The global smart virtual assistant market is expected to rise from 2017 to 2023
The recent study on the smart virtual assistant market covers an in-depth analysis of the market on the basis of component, industry, device, end-user, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraints during the forecast period 2018-2023. The report has segmented the global smart virtual assistant market by component (hardware, software, services), industry (retail, manufacturing, logistics, healthcare, banking and finance, others), device (smartphones and tablets, personal computers and laptops, smart home devices, others), end-user (individuals, small and medium enterprises, large enterprises) and geography (North America, South America, Europe, Middle East and Africa, Asia Pacific). The increasing need for smoother interaction and fluidity in IoT services will be the major reason behind the boom in demand for smart virtual assistants. Smart or Intelligent virtual assistants are software-based agents that run on an Artificial Intelligence (AI) platform and follow human commands while attempting to mimic human interactions.
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Smartphones and Tablets segment will grow during the forecast period.
Smartphones are becoming more and more common with the passing day. According to the Global System of Mobile Communications Association (GSMA), the smartphone adoption reached 57% in 2017 and is projected to reach 77% by 2025. Smartphones and tablets have also started replacing some netbooks and laptops by providing basic laptop-like functionality in a much smaller and convenient package. This increasing demand for convenience in this form factor is further driving the usage and demand for smart virtual assistants and will make the segment grow at a good CAGR.
Smart Virtual Assistants adoption in Large Enterprises will see good growth during the forecast period.
Smart Virtual Assistants have proven to be a boom to the corporates over the recent years. Many enterprises have expanded their reach to get to a global platform, however, due to the costlier running cost and inconvenience, managing these many customers is not always possible. Thus, many organizations are adopting smart virtual assistants to replace their customer care executives and provide a much better user interface and support to the customers, increasing the demand for smart virtual assistants by larger entities. However, due to the high set up costs of these systems and smaller customer base, the demand by smaller enterprises will be restrained during the forecast period.
North America holds a significant share in the market.
North American region of the Smart Virtual Assistants market will hold a substantial part is owing to the high electronics adoption rate and the presence of some key players in the market and availability of additional devices which make use of smart virtual assistants to increase the user convenience. Furthermore, the Asia Pacific region will see some great opportunities due to the increasing adoption of electronic devices such as smartphones and tablets in budding economies like China and India. According to the Global Mobile Economy report by GSMA, the smartphone adoption (by the installed base) will reach 1.4 billion units in China and 1 billion units in India, by the year 2025.
Some of the major players discussed in the reports are Alphabet, Inc., Apple, Inc., Amazon.com, Inc., Microsoft Corporation, and Samsung Electronics, among others.
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