New York, US, Nov. 22, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Intelligent Personal Assistant Market Information, by Technology, Deployment, and Region- Forecast 2030”, the global market of intelligent personal assistants is anticipated to show considerable growth during the review timeframe from 2020 to 2030 at a healthy growth rate of approximately 34.13%. The reports further predict the market to attain a valuation of around USD 83.66 billion by the end of 2030.
Intelligent Personal Assistant Market Overview:
An intelligent personal assistant refers to software performing several operations on behalf of the user according to the command given. The global intelligent personal assistants market has showed a enormous development in current times owing to the growing awareness among the people regarding advanced technology, growing advancement in technology, tremendous growth size in the IT sector, and development of joint ventures.
Competitive Analysis
The directory of important members across the global intelligent personal assistant market includes companies such as:
- Google Inc. (U.S.)
- IBM (U.S.)
- Apple Inc. (U.S.)
- AOL (U.S.)
- Microsoft (U.S.)
- Nuance (U.S.)
- Amazon (U.S.)
- Facebook Inc. (U.S.)
- Baidu (China)
- Artificial Solutions (Spain)
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Intelligent Personal Assistant Market USP Covered
Market Drivers
The global intelligent personal assistant market has showed a enormous development in current times. The parameters supporting the market's growth include rapidly advancing technologies and the excessive use of mobile phones in the present era.
Market Restraints
On the other hand, the lack of awareness is anticipated to restrict the market's performance.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 83.66 Billion |
| CAGR during 2022-2030 | 34.13% |
| Base Year | 2019 |
| Forecast | 2020-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Deployment, Technology |
| Key Market Opportunities | Voice control technology assisted with a personal assistant retention capacity |
| Key Market Drivers | Excessive use of mobile phones |
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COVID-19 Impact
Unlike other market sectors, the global intelligent personal assistant market has shown considerably positive growth during the pandemic period. Given the growing awareness regarding the advantages offered by these assistants, the global intelligent personal assistant market is projected to grow rapidly over the coming years.
Intelligent Personal Assistant Market Segment Analysis
Amongst all the products, the chatbot segment is projected to hold the top pposition across the market over the forecasted period. On the contrary, the smart speaker segment may show the maximum growth rate over the coming years. Consumers across the residential sector mainly utilize these smart speakers for everyday operations. Additionally, the segment has also witnessed a noticeable development in demand for the execution of smart speakers in automotive functions and smart offices. The growing requirement for a comfortable lifestyle has caused the growth in the implementation of smart speakers and is likely to boost the segment's growth over the upcoming era.
Chatbot has a comprehensive implementation in the banking and insurance sectors, educational portals, and retail industries. They assist in accessing the needed information and enable the end-users with simplicity of management. Chatbot has achieved market fascination and had massive implementation in the healthcare business. With audio/ speech/ text assistance, these bots help patients, nurses, physicians, and their families at several levels of life. The rising number of social media platforms and the requirement to analyze customer behavior are also likely to boost the segment's growth over the forecasted period.
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Among all the technologies, the text-to-speech segment is anticipated to lead the global market for intelligent virtual assistants over the assessment era. On the other hand, the automatic speech recognition technology segment is anticipated to show the maximum growth rate over the coming years, given mainly to the wide adoption of smart speakers in several end-use sectors. Smart speakers detect and answer the speech created by consumers in a predefined manner. Furthermore, the increasing implementation of mobile computing technology across the globe is anticipated to catalyze the segment's growth. It makes it simpler for customers to communicate with smartphones and their applications. The leading smartphone developers like Bose, Google Home, and Amazon-Alexa are based out of the U.S.; therefore, most of the products are introduced and shipped early in the region. The text-to-speech recognition segment is anticipated to grow steadily, given the factors such as the versatile application of the technology profiting educational institutes, personal users, consumers, and businesses. Moreover, it enables content owners to answer several requirements and wishes of users and the way they interact with the content.
Among all the applications, the consumer electronics segment is anticipated to secure the top spot across the global market for intelligent virtual assistants over the review era. On the other hand, the automotive segment is anticipated to show the maximum growth rate over the assessment era. Incorporating virtual assistants with the infotainment system offers personalized content and enhances comfort and convenience.
Intelligent Personal Assistant Market Regional Analysis
The global intelligent personal assistant market is analyzed across five critical geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The research reports by MRFR suggest that the North American region is predicted to keep up the highest internationally for intelligent personal assistants over the assessment period. The regional market's development is assigned to factors such as a high standard of living, more disposable income, and constant technological developments across the region.
The European regional intelligent personal assistant market is anticipated to secure the second spot globally.
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The Asia-Pacific regional intelligent personal assistant market is predicted to show the highest growth rate over the coming years. Developing nations such as China and India are boosting the regional market's performance. The constantly growing demand for tablets and smartphones across the region is also believed to catalyze the perfor4mance of the market across the region over the forecasted period.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
