The global intelligent personal assistant market is predicted to display a CAGR of 33% over the forecast period. The management of personal events, to-do-lists, and emails as well as the resolution of queries can drive the market demand. The ability of IPAs in assisting human productivity can bode well for the market growth. The high penetration rate of smartphones and tablets as well as access to high-speed broadband can favor the market till 2027. The large scope of chatbots and access given to software developers for improving the current state of IPAs can favor the market greatly. Integration of voice assistants in smart devices and improving customer experience can be a turning point in the market. The trend of bring-your-own-devices and cloud computing can influence the market and expand its scope across healthcare, travel, food & beverage, and other sectors.
The COVID-19 pandemic had disrupted major processes globally but IPAs had assisted consumers with queries related to the virus, diagnosis, and other essential requirements. The platform provided for rapid communication between patients and doctors during the pandemic can favor the market greatly. Rise in bring-your-own-devices (BYOD) and remote working can influence the expansion of the global intelligent personal assistant market to a great extent.
However, data protection and privacy issues can hamper the market growth.
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North America is dominating the market of intelligent personal assistants with a humongous market share in 2015. High standards of living, high disposable income levels, and procurement of smart devices are some of the major factors driving the market expansion in the region. The integration of smart speakers in the automotive sector for controlling various systems and the rise of chatbots can fuel the market growth. Infotainment systems and deliverance of personalized content are other micro drivers of the region.
Europe is holding second position in the market closely followed by Asia Pacific (APAC). Progress in machine learning and artificial intelligence as well as developments by major companies in improving the accuracy of IPAs and ability to assist in various tasks can drive the market growth. Investments by conglomerates to improve the speech recognition technology can favor the IPA market.
APAC has emerged as fastest growing market. The main factor driving the market of IPA in the region is the economic growth of countries and high adoption rate of technology. Most of the companies in APAC region are under development and adopting new technologies for better growth in various sectors. High demand from India and China for smartphones and tablets are driving the market of IPA in this region.
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