Intelligent Personal Assistant Market – Overview
The growing influence of technology has created several niche markets, one of which is that of intelligent personal assistants. Market focused reports related to the information and communication technology sector among others recently have been made available by Market Research Future which publishes reports on this sector. The industry is projected to demonstrate a high rate of CAGR along with incomparable revenue levels through the forecast period.
The Intelligent Personal Assistant Market is surging due to developments in the market. The product offerings of the industry are also replacing the need to have humans carry out the same function. Moreover, the growth of this sector is fuelled by the widespread use of handheld compatible devices such as smartphones. The awareness levels of the end users and the ability to easily operate the device as well as IPA interfaces have also increased the scope of expansion of the market. The main USP of intelligent personal assistants in increasing the productivity of individuals will continually contribute to the growth of the industry between 2017 and 2027.
Industry Segments
The intelligent personal assistant has been segmented on the basis of deployment, technology and region. The deployment based segment of the industry comprises of tablets, smartphone & computers among others. The segmentation on the basis of technology includes natural language processing, voice recognition & deep learning. The regions covered in the industry comprise of Europe, North America, Asia Pacific and rest of the world.
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Detailed Regional Analysis
In the intelligent personal assistant market, the North American region is controlling the industry with a sizeable market share in the year 2015. The high standards of living and high levels of disposable income are a few of the major factors which are backing the market’s growth in the North American region. The European region holds the second position in the industry and is closely followed by the Asia Pacific region. The Asia Pacific has recently emerged as a rapidly growing market segment with an encouraging CAGR percent. The principal factor for growth of the industry of IPA in the Asia Pacific region is growth of the industry in various nations and the high adoption rate of technology. The APAC region is undergoing a phase of significant development and implementing new technologies for improved growth in various sectors. The high demand volumes generated from nations such as China and India for smartphones and tablets are fuelling the market for IPA in this region.
Global Competitive Analysis
Challengers in the market who are constantly delivering customer value have devised their corporate strategy blueprint in a manner that can bring about the best outcomes for development in the current scenario, while also concurrently enhancing their product’s value. This state of events has shaped the opportunities for improvements in portfolio along with diversification in the sector, which has enhanced the scenario for market competitors immensely in this industry. The capability to fuel their competitive edge is one of the chief causes powering their efforts in this period. The opportunity for development in the industry appears to be encouraging through the forecast period. The escalating interest for diversification in the industry, has indirectly allowed the companies to utilize many scenarios available in the industry. The firms in this industry are also trying to improve and preserve financial liquidity that can be vital to invest in growth prospects as and when they arise.
The major contenders in the market for IPA are Amazon (U.S.), Nuance (U.S.), Facebook Inc. (U.S.), Baidu (China), IBM (U.S.), AOL (U.S), Google Inc. (U.S.), Apple Inc. (U.S.), Microsoft (U.S.), Artificial Solutions (Spain) among others.
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Industry Updates:
Jan 2018 Busuu which is an online and mobile language learning provider has recently partnered with Google and Amazon to deliver an education bot for the companies’ own intelligent personal assistant interfaces such as Alexa and Google Assistant. The Quiz Bot made by Busuu which was launched on Alexa last year, has seen the company further extend their product line outside of the customary language learning model. Alexa and the Google Assistant are termed as intelligent personal assistants, which lets their users control digitals systems in their home or elsewhere through Internet of Things and voice control.
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