As per a new report published by Fact.MR, a market research and competitive intelligence provider, the global personal assistance apps market is anticipated to exceed a valuation of US$ 3.1 Bn by 2021, and surge at an impressive CAGR of 18.3% over the forecast period of 2021 to 2031.
The market is in the growth phase of its lifecycle, registering annual growth of 14.3% during the historical period of 2016 – 2020. Fact.MR anticipates significant potential in the market, owing to factors such as increased phone calling and playing music by using speech to speech technology while driving.
Key Takeaways from Market Study
- Mobile apps as personal assistance apps are expected to remain the most attractive and witness an absolute dollar opportunity of US$ 6.5 Bn during 2021 – 2031.
- Based on revenue, one-time license of personal assistance apps are anticipated to be the most lucrative with a market share of 70%.
- Based on technology, demand for speech to speech is expected to grow 5.1X during the projection period.
- Together, North America and Europe represented over 63% of overall market share in 2020.
- East Asia is expected to have a market share of 16.5% in 2031, and emerge as a market valued at US$ 2.7 Bn.
How is Growing Interest for Text to Text Assisting Technology Triggering Demand for Personal Assistance Apps?
Implementation of text to text assisting technology is significant and held a share of 19.7% in 2020 in the global personal assistance applications market. Backing the evolution of text to text technology are AI, analytics, and cloud. Moreover, growing demand from consumers for self-services is speeding up the need for chatbots, thus posing an economical advantage to businesses.
Technologies such as machine learning and artificial intelligence are increasing demand for advanced chatbots at a CAGR of 18.8% for text to text substitution. Furthermore, cloud-based chatbots are assisting firms to surge extreme customer dealings and overall productivity. Rise in espousal of such advanced technologies by companies is expected to trigger demand for personal assistance applications in the years ahead.
Market Segments Covered in Personal Assistance Apps Industry Research
By Product Type
- Smart Device Apps
- Mobile Apps
- Free/Freemium Personal Assistance Apps
- Subscription (Monthly, Yearly) Personal Assistance Apps
- One-time License Personal Assistance Apps
- Speech to Text Personal Assistance Apps
- Text to Speech Personal Assistance Apps
- Speech to Speech Personal Assistance Apps
- Text to Text Personal Assistance Apps
By Application Sector
- Residential / Individual Personal Assistance Apps
- Commercial Personal Assistance Apps
- BFSI (Banking, financial services and insurance)
- Electronics & Semiconductors
- IT & Telecom
- Travel & Hospitality
- Transport & Logistics
Key Companies Profiled
- com, Inc.
- RoboBot Studio
- Google LLC.
- Apple Inc.
- Baidu, Inc.
- HCL Technologies Limited
- eGain Corporation
- IBM Corporation
- Nuance Communications, Inc.
- Oracle Corporation
- Intel Corporation
In-depth Analysis on Competition
The report sheds light on leading providers of personal assistance apps, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the personal assistance apps has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the personal assistance apps market.
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