Virtual Assistant Market size to grow by USD 26,945.07 million from 2022 to 2027; Growth driven by the growing need for automated medical transcripts - Technavio

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• USA - English

NEW YORK, May 31, 2023 /PRNewswire/ -- 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

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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