Digital Assistant Market is expected to grow up to 35.5 Billion USD by 2032

Analysts Predicts Return to Normalcy in the Digital Assistant Market

Overview

Digital Assistant Market Size was valued at USD 9.9 Billion in 2023. The Digital Assistant market industry is projected to grow from USD 11.2 Billion in 2024 to USD 35.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.20% during the forecast period (2024 - 2032). Rising adoption of consumer electronics and increasing implementation in large customer bases sectors such as healthcare and banking boost the market growth.

The scarcity of skilled professionals on the other hand will challenge software solutions sector based organizations functioning in the global digital assistant market. Analysts have split the market into deployment, product, and application segments based on products and services. Software solutions based companies have been profiled. The increasing risk of security flaws is set to affect the global market during the forecast period 2017 to 2023. The report also provides the market’s performance forecasts till 2023. Analysts have studied the strategy of software solutions segment based organizations to help new entrants and established businesses. The software solutions sector itself is supported by favorable policies across regional markets as well as the changing social behaviour. During the forecast period 2017 to 2023, the digital assistant market is set to witness a health growth across deployment, product, and application segments as well as regional markets.

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Market Segmentation

The software solutions sector has seen growth across deployment, product, and application segments owing to the presence of untapped market opportunities and the presence of effective communication. To study the digital assistant market, analysts have further segmented deployment, product, and application into on premise and on-cloud on the basis of deployment. The market is further segmented into the product sub segment which is split into Samsung Bixby, Microsoft Crotona, Amazon Alexa, Google Assistant, and Apple’s SIRI. Additionally, the digital assistant market on the basis of application is segmented into smart homes and TV devices, wearable devices, and smartphones.

The segmental analysis presented in the report provides software solutions field based organizations insights into key growth factors such as the increasing spending power of consumers as well as challenges such as the fluctuating price of raw materials the market will face from 2017 to 2023. Increasing adoption of consumer electronic products and high demand across industry verticals are some of the key factors having an influence on software solutions industry based companies, suggest analysts as per the digital assistant market report. But the report also identifies the unavailability of professional services and the lack of demand from certain regional markets as major threats companies in software solutions will face till 2023. 

Regional Overview

Software solutions market based companies in the digital assistant market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. Advancements in technology will be a key growth driver for regional markets. However, growing concerns regarding high cost will turn out to be a threat. For the forecast period 2017 to 2023 each of these regional markets are studied in the report. Starting from North America, the regional market and software solutions vertical based companies are spread across the United States, Canada, and Mexico. The lack of effective communication will turn out to be a major challenge from 2017 to 2023. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by the rising industrialization as well as the surging usage across different industries, suggests the report. Similarly, the software solutions sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the digital assistant market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2023.

Competitive Landscape

The global digital assistant market research report brings a comprehensive study of deployment, product, and application market segments, regional analysis, and software solutions vertical based company details of key players. As the forecast period 2017 to 2023 will bring new opportunities for the market owing to the growth of communication channels and the increasing preference of consumers, the market is set to grow at a compound annual growth rate of 22% and is predicted to reach a value of US$8.9 billion by 2023. With SWOT analysis of software solutions sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the low demand from developing countries and high initial investments, companies in the software solutions sector can change the way business is done.

Industry News

The terms of Samsung's latest purchase of virtual assistant startup Viv Labs have been revealed. On October 7, when Samsung made the contract for 238.93 billion won, the Korean won was worth $0.0009, so the total cost was around $215 million. According to a filing (PDF) filed earlier this month, San Jose-based Viv Labs, whose team created Apple's Siri virtual assistant, is now a subsidiary of Samsung Research America. According to the filing, the majority of the money was spent on goodwill. Viv Labs has made a loss of 3,424 million won ($3.08 million) since the takeover. According to CrunchBase, the company received $30 million in financing before being bought.