exhibit 133: Apple Inc. - Overview
Exhibit 134: Apple Inc. - Business segments
Exhibit 135: Apple Inc. - Key news
Exhibit 136: Apple Inc. - Key offerings
Exhibit 137: Apple Inc. - Segment focus

12.7 Artificial Solutions International AB

Exhibit 138: Artificial Solutions International AB - Overview
Exhibit 139: Artificial Solutions International AB - Product / Service
Exhibit 140: Artificial Solutions International AB - Key offerings

12.8 Baidu Inc.

Exhibit 141: Baidu Inc. - Overview
Exhibit 142: Baidu Inc. - Business segments
Exhibit 143: Baidu Inc. - Key offerings
Exhibit 144: Baidu Inc. - Segment focus

12.9 Creative Virtual Ltd.

Exhibit 145: Creative Virtual Ltd. - Overview
Exhibit 146: Creative Virtual Ltd. - Product / Service
Exhibit 147: Creative Virtual Ltd. - Key offerings

12.10 eGain Corp.

Exhibit 148: eGain Corp. - Overview
Exhibit 149: eGain Corp. - Product / Service
Exhibit 150: eGain Corp. - Key news
Exhibit 151: eGain Corp. - Key offerings

12.11 Inbenta Holdings Inc.

Exhibit 152: Inbenta Holdings Inc. - Overview
Exhibit 153: Inbenta Holdings Inc. - Product / Service
Exhibit 154: Inbenta Holdings Inc. - Key offerings

12.12 International Business Machines Corp.

Exhibit 155: International Business Machines Corp. - Overview
Exhibit 156: International Business Machines Corp. - Business segments
Exhibit 157: International Business Machines Corp. - Key news
Exhibit 158: International Business Machines Corp. - Key offerings
Exhibit 159: International Business Machines Corp. - Segment focus

12.13 Microsoft Corp.

Exhibit 160: Microsoft Corp. - Overview
Exhibit 161: Microsoft Corp. - Business segments
Exhibit 162: Microsoft Corp. - Key news
Exhibit 163: Microsoft Corp. - Key offerings
Exhibit 164: Microsoft Corp. - Segment focus

12.14 Oracle Corp.

Exhibit 165: Oracle Corp. - Overview
Exhibit 166: Oracle Corp. - Business segments
Exhibit 167: Oracle Corp. - Key news
Exhibit 168: Oracle Corp. - Key offerings
Exhibit 169: Oracle Corp. - Segment focus

12.15 Synthetix Ltd.

Exhibit 170: Synthetix Ltd. - Overview
Exhibit 171: Synthetix Ltd. - Product / Service
Exhibit 172: Synthetix Ltd. - Key offerings

12.16 VA Company LLC

Exhibit 173: VA Company LLC - Overview
Exhibit 174: VA Company LLC - Product / Service
Exhibit 175: VA Company LLC - Key offerings

12.17 Verint Systems Inc.

Exhibit 176: Verint Systems Inc. - Overview
Exhibit 177: Verint Systems Inc. - Product / Service
Exhibit 178: Verint Systems Inc. - Key offerings

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

Exhibit 179: Inclusions checklist
Exhibit 180: Exclusions checklist

13.3 Currency conversion rates for US$

Exhibit 181: Currency conversion rates for US$

13.4 Research methodology

Exhibit 182: Research methodology
Exhibit 183: Validation techniques employed for market sizing
Exhibit 184: Information sources

13.5 List of abbreviations

Exhibit 185: List of abbreviations

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