According to AllTheResearch’s analysts the advancements in Natural Language Processing and Machine learning and the increasing penetration of smartphones are fueling the growth of the Virtual Assistants Market ecosystem. Apart from this, the increasing penetration of IoT and connected devices in various industries is also expected to drive the growth of the virtual assistants ecosystem. The global virtual assistants market was valued at US$ 4,259.8 mn in 2018 and is expected to grow at a CAGR of 24% between 2018 and 2023.
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Companies both big and small are investing in the virtual assistants ecosystem. Babylon Health, a health service provider that offers remote consultations with healthcare professionals and doctors via its chatbots, raised US$ 550 million funding in August 2019. The company plans to use this investment for expanding its businesses to the U.S. and Asia. Another company, Hugging Face, raised US$ 15 million funding in December 2019. The company’s major focus is on Natural Language Processing.
The major players in the virtual assistants ecosystem are Amazon, Microsoft Corporation, IBM Corporation, Google, Nuance Communications, Haptik, Inc., Sensely Inc., Baidu Inc., and Babylon Healthcare Services Limited amongst others.
BFSI, Retail and Healthcare are some of the end-use industries that have already started integrating virtual assistants. Hence these end-use industries are expected to account for significant shares in the virtual assistants ecosystem. Increasing use of mobile banking is one of the most important factors that is driving the growth of virtual assistants market in BFSI end-use industry. For instance, Bank of America, one of the world’s largest banking institute, released its chatbot Erica in June 2018 and surpassed 10 million subscribers by the end of 2019
Virtual assistants are being used in the healthcare industry for a variety of tasks such as entering data into EHRs, administrative workflow assistance, virtual nurse assistants that address medication related queries and provide medication guidance. Nuance communications reported that the use of its virtual assistant, Dragon healthcare solution helped Universal Health Services, Inc. (UHS) to save around US$ 3 million transcription costs. Virtual assistant help reduce cost, due to which the virtual assistants in healthcare end-use is expected to grow at a double digit CAGR.
Due to the presence of major virtual assistant providers and the high rate of adoption of advanced technologies the North American market is expected to dominate the virtual assistants ecosystem in 2018. The growing automotive and retail sectors and the ever-increasing application of virtual assistants in these sectors provides a solid platform for growth of the European Virtual Assistants ecosystem.
Very few markets have the interconnectivity with other markets like Virtual Assistants. Our Interconnectivity module focuses on the key nodes of heterogeneous markets in detail. Artificial Intelligence, Autonomous Vehicles, Electronic Health Records, Internet of Things, and 5G technology markets are some of our key researched markets.
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