The worldwide market for text-based intelligent virtual assistants is expected to grow at a compound annual rate of more than 38% between 2018 and 2023. That is the main forecast of a new research report announced in Pune, India, on February 2, 2018.
The study reviews how the market has developed so far, where it stands now and where it may go next. It gives data on the products, strategies and market shares of the leading companies, so readers get a full picture of the competition. It also estimates the size and value of the global market over the forecast period.
The top vendors named in the report are Alphabet, Amazon, Apple, IBM, Microsoft, Baidu, Blackberry, Nuance Communications, Samsung Electronics and Inbenta Technologies.
The market is broken down by end user, product and region, among other segments. The authors also describe the forces behind growth, because these help clients judge where the market is heading. Expected revenue growth for the coming years is covered in detail.
One big driver, according to the study, is that many players are tightening their back-end supply chains to ship faster and at lower cost. Strong growth in online retail in several developed countries has helped as well. That trend spans sectors such as information and communication technology, electrical and electronics, and apparel. As more companies adopt advanced digital tools, online retail expands, which in turn lifts demand for text-based assistants.
By region, the report covers Latin America, Europe, the Middle East and Africa, and Asia Pacific. In most regions the market is still at an early stage, though it shows promise for steady growth. Major investors are based in Canada, the U.K., the U.S., India, China and other Asia Pacific countries. Together, Asia Pacific, North America and Western Europe are expected to hold more than half of the market.
The final chapters profile the manufacturers driving sales. Each is reviewed by manufacturing base, basic company data and rivals. The technology and product types each one has launched are covered as well.
The report runs to 13 chapters. They cover economic impact, competition, production and revenue by region, supply and demand, price trends, applications and manufacturing costs. Later chapters deal with the industrial chain, marketing and distributors, market effect factors and a forecast to 2023.
