Market Research Report
|Published by||Global Industry Analysts, Inc.||Product code||941349|
|Published||Content info||220 Pages
Delivery time: 1-2 business days
|Published: July 1, 2020||Content info: 220 Pages||
Global Virtual Assistants Market to Reach $7.9 Billion by 2027
Amid the COVID-19 crisis, the global market for Virtual Assistants estimated at US$1.6 Billion in the year 2020, is projected to reach a revised size of US$7.9 Billion by 2027, growing at aCAGR of 25.5% over the period 2020-2027. Text-to-Speech, one of the segments analyzed in the report, is projected to record 27.8% CAGR and reach US$4.4 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Speech Recognition segment is readjusted to a revised 22.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $431.2 Million, While China is Forecast to Grow at 32.5% CAGR
The Virtual Assistants market in the U.S. is estimated at US$431.2 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2 Billion by the year 2027 trailing a CAGR of 32.1% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 19.7% and 23.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 22% CAGR.We bring years of research experience to this 8th edition of our report. The 220-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Competitors identified in this market include, among others,