The virtual assistant market size is set to grow by USD 26945.07 million from 2022 to 2027 progressing at a CAGR of 37.29% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the demand for enhanced customer service. Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and the forecast period (2023-2027). Download Sample Report in minutes!
The report on the virtual assistant market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.
Virtual Assistant Market 2023-2027 – Market Dynamics
Market Drivers
Demand for enhanced customer service
Benefits offered to content consumers, owners, and publishers
Smartphones with intelligent virtual assistants supporting human interactions
Market Trends
Popularity of chatbots
Virtual assistants make use of phone easier
Rising popularity of NLP
Market Challenges
Technical concerns
Data security issues
Lack of awareness in emerging nations
Virtual Assistant Market 2023-2027: Market Segmentation
The virtual assistant market is segmented by type (spoken commands and text-to-speech), end-user (automotive, BFSI, government, retail, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa).
The market share growth by the spoken commands segment will be significant during the forecast period. The spoken commands segment was valued at USD 1,076.22 million in 2017 and continue to grow by 2021. The increasing adoption of smartphones across the world, along with the integration of advanced technology, is expected to drive the growth of the global virtual assistant market through the spoken commands segment.
By geography, North America is estimated to contribute 39% to the growth of the global market 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. Hence, it can easily adapt to technological changes.
Insights on the market contribution of various segments, including country- and region-wise data, historic data (2017 to 2021), and forecast market size (2023 to 2027) View Sample Report
The virtual assistant market covers the following areas:
Virtual Assistant Market Sizing
Virtual Assistant Market Forecast
Virtual Assistant Market Analysis
Companies Mentioned
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
Verint Systems Inc.
amazon.com- The company offers virtual assistant namely Alexa.
anbotogroup.com- The company offers virtual assistant namely Anboto Virtual Assistant.
apple.com- The company offers virtual assitant namely Siri.
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Key Topics Covered:
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