Virtual digital assistant market size worldwide 2015-2021

Forecasts suggest that the global virtual digital assistant market will amount to over eight billion U.S. dollars by 2019 and may eclipse 15 billion by 2021. In addition, the enterprise virtual digital assistant sub-segment has seen similarly rapid growth in recent years as both consumers and companies alike seek the advantages offered by VDA technology.

What are virtual digital assistants?

Virtual digital assistants (VDAs) are a type of software application commonly found in devices such as smart speakers and smartphones. The technology uses a combination of features related to natural language processing and artificial intelligence in order to communicate with users and carry out tasks. Popular products in the industry like Siri, Alexa, Cortana, and Google Assistant come pre-installed on many devices, and boast installed bases in the hundreds of millions. A significant portion of consumers are comfortable with the use of conversational AI-based solutions such as chatbots across a variety of services ranging from online retail to financial advice.

Relationship with the Internet-of-Things (IoT)

Growing shares of electronic devices are manufactured with internet capability in order to track data for their users and provide greater coordination between devices. Many of these devices take advantage of VDA technology to interpret the needs of users and carry out commands. The number of IoT connected devices is projected to grow in the coming years, meaning that VDAs will become increasingly important fixtures in households around the world.