Global Virtual Personal Assistant Market Size Analysis, 2018-2028
| REPORT ID: BKR670 | Domain: ICT | Published Date: April 2018 |
The Global Virtual Personal Assistant Market Size is estimated to be valued at USD 1,090 million in 2018.
Virtual personal assistant (VPA) took its momentum with the integration of Siri in iPhone by Apple in 2011. Since then, many industry giants came into picture. This integration of voice technology and artificial intelligence is a game changing theory that will revolutionize the way business is done on internet. As such, this is certainly the key focus of most of the IT companies.
The virtual personal assistant market growth is primarily driven by increasing sales of smartphones worldwide. As per the estimates, smartphones with VPA has increased from 30% in 2011 to over 75% in 2017 in developed economies. The usage of VPA is comparatively lower in some of the most potential developing countries. Advancement in AI technology is expected to fill he impending gap. Google, Amazon, Apple, Facebook and Microsoft accounts for the largest market share worldwide.
Global Virtual Personal Assistant Market Analysis, By Service
Personalized service is the key to demand for intelligent virtual assistant. Companies focus on user based service to gain higher market share. As per the estimates, customer care service dominates the global share compared to corporate services.
However, development in artificial intelligence has created new market opportunity for industry players and as such, corporate service is bound to escalate during the forecast period – creating billion dollar opportunity for companies. Many players are already operational in market. One such recent disruptive technology that emerged in the market is vocal biomarker. Companies engaged in this sector process the caller voice to understand the mental state and thereby diagnose the chronic illness.
Global Virtual Personal Assistant Market Analysis, By Application
By application, intelligent virtual assistant market finds its most usage in automotive sector followed by IT and BFSI sector. As per the estimates, automotive sector will account for over 27% of global virtual personal assistant market share. Connected cars has gained wide scale popularity with advent of automation especially advanced driver assistance systems (ADAS).
Healthcare sector will register fastest growth in terms of overall VPA adoption. Much of the demand is expected to generate for disease diagnosis.
Global Virtual Personal Assistant Market Size Analysis, By End-use
As of 2018, personalized usage dominates the global virtual personal assistant market share. The industry is still at its naïve position. Various key developments are still going on to enhance the user experience and expand its operations across various applications. Low cost affordability will help small and mid-scale companies to fully leverage the technology and thus expand business reach. SMB will register fastest growth during the forecast period.
Global Virtual Personal Assistant Market Analysis, By Technology:
By technology, speech recognition virtual personal assistant market will continue to dominate the global demand crossing US$ 10 billion by 2026. Increasing sales of smartphones will propel the VPA sales globally. Speech recognition will play a key role in shaping the business as most of the work is performed dynamically with the help of artificial intelligence. Furthermore, increasing interest for cyborgs will help company find new opportunity in near future.
Global Virtual Personal Assistant Market Size and Forecast, Regional Analysis:
Globally, North America followed by Western Europe will dominate the global VPA market size. By 2025, these regions will collectively account for over 75% of industry value. Emergence of BYOD and higher smartphones sales in the region will create favorable market opportunity for VPS providers.
Asia Pacific virtual personal assistant market revenue will see steep growth post 2022. Much of the demand in the region is expected to emerge from Japan, China and India – collectively accounting for over 88% of regional share by 2025.
Global Virtual Personal Assistant Market Size and Forecast: Competition Landscape
Though many startups emerged in the market in last few years, the industry is still highly consolidated with top five players accounting for over 78% of market share. Some of the key virtual personal assistant market players are Anboto, Apple Inc., Clara Labs, Artificial Solutions, CodeBaby Corporation, CX Company, 24/7 Customer, Inc., eGain communications, Existor, Google Inc., Microsoft Corporation, IBM Corporation, Nuance Communications, Viclone Corporations, Synthetix Ltd., Next IT Corporation, Amazon Inc, and Beyond Verbal.
Virtual Personal Assistant Market Industry Segmentation
By Industry Vertical Type:
- BFSI
- Educational Institutes
- Automotive
- IT
- Telecom
- Media and Entertainment
- Government Organizations
- Transport and Logistics
- Healthcare
- Retail and Commerce
- R&D Centers
- Others
By Technology:
- Speech Recognition
- Text-to-Speech Recognition
- Speech-to-Text Recognition
By End-use:
- Large Scale Enterprises
- Mid-scale Enterprises
- Small Scale Enterprises
- Startups
- Personalized Usage
By Service:
- Customer Centric Services
- Corporate/ Market Related Services
What Will You Discover in the Report?
- An in-depth analysis of the Virtual Personal Assistant market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Virtual Personal Assistant market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Virtual Personal Assistant market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Virtual Personal Assistant industry during the forecast period
- Who are the Virtual Personal Assistant industry leaders and what are the key initiatives taken by them for long term growth
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Virtual Personal Assistant Market Size TOC
- Report Structure
- Research Methodology
- Market Engineering Factors Weightage
- Market Share Methodology
- Executive Summary
- Key Findings
- Market Engineering Factors
- Industry Expert Perspectives
- Market Definitions
- The Global Virtual Personal Assistant Market Value
- Overall Market Forecast
- Virtual Personal Assistant Growth Outlook, By Segments
- Virtual Personal Assistant Growth Scenario, by Region
- The Virtual Personal Assistant Industry Ecosystem
- Parent Market Overview
- Industry Value Chain
- Growth Factor Analysis
- Key Industry Players By Region
- The Virtual Personal Assistant Industry Dynamics
- Drivers
- Challenges
- Opportunities
- Mega Trends
- Geographical Trends
- Industry Experts Views
- Merger Acquisition and Compliances, By Selected countries
- Global Virtual Personal Assistant Industry Value and Forecast
- Introduction
- Industry Initiatives
- Industry Predictive Analysis
- Virtual Personal Assistant Industry Segment Comparative Ranking Analysis
- Key Companies Involved and Initiatives
- Global Industry Opportunity Proposition Analysis
- Market Share Analysis, (%)
- Global Virtual Personal Assistant Market Size and Forecast, (2017-2027)
- Market Value Forecast (US$ Million)
- Growth Analysis (Y-o-Y) and Forecast
- Global Virtual Personal Assistant Industry Size and Forecast, By Segments
By Industry Vertical Type:
- BFSI
- Educational Institutes
- Automotive
- IT
- Telecom
- Media and Entertainment
- Government Organizations
- Transport and Logistics
- Healthcare
- Retail and Commerce
- R&D Centers
- Others
By Technology:
- Speech Recognition
- Text-to-Speech Recognition
- Speech-to-Text Recognition
By End-use:
- Large Scale Enterprises
- Mid-scale Enterprises
- Small Scale Enterprises
- Startups
- Personalized Usage
By Service:
- Customer Centric Services
- Corporate/ Market Related Services
- North America Industry Value and Forecast
- Introduction
- Industry Initiatives
- Bekryl Predictive Analysis
- Comparative Ranking Analysis, By Segments (As mentioned in section 10)
- Key Companies Involved and Initiatives, By Region
- Industry Value Proposition Analysis
- North America Virtual Personal Assistant Market Analysis
- Industry Size and Forecast, (2017-2027)
- Industry Share (%)
- Industry Growth Forecast (%)
- North America Virtual Personal Assistant Market, By Segments (As mentioned in section 10 of TOC)
- S. Virtual Personal Assistant Market Size and Forecast, By Segments
- Canada Virtual Personal Assistant Market Size and Forecast, By Segments
- Latin America Virtual Personal Assistant Industry Value and Forecast
- Introduction
- Industry Initiatives
- Bekryl Predictive Analysis
- Comparative Ranking Analysis, By Segments (As mentioned in section 10)
- Key Companies Involved and Initiatives, By Region
- Industry Value Proposition Analysis, By Regional Countries
- Latin America (South America) Virtual Personal Assistant Market Analysis
- Industry Size and Forecast, (2017-2027)
- Industry Share (%)
- Industry Growth Forecast (%)
- Latin America Virtual Personal Assistant Market, By Segments (As mentioned in section 10 of TOC)
- Brazil Virtual Personal Assistant Market Size and Forecast, By Segments
- Argentina
- Mexico
- Rest of Latin America
(Virtual Personal Assistant industry analysis covered across Latin America countries by segments mentioned in section 10. Request Sample to access detailed TOC and Research Framework)
- Western Europe Virtual Personal Assistant Industry Value and Forecast
- Introduction
- Industry Initiatives
- Bekryl Predictive Analysis
- Comparative Ranking Analysis, By Segments (As mentioned in section 10)
- Key Companies Involved and Initiatives, By Region
- Industry Value Proposition Analysis, By Regional Countries
- Western Europe Virtual Personal Assistant Market Analysis
- Industry Size and Forecast, (2017-2027)
- Industry Share (%)
- Industry Growth Forecast (%)
- Western Europe Virtual Personal Assistant Market, By Segments (As mentioned in section 10 of TOC)
- Germany Virtual Personal Assistant Market Size and Forecast, By Segments
- UK
- France
- Spain
- Italy
- NORDIC
- Switzerland
- Rest of Western Europe
(Virtual Personal Assistant industry analysis covered across Western Europe countries by segments mentioned in section 10. Request Sample to access detailed TOC and Research Framework)
- Central and Eastern Europe (CEE) Virtual Personal Assistant Industry Value and Forecast
- Introduction
- Industry Initiatives
- Bekryl Predictive Analysis
- Comparative Ranking Analysis, By Segments (As mentioned in section 10)
- Key Companies Involved and Initiatives, By Region
- Industry Value Proposition Analysis, By Regional Countries
- Central and Eastern Europe Virtual Personal Assistant Market Analysis
- Industry Size and Forecast, (2017-2027)
- Industry Share (%)
- Industry Growth Forecast (%)
- Central and Eastern Europe Virtual Personal Assistant Market, By Segments (As mentioned in section 10 of Virtual Personal Assistant Market TOC)
- Russia Virtual Personal Assistant Market Size and Forecast, By Segments
- Poland
- Ukraine
- Rest of CEE
(Virtual Personal Assistant industry analysis is covered across Central and Eastern Europe countries by segments mentioned in section 10. Request Sample to access detailed TOC and Research Framework)
- Asia Pacific Virtual Personal Assistant Industry Value and Forecast
- Introduction
- Industry Initiatives
- Bekryl Predictive Analysis
- Comparative Ranking Analysis, By Segments (As mentioned in section 10)
- Key Companies Involved and Initiatives, By Region
- Industry Value Proposition Analysis, By Asia Pacific Countries
- Asia Pacific Virtual Personal Assistant Market Analysis
- Industry Size and Forecast, (2017-2027)
- Industry Share (%)
- Industry Growth Forecast (%)
- Asia Pacific Virtual Personal Assistant Market, By Segments (As mentioned in section 10 of TOC)
- Japan Virtual Personal Assistant Market Size and Forecast, By Segments
- China
- India
- South Korea
- Australia
- ASEAN
- Rest of Asia Pacific
(Virtual Personal Assistant industry analysis is covered across Asia Pacific countries by segments mentioned in section 10. Request Sample to access detailed TOC and Research Framework)
- Middle East Virtual Personal Assistant Market Value and Forecast
- Introduction
- Industry Initiatives
- Bekryl Predictive Analysis
- Comparative Ranking Analysis, By Segments (As mentioned in section 10)
- Key Companies Involved and Initiatives, By Region
- Industry Value Proposition Analysis, By Middle East Countries
- Middle East Virtual Personal Assistant Market Analysis
- Industry Size and Forecast, (2017-2027)
- Industry Share (%)
- Industry Growth Forecast (%)
- Middle East Virtual Personal Assistant Market, By Segments (As mentioned in section 10 of TOC)
- GCC Virtual Personal Assistant Market Size and Forecast, By Segments
- Israel
- Rest of Middle East
(Virtual Personal Assistant industry analysis is covered across Middle East countries by segments mentioned in section 10. Request Sample to access detailed TOC and Research Framework)
- Africa Virtual Personal Assistant Market Value and Forecast
- Introduction
- Industry Initiatives
- Bekryl Predictive Analysis
- Comparative Ranking Analysis, By Segments (As mentioned in section 10)
- Key Companies Involved and Initiatives, By Region
- Industry Value Proposition Analysis, By Africa Countries
- Market Share Analysis, (%)
- Africa Virtual Personal Assistant Industry Size and Forecast, (2017-2027)
- Africa Virtual Personal Assistant Industry Share (%)
- Africa Virtual Personal Assistant Industry Growth Forecast (%)
- South Africa Virtual Personal Assistant Market Size and Forecast, By Segments
- Algeria
- Nigeria
(Virtual Personal Assistant industry analysis is covered across Africa countries by segments mentioned in section 10. Request Sample to access detailed TOC and Research Framework)
- Virtual Personal Assistant Market Competitive Landscape
- Competition Dashboard
- Funding and Investment
- Company Market Positioning
- Marketing Mix Strategies
- Product Level Strategies
- Go-to-Market Strategies
- SWOT Analysis
- Key Developments, By Companies
- Company Profiles*
- Anboto,
- Apple Inc.,
- Clara Labs,
- Artificial Solutions,
- CodeBaby Corporation,
- CX Company,
- 24/7 Customer, Inc.,
- eGain communications,
- Existor,
- Google Inc.,
- Microsoft Corporation,
- IBM Corporation,
- Nuance Communications,
- Viclone Corporations,
- Synthetix Ltd.,
- Next IT Corporation,
- Amazon Inc,
- Beyond Verbal
- Analyst Opinion
- Summary and Conclusion
- For more Information, Bekryl can help
*(SWOT, Key Developments, and Strategies are based on individual companies)
To access the detailed Virtual Personal Assistant industry TOC and sample research pages, download sample.
Virtual Personal Assistant Market Report Structure
Virtual Personal Assistant Industry Dynamics
This section enables Virtual Personal Assistant industry stakeholders to understand the prevalent market conditions and help them prioritize their investment strategy. Factors that are favorable to Virtual Personal Assistant market growth is equated with challenges – resulting in proper growth strategy module. Drivers and challenges provide early assessment of current Virtual Personal Assistant industry trends and keep industry leaders abreast of latest happenings.
This section includes:
- Market Drivers
- Market Challenges
- Virtual Personal Assistant Industry Trends
- Virtual Personal Assistant Value Chain Analysis
- Marketing Opportunities
- Regulatory Aspects
- Virtual Personal Assistant Industry Experts Market Opinion
Industry Analysis, By Segments
Industry stakeholders receive detailed analysis of the Virtual Personal Assistant industry trends. Anticipate key market trends across market analysis segments with Bekryl Market Analysts model.
Each segment has research framework, essential to understand the market scenario in near future.
Each segment includes:
- Market Size and Forecast
- Annual Growth Rate Analysis (AGR)
- Key Trends, By segments
- Key Industry Developments
- Investment Proposition Analysis
- Potential Addressable Market Analysis
- Growth Factor, By Segment Analysis
This section helps in understanding the overall demand across end-users. As such, the industry stakeholders are able to minimize the operational cost and take better strategic decisions.
Competition Landscape
Keep abreast of key strategies of industry leaders and regional Virtual Personal Assistant industry players. Company profiles allow industry stakeholders to competitor’s strategic decision and understand how these affect their own business.
This section include:
- Competition dashboard
- SWOT Analysis by Companies
- Go-to-market sales strategy
- Financial performances subject to listed companies
- Market Share Analysis
- Analyst Recommendation
Regional Market Analysis
Regional analysis help industry leaders to better understand the dynamics of their current market and determine which regional market their company should target to strengthen their market presence globally. The Virtual Personal Assistant market report offers industry scenario in 24+ countries. Regional section focus on economic context, regulatory framework, supply demand balance trends and key regional companies engaged in the market.
This section include:
- Market Size by Country and Region
- Market Opportunity, By Country and Region
- Regional Trends
- Growth Analysis and Forecast
Country Profiles
Country profiles help industry leaders to better analyze the market at root level – thereby framing strategies that could add value to the overall organization. This section contains information pertaining to key developments and research framework mapping the potential attractive end-users. Factors are equated with macroeconomic conditions to help leaders minimize operational risks if any
North America Virtual Personal Assistant Market Size
- S.
- Canada
Latin America Virtual Personal Assistant Market Size
- Brazil
- Mexico
- Argentina
- Rest of Latin America
(*Virtual Personal Assistant Market value analyzed across each Latin America country)
Western Europe Virtual Personal Assistant Market Size
- Germany
- UK
- France
- Switzerland
- Spain
- Italy
- NORDIC
- Rest of Western Europe
(*Virtual Personal Assistant Market value analyzed across each Western Europe country)
Central and Eastern Europe Virtual Personal Assistant Industry Analysis
- Russia
- Poland Meat
- Ukraine Meat
- Rest of Eastern Europe
(*Virtual Personal Assistant Market value analyzed across each Central and Eastern Europe country)
Asia Pacific Virtual Personal Assistant Industry Size
- China
- India
- Japan
- Australia
- South Korea
- ASEAN Meat
- Rest of Asia Pacific
(*Virtual Personal Assistant Market value analyzed across each Asia Pacific country)
Middle East Virtual Personal Assistant Industry Size
- GCC
- Israel
- Rest of Middle East
(*Virtual Personal Assistant Market value analyzed across each Middle East country)
Africa Virtual Personal Assistant Industry Size
- South Africa
- Algeria
- Nigeria
- Rest of Africa
Virtual Personal Assistant Market Research Methodology
Bekryl Market Analysts has earned reputation within the market research and consulting industry for its ability to not only collect and reprint data but also its ability to build upon its extensive models and databases to provide meaningful forecasting and strategic planning services to clients.
Our research analyst and industry experts thoroughly investigates the industry by extensively interviewing the industry leaders and analyzing information from various secondary sources. The information collected is analyzed with the help of analytical tools to offer real time forecast solutions.
Virtual Personal Assistant Market Growth Forecasting Methodology
In order to prepare historical data and analyze Virtual Personal Assistant market forecast, Bekryl prepare data for product supply and actual demand from end-use consumers. Through this, we get to know actual demand for Virtual Personal Assistant market globally. The data collection is done through secondary and primary market research and then a constructive model is developed.
- Secondary market research involves data collection through various paid publications and government agencies. Various journals and pre-encrypt transcripts is decoded to get the real time data solutions
- The data collected through secondary research is then validated with the industry experts to minimize the anomaly and reflect key stakeholders opinion in the report.
With the model constructed, the cluttered data collected through different sources is structured with the help of proprietary analytical tools – making us understand the variation happened in the current year compared to historical years. To forecast Virtual Personal Assistant market revenue, Bekryl Market Analysts takes in consideration the demand growth of the segments. Demand for the product is dependent on end-user spending which is a function of many factors: amongst them macroeconomic strength, price variation and other base factors.
The forecast methodology requires extensive data analysis across countries. Among all the factors, GVA and GDP output is considered as the first set of approximation. Bekryl Market Analysts has developed a demand driven model based on GDP across targeted countries. Under this, co-relation is analyzed between product and GDP – resulting in a constant GDP-Product coefficient. Higher the coefficient- greater will be the growth rate. For instance, GDP-Product segment coefficient matrix of 3 denotes Virtual Personal Assistant industry growth is nearly 3.5X to 5.5X higher than the relative GDP.
Besides GDP-Product Coefficient, Bekryl establishes following relation variation for higher predictive analysis.
- Base Factors Growth Analysis
- Price Variation Analysis
- Potential Consumer Mapping
Virtual Personal Assistant Industry Players: Competition Landscape Methodology
Bekryl maps key market players across regions. Financial ratios is taken in consideration along with regional presence and their value chain to understand the company market strength. Thereafter, investment proposition for each company is proposed which gives coefficient matrix value for the company. Industry experts is also reflected in company landscape.
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