Virtual Assistant Market to grow by $ 4.12 Billion| COVID-19 Impact Analysis, Key Drivers, Trends, and Products Offered by Major Vendors | Technavio
NEW YORK, April 6, 2021 /PRNewswire/ --
The global virtual assistant market is expected to grow by USD 4.12 billion, exhibiting a CAGR of almost 12% during 2021-2025, according to Technavio's latest market report. Based on our research, the application software sector witnessed a mixed impact due to the widespread growth of the COVID-19 pandemic. The report also throws light on the pre- and post-impact of COVID-19 on businesses.
The automotive segment will generate maximum revenue in the virtual assistant market, owing to the increasing investments by carmakers to provide better user experiences. In terms of geography, APAC will present significant opportunities for market vendors due to the increased adoption of chatbots in healthcare, BFSI, and travel industries in the region.
Virtual Assistant Market: Major Growth Drivers
In addition, the report identifies the benefits offered to content consumers, owners, and publishers as a major trend in the virtual assistant market. People with disabilities find it difficult to read enormous amounts of text or data. This has increased the adoption of virtual assistants to provide easy access to website content to help such users. Virtual assistants also provide users the option to listen to the content rather than reading the content online, which enhances convenience as well as user engagement. This trend is expected to provide significant growth opportunities to vendors during the forecast period.
The report helps businesses create strategies to make the most of future growth opportunities.
Virtual Assistant Market: Key Vendor Offerings
Amazon.com Inc.: The company offers the Amazon Virtual Assistant. It provides administrative support to business owners online/offsite.
Apple Inc.: The company offers Siri. It helps users take calls or send texts without a touch.
CX Co.: The company offers chat bots, intelligent virtual assistant and other products.
eGain Corp.: The company offers eGain Virtual Assistant. It is a chatbot.
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