Digital Assistant Market to Reach $33.8 Billion by 2026
Research firm Knowledge Sourcing Intelligence projects the gloabl digital assistant market, which includes both speech recognition and speech-to-text technologies, to grow at a compound annual rate of 32.17 percent, to reach $33.77 billion by 2026, up from $4.8 billion in 2019.
Other technoilogies involved include advanced artificial intelligence (AI), natural language processing, natural language understanding, and machine learning that helps the assistants simulate conversations with people to provide a personalized experience.
Factors driving the tremendous growth are the increasing integration of artificial intelligence and increasing smartphone penetration. The report also notes that some of the prime restraints for the digital assistants market are privacy and security concerns among consumers.
According to the research, the financial services, IT and telecommunications, automotive, healthcare, and education sectors are among the leading industries driving much of the growth of digital assistants. Of those, the automotive industry is emerging to be one of the fastest-growing segments in the digital assistance market, particularly as manufacturers expand capabilities within infotainment systems. The report also notes that grocery outlets and financial organizations implemented intelligent virtual assistants and conversational AI tools to enhance customer service during the pandemic, while many medical insurance companies and government websites have deployed chatbots to assist people in providing proper precautions and COVID-19 advice.
The report identifies Amazon, Apple, Baidu, Creative Virtual, Facebook, Google, IBM, Microsoft, Samsung, and Clara Labs as leading providers of digital assistant technologies.