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Smart Digital Assistant Industry Analysis Snippets: Smart Digital Assistant Industry Analysis November 2019 These are the snippets from our report on Smart Digital Assistant Industry Analysis and Opportunities for Technology Service Providers (TSP) CLICK HERE To access the full report 1 Source : DRAUP 1 Draup empowers sales teams with comprehensive industry, account & stakeholder intelligence to enable microtargeting 2 www.draup.com Source : DRAUP 2 AGENDA 01 Smart Digital Market Overview ➢ This section provides an overview of : 02 Smart Digital Assistant Segmentation ❑ Market Overview 03 Smart Digital Assistant Footprint ❑ Market Trends ❑ Smart Digital Assistant Use Cases 04 Smart Digital Assistant - End User Industry ❑ Key comparison of market capabilities across Top Players 05 Focus Areas & Key Services Opportunities Topics covered in the Snippets Report Topics covered only in the Full Report Send your requests to [email protected] to receive the Full Report 33 Source: Draup Overview: Increasing smart homes, usage of smartphones coupled with growing demand for home assistance and automation in customer service sectors are projected to drive the demand for Virtual Assistant Key Findings 25 ❖ North America held a substantial share of the global intelligent virtual assistant market in 2018, due to the increasing adoption of smart home 20 technology. 15 10 ❖ Pervasive computing (Internet of Things) is emerging these days, which is creating the new opportunity for M2M (machine to machine ) and 5 M2H (machine to human) interaction, thus enabling positive growth opportunities for virtual personal assistants market in the forthcoming 0 period 2018 2025 ❖ Text to speech technology emerged as the largest segment in 2018 and is estimated to generate revenue over USD 14.37 billion by 2025. ❖ In the last few years, consumer product brands have adopted intelligent virtual assistants. Furthermore, continuous advancements and innovation with virtual assistant products designed for healthcare clients using AI and Natural Language Processing (NLP) are anticipated to ~2.3 Billion(USD) entice the end-user for enhancing the customer experience, thereby propelling market growth. Overall Digital Assistant Market Revenue[1] Major Trends[2] Talent Split By Experience[3] Intelligent Virtual Assistant (IVA) Market By Technology[5] Leaders[6] 10+ years Automatic ❖ Smart Homes Speech 6-10 years 39% Recognition, ❖ Automation 0 - 5 years Text based, 10% ❖ Self learning assistants 28% 27% ❖ Cross sell / Up-sell services 33% ❖ Voice based business [4] assistants Major Job Roles AI Software Engineer ❖ Increasing Popularity of Text to Voice Developer Voice Commerce Speech, Machine Learning Engineer 63% (1) The Smart Digital Assistant Market size is based on the cost estimation module of DRAUP’s internal data team for past year. (2) Major Trends were curated from the news, journals and other 44 similar sources. (3) The talents were analysed based on the experience are represented. (4) The above mentioned job roles are very high demanded roles across Virtual Digital Assistant industry. (5) Colour differentiation represents the overall revenue of Digital Assistant Players by Technology. (6) The companies represented are considered as the top leaders Source: Draup Smart Digital Assistant: Market Trends Increasing Popularity of Voice Commerce Voice based business assistants Voice commerce allows consumers to give a voice command to • Enterprises are deploying voice based digital assistants as an smart speakers that are equipped with virtual assistants such as • extension to their business units such as marketing, customer Amazon Alexa, and Google Assistant, while buying products online. support etc. The voice based assistants provide customers a Therefore, the growing popularity of voice commerce is expected to unique and burden-free process of purchasing a product/service, be one of the key smart speaker market trends that will fuel the registering a service request, seeking information etc. market growth during the forecast period. Smart Homes Automation • Increasing smart homes, usage of smartphones coupled with growing • Demand for automation in service based companies and Integration demand for home assistance and automation in customer service Market of Artificial Intelligence (AI) and Internet of Things (IoT) coupled with sectors is projected to drive the demand for IVA. The virtual assistants the hyper usage of smartphones is anticipated to drive the IVA can carry out a range of tasks, including training, scheduling Trends growth. Moreover, automation technologies such as Robotic Process appointments, and many other individual as well as business activities. Automation (RPA) and AI are proliferating in the healthcare sector. Mobile apps – conversational interfaces Cross sell / Up-sell services • Enterprises are building digital assistants based on a conversational • Virtual Assistants are increasingly being used by businesses to interface capable of using natural language processing and voice cross sell and upsell services. The virtual assistant identifies technology to address customer requests. These are integrated with customer preferences and patterns based on previous a mobile application to provide a superior experience to customers. interactions to offer relevant services to the customers. Self learning assistants • Virtual Assistants are supported with predictive analytics mechanisms which ensure that the knowledge base is updated after each customer interaction. The virtual assistant accesses the knowledge base to improve its responses based on previous customer interactions. 55 Note - Above analysis is based on the DRAUP’s proprietary services module, updated in November, 2019. Source: Draup Major Use Cases of Smart Digital Assistant Home Automation Smart Office Medical Advice Automated meeting Health Tips for a Better Placing calls Drive hands-free Perform calculations coordination Lifestyle Connecting with Live Info about Get help shopping Manage Timers and Productivity Answer our questions customers Healthcare Provider Translations and Assuring Medicine Get to know our routines Access connected devices Managing infrastructure Conversations Adherence for Patients Remainders and Insurance Purchase and Synchronisation Notifications Claim Management Get information about Giving everyone access to Voice Activated Day to day updates Read audiobooks the weather digital tools Instructions for First-Aid Manage timers and Helping Patients to News Updates Entertainment Tell jokes productivity Manage Diabetes Traffic Updates Play a song or a genre of Diagnostic Suggestions music using AI Note: Analysis is based on the DRAUP’s proprietary engineering database, updated in November, 2019 66 Note: The above Use Cases list is not exhaustive Source: Draup Intelligent Assistant Vs Use Cases Consumer Adoption Voice Technology Top Intelligent Assistants Vs Major use cases Searching for a quick fact 68% Asking for directions 65% Searching for a business 48% Cortana Siri Google Alexa Researching a product or service 44% Making a shopping list 39% Voice Comparing products or service 31% Recognition Adding item to a shopping cart 27% Making purchase 25% Contacting customer service or 21% Success of support Queries Providing feedback for a 18% product/service Top Digital Personal Assistant By Users Ability to understand context 52% 51% 50% 43% Smart Home Play Music or Receive Receive Remind Integration Radio weather Search results personal forecast appointments Extendability with TPA 37% 37% 28% 19% 3% Capability Read out emails Receive traffic Ordering Calling a taxi Others Intensity or messages news goods Low High Note: The insights are curated through various strategic and tactical signals triggered in Draup Platform from news articles, journals and other similar 77 sources Source: Draup AGENDA 01 Smart Digital Market Overview 02 Smart Digital Assistant Segmentation ➢ Market Growth By Product Type: 03 Smart Digital Assistant Footprint ❑ Smart Speakers ❑ Chatbots 04 Smart Digital Assistant - End User Industry ➢ Competitive Analysis of Product Type 05 Focus Areas & Key Services Opportunities ➢ Key Collaborations & Initiatives Topics covered in the Snippets Report Topics covered only in the Full Report Send your requests to [email protected] to receive the Full Report 88 Source: Draup Increasing smart homes, usage of smartphones coupled with growing demand for home assistance and automation in customer service sectors are projected to drive the demand for Digital Assistants Key Insights Product Type ➢ Smart speakers are likely to grow notably in the future, owing to increasing product demand in developing 20 economies, such as China and India. 15 ➢ Furthermore, the growing investments by companies in developing improved IVA technology by the help of artificial intelligence and machine learning to support automated decision-making systems are expected to 10 Chatbots fuel the market across North America during the forecast period. Smart Speakers ➢ Text to speech technology emerged as the largest segment in 2018 and is estimated to generate revenue over 5 USD 15.37 billion by 2025. 2018 2019 2020 2021 2022 Market Product – By Regions Market Products - By EndUser Smart Speakers Chatbots 27% 18% 82% 73% 2018 High Medium Low 2022 Personal Business 99 Note: The above insights are curated through various strategic and tactical signals triggered in Draup Platform from news articles, journals and other similar sources. Source: Draup Competitive Analysis of Top Smart Speaker & Chatbots Competitive Analysis of Top Digital
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