Research Nester published a report titled “Smart Virtual Personal Assistants Market: Global Demand Analysis & Opportunity Outlook 2028″ which delivers a detailed overview of the smart virtual personal assistant market in terms of market segmentation by application, by input type, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
Smart virtual personal assistants are the software that help in assisting the users with their routine work, just like a human assistant. Growth of advancements in Artificial Intelligence and IoT, which is currently in trend, has made their high demand possible. The interaction between human and machine has become much easier in the present era. These assistants can help with daily work such as searching for information, sending e-mails, scheduling meetings, setting up calendars, and other such work, and at a faster pace in comparison with humans.
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The market is expected to grow at a substantial CAGR during the forecast period, i.e. 2020-2028. The growth can be witnessed as a result of increase in the use of technology and emerging IoT (Internet of Things). The market for smart virtual personal assistant is segmented by application, by input type, and by region. On the basis of input type, the market is segmented into voice, text and graphic. The voice sub- segment is expected to hold the largest market share as it is more convenient to communicate with the software verbally.
On the basis of region-wise analysis, the smart virtual personal assistant market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America holds the largest market share as the technological advancement is rapid in this region. The other region that is anticipated to become an emerging region for a good business growth opportunity for the market is the Asia Pacific.
Advancement In Technology And The Emergence Of IoT Will Reflect Growth Of The Market
The Internet of Things is making it possible to have software like virtual assistants that can help in smooth interaction between humans and machines. The use of Artificial Intelligence and algorithms is helping in the development of smart software. The smart virtual personal assistant can help in routine tasks and with greater accuracy and efficiency. This is estimated to help in expanding the market of VAs. However, smart virtual personal assistant software does not have the capacity to understand emotions (EQ). This is predicted to hinder the growth of the market as the virtual assistant can provide solutions but cannot suggest like a human assistant can in case of events and circumstances that require suggestions.
This report also provides the existing competitive scenario of some of the key players of the smart virtual personal assistant market which includes company profiling of Apple Inc. (NASDAQ: AAPL), Oracle Corporation (NYSE: ORCL), 24me Ltd., IBM (NYSE: IBM), Microsoft Corporation (NASDAQ: MSFT), Intel Corporation (NASDAQ: INTC), SK Telecom Co. Ltd. ( KRX: 017670), Artificial Solutions, Nuance Communications Inc. (NASDAQ: NUAN).
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the smart virtual personal assistant market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market- centric strategies according to the ongoing and expected trends in the future.
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AJ Daniel
Research Nester
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