The global digital assistant market is expected to reach a new peak in revenue, as per the brand-new research report by Market Research Future (MRFR). Advances in chatbots and personal assistants with the likes of artificial intelligence and natural language processing can bolster the market valuation considerably by 2023
Pune, India, May 29, 2019 (GLOBE NEWSWIRE) — The global digital assistant market valuation is estimated at USD 8.9 billion in 2023, as per a report by Market Research Future (MRFR). Digital assistants are automated software applications capable of assisting consumers with daily tasks. With the help of artificial intelligence and natural language processing, the assistant can resolve queries with ease. They are also known as intelligent personal assistants (IPA) or intelligent virtual assistants (IVA). The global digital assistant market can experience a windfall owing to consumer penchant for advanced technologies and openness and continuous developments in voice user interfaces.
Prominent names in the deep learning market includes Amazon Inc., Artificial Solutions, Nuance Communications, Facebook Inc., IBM Corporation, Samsung Corporation, Cisco Systems Inc., Baidu Inc., Apple Inc., Google Inc., and Microsoft Corporation.
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The rise in the adoption of consumer electronic products in the like of smartphones and smart speakers is the primary driver of the market. According to a 2018 survey by Adobe, consumers are getting increasingly comfortable with smart devices and relying on digital assistants for ordering food, attaining sports scores, and others. Furthermore, the evolution of communication network technologies which gives consumers access to fast Internet speeds has accelerated the use of IVAs.
Companies and organizations are investing in IVAs in order to cut down on customer service agents and rely on automated agents capable of resolving queries with ease. This is exemplified by Jet Star Airlines’ Jess, Domino’s Dom, and Nuance’s Nina.
The Digital Assistant Market is segmented into three main segments, namely deployment, product, and application.
By deployment, the market is divided into on-premise and on-cloud.
By product, the market is segmented into Samsung S-Voice/Bixby, Amazon Alexa, Microsoft Cortona, Google Assistant, and Apple Siri. Among these, Amazon Alexa holds the largest market share due to its easy usage and the ability of the application to handle different accents in various languages. On the other hand, Amazon Alexa has been expanding its application in smart speakers by giving out answers to all queries. Its updates include integration of natural language processing which include voice and accent recognition.
By application, it is segmented into TV devices, wearable devices, smart homes, and smartphones. The wearable devices segment is expected to churn out massive demand for the digital assistant market. This can be credited to its use across enterprises, healthcare, consumer interaction, and others. For instance, wearables play a massive role in detecting health problems and suggesting measures at a preventive stage.
Geographically, the digital assistant market takes into consideration on the latest trends in Asia Pacific (APAC), Europe, North America, and Rest-of-the-World (RoW).
The top position in the market is held by North America thanks to continuous upgrades to the digital assistant software, high adoption of smart speakers, and sorted network architecture. The region is touted to accrue revenues at a CAGR of 22% during the forecast timespan. It had a valuation of USD 1 billion in 2016.
The APAC region is projected to exhibit the fastest growth rate of 27% over the assessment period due to adoption of cloud services. China, in particular, has decided to launch Baidu, its answer to the personal assistant battle globally. Although at a nascent stage, it can answer most queries by fetching data from the search engine results page (SERP) of Baidu, the equivalent of Google in China.
Ad Revenue – Positive advocation of smart speakers and smartphones thanks to the popularity of voice-based virtual assistants is likely to turn into a source of revenue to the host company. Change in voice queries can lead to companies paying companies to align their brand with consumer queries which is congruent to paid search marketing. Google and Amazon are launching Ad-based models and present contextual answers.
Enterprise Adoption – Companies and organizations are developing digital assistants for in-house assistance as well as solving consumer queries. Improvements in sentiment recognition, artificial intelligence, and natural language processing have led to its adoption across insurance and financial services. The push for devices which encapsulate such features of voice-based interfaces is likely to transform the organizational workforce and push the demand in the digital assistant market.
Voice Assistant Market, By Technology (Speech Recognition, Text-to-Speech Recognition, Voice Recognition), Application (Messenger Bots, Websites, Contact Centers) and End User (Individual Users, SMEs, Large Enterprises) – Forecast 2023.
Intelligent Personal Assistant Market Information, by Deployment (Smartphone, Tablets & Computers), by Technology (Voice Recognition, Natural language processing & deep learning) – Forecast 2016-2027.
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