Economic relevance




For individualsedit

Digital experiences enabled by virtual assistants are considered to be among the major recent technological advances and most promising consumer trends. Experts claim that digital experiences will achieve a status-weight comparable to ‘real’ experiences, if not become more sought-after and prized. The trend is verified by a high number of frequent users and the substantial growth of worldwide user numbers of virtual digital assistants. In mid-2017, the number of frequent users of digital virtual assistants is estimated to be around 1 bn worldwide. In addition, it can be observed that virtual digital assistant technology is no longer restricted to smartphone applications, but present across many industry sectors (incl. automotive, telecommunications, retail, healthcare and education). In response to the significant R&D expenses of firms across all sectors and an increasing implementation of mobile devices, the market for speech recognition technology is predicted to grow at a CAGR of 34.9% globally over the period of 2016 to 2024 and thereby surpass a global market size of US$7.5 billion by 2024. According to an Ovum study, the "native digital assistant installed base" is projected to exceed the world's population by 2021, with 7.5 billion active voice AI–capable devices. According to Ovum, by that time "Google Assistant will dominate the voice AI–capable device market with 23.3% market share, followed by Samsung's Bixby (14.5%), Apple's Siri (13.1%), Amazon's Alexa (3.9%), and Microsoft's Cortana (2.3%)."

Taking into consideration the regional distribution of market leaders, North American companies (e.g. Nuance Communications, IBM, eGain) are expected to dominate the industry over the next years, due to the significant impact of BYOD (Bring Your Own Device) and enterprise mobility business models. Furthermore, the increasing demand for smartphone-assisted platforms are expected to further boost the North American Intelligent Virtual Assistant (IVA) industry growth. Despite its smaller size in comparison to the North American market, the intelligent virtual assistant industry from the Asia-Pacific region, with its main players located in India and China is predicted to grow at an annual growth rate of 40% (above global average) over the 2016–2024 period.

Economic opportunity for enterprisesedit

Virtual assistants should not be only seen as a gadget for individuals, as they could have a real economic utility for enterprises. As an example, a virtual assistant can take the role of an always available assistant with an encyclopedic knowledge. And which can organize meetings, check inventories, verify informations. Virtual Assistants are all the more important that their integration in small and middle-sized enterprises often consists in an easy first step through the more global adaptation and use of Internet of Things (IoT). Indeed IoT technologies are first perceived by small and medium-sized enterprises as technologies of critical importance, but too complicated, risky or costly to be used.

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