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Personal Assistance Apps Market

Personal Assistance Apps Market

Rising Awareness of Consumers towards Hands-free Operations to Boost Growth of Personal Assistance Apps Market during 2021-2031

Personal Assistance Apps Market
FACT6846MR
  • Aug-2021
  • List of Tables : 80
  • List of Figures : 270
  • 170 Pages
  • Technology

Market Snapshot

Newly-released personal assistance app industry analysis shows that global demand enjoyed year-on-year (YoY) growth of 17.8% in 2021, to reach a value of above US$ 3.1 Bn. Mobile apps displayed negative growth of 4.1% to a reach a value of US$ 1.37 Bn in 2020, while smart device apps were up by 18.3% to record a value of US$ 1 Bn.

Key Points Covered in Personal Assistance App Industry Survey:

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • Best Smart Personal Assistant Apps for iOS in 2021
  • AI-based Artificial Intelligence Personal Assistance Apps Market
  • Virtual Personal Assistance Application Market
  • Personal Assistance Services (PAS) for Workers 
  • COVID-19 Impact on Personal Assistance Apps and How to Navigate
  • Recommendation on Key Winning Strategies

Know More Details About the Report

Revenue Analysis of Personal Assistance Apps from 2016 to 2020 Compared to Demand Outlook for 2021 to 2031

As per the personal assistance applications market research, historically, from 2016 to 2020, sales increased at around 14.3% CAGR, wherein, countries such as the U.S., Canada, China, Japan, Russia, and India held significant share in the global digital personal assistance application market.

With rising awareness of end users towards hands-free operations by using such apps, the market for personal assistance applications is forecast to surge at a CAGR of 18.3% over the coming 10 years.

  • The digital personal assistant software market saw soaring growth in 2020 with worldwide revenue up 5.7% year-over-year.
  • Fact.MR estimates that revenue from the intelligent personal assistant applications market will grow 5.3X from 2021 to 2031, reaching nearly US$ 16.9 Bn in 2031, at a ten-year compound annual growth rate (CAGR) of 18.3%.
  • As per Fact.MR, global market revenue totaled US$ 2.6 Bn in 2020.
  • Demand for chatbot personal assistance apps will rise at the highest pace at a CAGR of 19.7%.
  • While COVID-19 had an influence on the demand for personal assistance apps, long-term forecasts remain promising, particularly from the residential/individual application sector.

personal assistance app market by FactMR

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.

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What Makes a Personal Assistance App More Affordable for End Users and Developers?

Personal assistance apps save significant cost of end users as well as developers. Cost components including app designing, platform selection (iOS, Android) and types of service costs are considerably reduced while choosing personal assistance apps.

Based on Fact.MR’s analysis on the virtual personal assistance application market, mobile apps accounted for over US$ 1.6 Bn in 2020. Owing to this, chatbot developers generated over US$ 508.8 Mn revenue globally in 2020, representing around 16% of market revenue generated during the year.

What are the Barriers Being Faced by Personal Assistance App Developers?

There are many restraints while developing personal assistance app platforms. When it comes to developing personal assistance apps, the operating system is the core dispute that is faced by developers. Each operating system has its individual set of user interface.

Noticeable restraint tackled by app developers should be the right and best development technology. Developers should regulate whether to enterprise a cross-platform or hybrid application. At the same time, developers need to go with the one that benefits businesses in building a reliable customer base.

An Adaptive Approach to Modern-day Research Needs

Which Region Has the Most Potential for Personal Assistance App Sales?

Development of AI-powered Individual Voluntary Arrangement (IVA) for professional discussion has revealed that they are extremely operative in performing business functions and providing services such as consulting and appointment scheduling across various sectors. Companies are introducing products that enable the device or app to act as an AI agent.

The market in South Asia is likely to expand at the highest CAGR of 20.7% over the forecast period in the artificial intelligence personal assistant market. The market size for virtual personal assistance is US$ 322.2 Mn, owing to the growing consumer electronics and retail sectors in India.

Country-wise Analysis

Why is China a Global Powerhouse for Personal Assistance App Demand?

Demand for android-based personal assistant apps in China accounts for over 26% in 2021.

Varying BYOD (Bring Your Own Device) trends in China have steered the advent of remote working. Remote working offers litheness to employees and allows them to use a personal assistant app to haste up allotted work. This further pushes overall productivity and work efficiency.

Also, the healthcare sector in China has recognized the benefits of IVA (Individual Voluntary Arrangement) and is concentrated on refining the efficiency of the healthcare sector.

What is the Scenario for Personal Assistance Apps in Japan?

Japan has been using personal assistance apps across different applications in vehicles, such as road safety alerts, weather alerts, and other several solutions, aiding the Japanese automated personal assistant applications market growth.

Hyundai, a car manufacturing company, uses speech recognition in cars that could answer back to simple orders. Japan accounts for around 16.9% of the market share in East Asia.

How Has Germany Been Utilizing Personal Assistance Apps Over the Years?

Germany has a long history of using personal assistance apps. It is expected that personal assistance apps in Germany will account for around 18.7% in 2031 at a value of US$ 685.6 Mn.

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Category-wise Insights

Why are Mobile Personal Assistance Apps So Popular across the World?

Personal assistance apps such as Amazon Alexa have become widely popular with more than 50 Mn downloads, and Siri by Apple is being used in more than 400 Mn devices, and offer a one-time purchase, which leads to be in more use and generates more revenue as compared to chatbots and subscriptions.

Since 2015, Amazon had started investing in companies that are modernizing the trends of voice technology, robotics, AI, and many more. Till now, the company had invested in more than 90 start-ups, including US$ 11.6 Mn for Rise Gardens and Plant Prefab with an investment of US$ 38.6 Mn.

Adoption of mobile personal assistant apps to facilitate hands-free operation by using speech recognition is increasing, and its demand is higher as compared to other personal assistance app products. With a global market share of 51.6% in 2020, mobile personal assistance apps are expected to reach a market valuation of US$ 8.1 Bn by 2031. 

Why is Speech to Speech Technology of Personal Assistance Apps So Popular?

Revenue from speech to speech technology of personal assistance apps is expected to increase at a CAGR of 17.8% during the forecast period. This category suits both mobile apps and smart device apps.

Mobile apps have the flexibility to use personal assistance apps via text to text or speech to speech. The Google Assistant mobile app has downloads of more than 500 Mn.

Voice-enabled personal assistant apps for Android are likely to cultivate at a higher rate owing to mounting use of this technology in the systems of multifactor authentication in government, BFSI, and defence verticals. Siri for speech to speech technology remains the best smart personal assistant app for iOS in 2021.

In Western Europe and North America, a large number of banking clients use phone banking services. Numerous financial institutions are adopting speech to speech banking solutions to reject or accept transactions done from mobiles by users. Additionally, the AI (artificial intelligence)-based personal assistance apps market for speech to speech technology is expected to witness rise in use by individual and enterprise verticals over the forecast period.

How Has COVID-19 Affected the Market?

The COVID-19 pandemic affected numerous industries, including the technology sector. The pandemic had substantial impact on the service field in the technology sector. Progressive technology resolutions are estimated to significantly subsidize while retorting to the COVID-19 pandemic and discourse constantly growing challenges.

The prevailing condition owing to the pandemic will motivate healthcare and pharmaceutical retailers to increase their investments in R&D in AI as a primary technology to enable various initiatives.

Several grocery outlets, financial organizations, and marketing agencies have primed the full-fledge execution of personal assistance apps and conversational AI tools such as chatbots to augment customer services during the pandemic.

Competitive Landscape

Majority companies discussed in the report have focused on expansion, investment, acquisitions, delivery focus, portfolio expansion, and brand development.

Some of the key developments are:

  • In 2021, Samsung had allowed the Bixby app to get feature in Samsung Dex. Till now, the Bixby app was only valid for smartphones, but this update had brought the better integration between the Samsung smart phones and Samsung smart TVs.
  • In 2021, Apple had added gender based two new voices in its personal assistance app by removing the old default female voice. This new update will be both available in iPad & iPhones and allows the user to choose the voice as per their choice during setup.
  • In 2021, Google has updated their product to recognize the tricky contact names and timer feature. The company said, with this new updated the assistant will listen to pronunciation carefully and can remember it permanently without any voice recording.
  • In 2021, eGain Corporation announced a partnership with GreenPath Company to launch a new personal assistance application called Anywhere Anytime Virtual Finance Coach. This app will provide judgement-free financial guidance at any place at any time.
  • In 2020, Amazon had launched Alexa Chatbot feature for IOS users where the users can type the request and can see the responses on screen. This new launch has been made by aiding wake word activation for Alexa by using the mobile application. The users only need to touch the Alexa icon to access the assistant.
  • In 2020, Microsoft had launched the Cortana personal assistance support to its Microsoft Teams app.
  • In 2020, Samsung had replaced their personal assistance feature in Samsung watches from S voice to Bixby. This replacement into Bixby includes new emoticons and to bid the capability to go back to running apps in the background by touching the icons on the watch screen.
  • In 2020, Intel Corporation signed a partnership with the Canadian Military Museum, which includes the personal assistant visualizing on a big screen and interacting with the visitors. This was configured by AI technology and Intel RealSense.
  • In 2019, HCL Technologies signed a partnership with Amazon Web Services to provide support for personal assistance in workload automation. This will eliminate complexity while operating overhead operations.

Similarly, recent developments related to companies offering personal assistance apps have been tracked by the team at Fact.MR, which are available in the full report.

Personal Assistance App Market Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Russia
  • China
  • Japan
  • India
  • Australia
  • South Africa

Key Market Segments Covered

  • Product Type
  • Revenue
  • Technology
  • Application Sector
  • Region

Key Companies Profiled

  • Amazon.com, Inc.
  • SAMSUNG
  • RoboBot Studio
  • Microsoft
  • Google LLC.
  • 24me
  • Apple Inc.
  • Baidu, Inc.
  • HCL Technologies Limited 
  • eGain Corporation
  • IBM Corporation
  • Nuance Communications, Inc.
  • Oracle Corporation
  • Verint
  • Intel Corporation
Other Companies Analysed
  • Kognito
  • True Image Interactive, Inc.
  • Welltok, Inc.
  • Kevit
  • Contus
  • LiveChat, Inc.
  • Acuvate
  • Botsify
  • Inbenta Technologies Inc.

Pricing

Available upon Request

Market Segments Covered in Personal Assistance Apps Industry Research

  • By Product Type

    • Chatbots
    • Smart Device Apps
    • Mobile Apps
  • By Revenue

    • Free/Freemium Personal Assistance Apps
    • Subscription (Monthly, Yearly) Personal Assistance Apps
    • One-time License Personal Assistance Apps
  • By Technology

    • 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
      • Automotive
      • Healthcare
      • Education
      • Retail
      • IT & Telecom
      • Travel & Hospitality
      • Transport & Logistics
      • Others

Personal Assistance Apps Market- Scope of Report

A recent study by Fact.MR on the personal assistance apps market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the development of personal assistance apps.

The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution and cost structure analysis across regional markets has been covered in the report.

A list of prominent companies developing personal assistance app, along with their product portfolios, key strategies, SWOT Analysis, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including revenue growth, product enhancements, and revenue generation from personal assistance app across the globe.

A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the revenue through of personal assistance app during the forecast period.

 

Analysis on Market Size Evaluation

The market has been analyzed for each market segment in terms of value (US$ Mn).

Market estimates at global and regional levels for personal assistance app are available in terms of “US$ Mn”. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a company can look to achieve, along with identifying potential resources, considering the revenue perspective in the global personal assistance apps market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include market forces analysis, which is expected to have a momentous influence on the growth of the personal assistance apps market during the forecast period.

Country-specific valuation on revenue for personal assistance apps has been offered for each regional market, along with market scope estimates and forecasts, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value for key countries has also been included in the report.

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.

- FAQs -

The global personal assistance apps market is worth more than US$ 3 Bn at present.

Sales of personal assistance applications are projected to increase at a CAGR of 18.3% during 2021 – 2031.

Value sales of personal assistance apps increased at a CAGR of 14.3% during 2016 – 2020.

Rising complexity of understanding natural languages and the need to complete a variety of tasks hands-free are key trends being observed in the market.

Advancing adoption rate of client management software stands as the core driver for the market.

Top 5 developers of personal assistance apps account for around 40% share in the market.

Top 5 countries driving demand for personal assistance apps are the U.S., Canada, China, Japan, and Russia.

North America accounted for 41.4% of global personal assistance app demand in 2020.

The European market for personal assistance apps is projected to expand at a CAGR of around 18.03% during 2021 – 2031.

The United States, Canada, and China are key developers of personal assistance apps.

The market in South Korea and Japan is set to expand at 21.4% and 20.1% CAGRs, respectively, with both countries together accounting for 28.8% share in the East Asia market.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

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Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

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