Hence, these end-use industries are expected to account for significant shares in the virtual assistant ecosystem. The rise of mobile banking is one of the most important factors that will drive the growth of the virtual assistants market in BFSI end-use industry. The Bank of America, one of the world’s largest banking institute, surpassed 10 million subscribers for its mobile chatbot Erica by the end of 2019.
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The healthcare end-use industry is also expected to grow at a high CAGR of around 23.5% during the forecast period. In the healthcare industry, virtual assistants are used for a variety of tasks such as addressing medication-related queries, medication guidance, entering data into EHRs, etc.
In the Products, Parts and Devices segment, smartphones and tablets are expected to account for a significant share of the market in 2018, the high penetration of smartphones being the most important factor for this dominance.
Global Virtual Assistants Ecosystem
The global virtual assistants market was valued at US$ 4,259.8 mn in 2018 and is expected to reach US$ xx mn by the year 2026, growing at a CAGR of 24%. The increasing demand for Robotic Process Automation for performing various repetitive and administrative tasks and the increasing penetration of smartphones are driving the growth of the virtual assistants ecosystem.
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North America is expected to dominate the virtual assistants ecosystem. The presence of major players in this market and the high rate of adoption of advanced technologies are the major factors for the dominance of this region. On the other hand, the growing automotive and retail sectors and the ever-increasing application of virtual assistants in these sectors are providing a solid platform for the growth of the European Virtual Assistants ecosystem.
There are many trends that are having an impact on the market forecast. These, when evaluated from a company’s perspective, can drive growth. Our numerous consulting projects have generated sizeable synergies across all regions and all sizes of companies.
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