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Digital Assistant Market Overview
Market Research Future (MRFR) report highlights Digital Assistant Market Information By Application, Distribution Channel And Region – Forecast till 2032 ; The Digital Assistant market industry is projected to grow from USD 9.9 Billion in 2023 to USD 34.621 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.2% during the forecast period (2023 – 2032).
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Market Competitive Landscape:
The growing popularity of consumer devices like smartwatches, smartphones, and smart speakers is predicted to fuel the industry’s growth. Consumers rely significantly on virtual assistants to order food, plan their schedules, and obtain sports scores as they grow more acclimated to utilizing smart devices. Due to the growing complexity of work, most enterprises today depend on intelligent virtual assistants to aid them in managing their workload and promptly resolving client complaints. Product demand is anticipated to rise because of the need for greater efficiency across service-based enterprises and the incorporation of Virtual Assistants powered by AI across many devices. An Intelligent Virtual Assistant (IVA) can perform several customer care functions, such as providing product information, facilitating navigation, assisting consumers in paying bills and directing problem queries to human agents in customer service.
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The IVA is essential in reducing driver distraction because voice-activated VAs can execute various infotainment requests. Companies are equipping cars with AI-powered virtual assistants (VAs) that can do various duties, such as suggesting destinations based on the calendar and enhancing driver efficiency by reading emails and messages and providing news. It also converts spoken words and phrases into machine-readable formats using speech recognition technologies. The market is anticipated to grow because of the need for service-based organizations to operate more efficiently and the integration of artificial intelligence-powered virtual assistants across various platforms. Businesses find it difficult to survive the pandemic and are open to exploring new technological options, such as virtual assistants. Several marketing companies, banks, and supermarkets have started implementing conversational AI tools and virtual internet companions to improve customer service during the pandemic.
Digital Assistant Market Segmentation
The Digital Assistant Market is segmented according to application type, with BFSI, Household Electronics, Motor vehicles Retail, IT & Telecom, Healthcare, Education, Travel & Hospitality, and Others included in the list. The Digital Assistant Market segmentation based on vertical type includes text-based, text-to-speech, and automatic speech recognition.
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Regional Insights
Businesses in the region are likely to select IVA services to fulfill their demands because many millennials prefer self-service choices and messaging applications, contributing to the market’s growth. Furthermore, the aging population, the incidence of chronic illness, and the need for home monitoring equipment are all major factors contributing to the growth of the digital assistant in North America. All age groups use home-based technology because operating has become more laborious. Additionally, patients may always carry them around without experiencing any discomfort because they are lightweight and portable. It also ensures that the patient’s health is continuously monitored. The emergence of AI-driven digital assistants for professional communication has demonstrated their proficiency in commercial duties such as scheduling meetings and providing advice across several industries. Companies are releasing devices that enable an app or device to act as an AI agent.
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