Market Overview:
The global virtual customer assistants software market is expected to grow at a CAGR of 16.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for virtual customer assistants software from small and medium-sized enterprises (SMEs) and the growing trend of cloud-based deployment models. The global virtual customer assistants software market by type is segmented into cloud-based and on-premises deployment models. The cloud-based deployment model is expected to grow at a higher CAGR than the on-premises deployment model during the forecast period. This can be attributed to the growing trend of cloud computing among enterprises and SMEs, as it offers several benefits such as scalability, flexibility, reduced costs, and easy upgradation/updates.
Product Definition:
Virtual customer assistants software is a type of software that helps businesses manage and connect with their customers. This type of software can automate customer service tasks, such as responding to common inquiries, handling complaints, and tracking orders. Additionally, it can help businesses keep track of their customer data and preferences in order to better serve them in the future. Ultimately, virtual customer assistant software can help businesses improve their customer service efficiency and effectiveness.
Cloud-Based:
Cloud-based virtual customer assistants software is a service that helps organizations to effectively cater to their customers. It offers solutions for contact center operations, such as call routing, account management, and help desk services. The VCA solution also provides value-added features such as automated speech recognition and text to speech conversion technology that enables the agents to provide better customer support services with minimal efforts.
On-Premises:
On-premises is a software solution that is installed and used in the company’s computers and servers. It can be used by any organization or individual for storing their data privately and securely. The on-premises solutions are mainly preferred due to its benefits such as easy integration with the existing systems, high security, easy retrieval of data even during power failures etc.
Application Insights:
The large enterprises segment dominated the global virtual customer assistants software market in 2017. The growth of this segment can be attributed to factors such as increasing demand for advanced services and sophisticated solutions by large enterprises. Furthermore, the need for managing complex communication channels effectively and efficiently is driving adoption of VCA software among large enterprise users.
Medium-sized businesses (MBS) are expected to emerge as a lucrative market for vendors offering solutions catering to their specific requirements over the forecast period owing to factors such as rising awareness about technological advancements, changing business dynamics and growing competition in industries MBS operate in. Smaller businesses lack resources thus they opts for self-service options that are affordable while providing efficient service delivery at lower costs than traditional methods employed by them previously.
Regional Analysis:
The market in North America is expected to grow at a significant rate over the forecast period. The growth can be attributed to the increasing demand for customer assistance and support services from enterprises operating across various industries, such as banking & financial services, telecom, retail & e-commerce, and hospitality. In addition, rising adoption of cloud-based technologies by service providers in this region is further expected to drive regional growth over the next eight years.
Asia Pacific is anticipated to emerge as one of the most lucrative regions during the forecast period owing to factors such as growing penetration of digital assistants across several industry verticals and expanding base of small & medium businesses (SMBs). Moreover, increasing investments by prominent players in countries like India are poised to boost regional growth further.
Growth Factors:
- Increasing demand for customer support services: The increasing demand for customer support services is one of the primary growth drivers for the virtual customer assistant software market. Organizations are increasingly adopting virtual customer assistant software to provide better and faster customer support. This is because virtual assistants can help organizations in automating various tasks, which helps in reducing the response time and improving the overall efficiency of the organization.
- Proliferation of smart devices: The proliferation of smart devices is another major growth driver for the virtual customer assistant software market. With a large number of people using smartphones and other smart devices, there is a growing demand for applications that can be used on these devices to provide better user experience. Virtual assistants are among such applications that are witnessing high adoption rates across different regions worldwide owing to their ability to offer an enhanced user experience on smart devices.
Scope Of The Report
Report Attributes
Report Details
Report Title
Virtual Customer Assistants Software Market Research Report
By Type
Cloud-Based, On-Premises
By Application
Large Enterprises(1000+ Users), Medium-Sized Enterprise(499-1000 Users), Small Enterprises(1-499 Users)
By Companies
EGain, Interactions, Creative Virtual, Artificial Solutions, SmartAction, Nuance, Go Moment, IPsoft, Botfuel
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
163
Number of Tables & Figures
115
Customization Available
Yes, the report can be customized as per your need.
Global Virtual Customer Assistants Software Market Report Segments:
The global Virtual Customer Assistants Software market is segmented on the basis of:
Types
Cloud-Based, On-Premises
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Large Enterprises(1000+ Users), Medium-Sized Enterprise(499-1000 Users), Small Enterprises(1-499 Users)
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- EGain
- Interactions
- Creative Virtual
- Artificial Solutions
- SmartAction
- Nuance
- Go Moment
- IPsoft
- Botfuel
Highlights of The Virtual Customer Assistants Software Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cloud-Based
- On-Premises
- By Application:
- Large Enterprises(1000+ Users)
- Medium-Sized Enterprise(499-1000 Users)
- Small Enterprises(1-499 Users)
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Virtual Customer Assistants Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Virtual customer assistants software is a type of software that helps businesses manage customer interactions. It can include features such as chatbots, call center automation, and email marketing.
Some of the key players operating in the virtual customer assistants software market are EGain, Interactions, Creative Virtual, Artificial Solutions, SmartAction, Nuance, Go Moment, IPsoft, Botfuel.
The virtual customer assistants software market is expected to register a CAGR of 16.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Virtual Customer Assistants Software Market Overview 4.1 Introduction 4.1.1 Market Taxonomy 4.1.2 Market Definition 4.1.3 Macro-Economic Factors Impacting the Market Growth 4.2 Virtual Customer Assistants Software Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Virtual Customer Assistants Software Market - Supply Chain Analysis 4.3.1 List of Key Suppliers 4.3.2 List of Key Distributors 4.3.3 List of Key Consumers 4.4 Key Forces Shaping the Virtual Customer Assistants Software Market 4.4.1 Bargaining Power of Suppliers 4.4.2 Bargaining Power of Buyers 4.4.3 Threat of Substitution 4.4.4 Threat of New Entrants 4.4.5 Competitive Rivalry 4.5 Global Virtual Customer Assistants Software Market Size & Forecast, 2018-2028 4.5.1 Virtual Customer Assistants Software Market Size and Y-o-Y Growth 4.5.2 Virtual Customer Assistants Software Market Absolute $ Opportunity
Chapter 5 Global Virtual Customer Assistants Software Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Virtual Customer Assistants Software Market Size Forecast by Type
5.2.1 Cloud-Based
5.2.2 On-Premises
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Virtual Customer Assistants Software Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Virtual Customer Assistants Software Market Size Forecast by Applications
6.2.1 Large Enterprises(1000+ Users)
6.2.2 Medium-Sized Enterprise(499-1000 Users)
6.2.3 Small Enterprises(1-499 Users)
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Virtual Customer Assistants Software Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Virtual Customer Assistants Software Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Virtual Customer Assistants Software Analysis and Forecast
9.1 Introduction
9.2 North America Virtual Customer Assistants Software Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Virtual Customer Assistants Software Market Size Forecast by Type
9.6.1 Cloud-Based
9.6.2 On-Premises
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Virtual Customer Assistants Software Market Size Forecast by Applications
9.10.1 Large Enterprises(1000+ Users)
9.10.2 Medium-Sized Enterprise(499-1000 Users)
9.10.3 Small Enterprises(1-499 Users)
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Virtual Customer Assistants Software Analysis and Forecast
10.1 Introduction
10.2 Europe Virtual Customer Assistants Software Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Virtual Customer Assistants Software Market Size Forecast by Type
10.6.1 Cloud-Based
10.6.2 On-Premises
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Virtual Customer Assistants Software Market Size Forecast by Applications
10.10.1 Large Enterprises(1000+ Users)
10.10.2 Medium-Sized Enterprise(499-1000 Users)
10.10.3 Small Enterprises(1-499 Users)
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Virtual Customer Assistants Software Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Virtual Customer Assistants Software Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Virtual Customer Assistants Software Market Size Forecast by Type
11.6.1 Cloud-Based
11.6.2 On-Premises
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Virtual Customer Assistants Software Market Size Forecast by Applications
11.10.1 Large Enterprises(1000+ Users)
11.10.2 Medium-Sized Enterprise(499-1000 Users)
11.10.3 Small Enterprises(1-499 Users)
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Virtual Customer Assistants Software Analysis and Forecast
12.1 Introduction
12.2 Latin America Virtual Customer Assistants Software Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Virtual Customer Assistants Software Market Size Forecast by Type
12.6.1 Cloud-Based
12.6.2 On-Premises
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Virtual Customer Assistants Software Market Size Forecast by Applications
12.10.1 Large Enterprises(1000+ Users)
12.10.2 Medium-Sized Enterprise(499-1000 Users)
12.10.3 Small Enterprises(1-499 Users)
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Virtual Customer Assistants Software Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Virtual Customer Assistants Software Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Virtual Customer Assistants Software Market Size Forecast by Type
13.6.1 Cloud-Based
13.6.2 On-Premises
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Virtual Customer Assistants Software Market Size Forecast by Applications
13.10.1 Large Enterprises(1000+ Users)
13.10.2 Medium-Sized Enterprise(499-1000 Users)
13.10.3 Small Enterprises(1-499 Users)
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Virtual Customer Assistants Software Market: Competitive Dashboard
14.2 Global Virtual Customer Assistants Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 EGain
14.3.2 Interactions
14.3.3 Creative Virtual
14.3.4 Artificial Solutions
14.3.5 SmartAction
14.3.6 Nuance
14.3.7 Go Moment
14.3.8 IPsoft
14.3.9 Botfuel