November 3, 2024
Ict

Expanding Market Opportunities Stemming from Technological Advancements to open up the new avenue for Virtual Shopping Assistant Market

Virtual shopping assistants leverages technologies like conversational AI, computer vision and natural language processing to offer personalized shopping experience to users. They can answer queries, recommend products, manage carts and process payments. Retailers are deploying these assistants across their websites and mobile applications to improve customer experience and boost sales.

The Virtual Shopping Assistant Market is estimated to be valued at US$ 624.7 Mn or Mn in 2023 and is expected to exhibit a CAGR of 32.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Growing penetration of smartphones and internet around the world is driving the demand for virtual assistants that can offer seamless shopping on mobile devices. According to Statista, worldwide smartphone users are expected to surpass 6.3 billion by 2023. Another major factor is the rising popularity of voice assistants like Alexa, Siri and Google Assistant which is prompting retailers to integrate their services with such platforms for improved customer reach. Furthermore, advancements in AI technologies are making virtual assistants more intelligent, engaging and human-like which is increasing their adoption across various industries including retail.

Segment Analysis
The Virtual Shopping Assistant market is dominated by the conversational AI segment. This segment currently holds over 60% of the total market share owing to increase in customer preference for AI assistants that can understand natural language queries and provide personalized shopping experiences across various platforms such as mobile apps, social media, company websites, etc. The conversational AI segment is closely followed by the smart home appliances segment which is steadily growing market driven by increasing sales of smart retail appliances like smart mirrors, smart shelves, etc. that integrate virtual assistant technology.

PEST Analysis
Political: The growth of the virtual shopping assistant market is positively influenced by supportive government policies and initiatives towards development of AI and digital shopping technologies across major economies.

Economic: Rising disposable incomes and growing spending capacities of consumers is driving higher adoption of AI shopping assistants as they enable convenient and affordable shopping experiences.

Social: Changing consumer shopping habits and rapid proliferation of digital platforms are influencing social acceptance of virtual shopping assistants that provide personalized recommendations and real-time assistance on digital interfaces.

Technological: Advancements in AI technologies like machine learning, computer vision and natural language processing are enabling development of more human-like virtual shopping assistants with abilities to understand complex customer queries, recognize objects and provide customized shopping solutions.

Key players operating in the virtual shopping assistant market are Anthropic PBC, Synthesia Limited, Observe.AI, Avaamo, Cognigy, SoundHound AI Inc., Luka, Inc. Pypestream Inc,, Mobisoft Infotech, EdgeVerve Systems Limited, Nuance Communications, Inc., Ada, and Kore.ai. Major players are focusing on incorporating advanced capabilities like computer vision, object recognition along with expanding language support to gain wider global customer base. Partnerships with retailers are also helping key companies strengthen their presence across major regional markets.

Key Takeaways
The global Virtual Shopping Assistant market is expected to witness high growth, exhibiting CAGR of 32.% over the forecast period, due to increasing popularity of conversational AI technologies that can seamlessly integrate into online and mobile shopping experiences.

The North America region currently dominates the virtual shopping assistant market with over 35% share driven by widespread adoption of advanced technologies across enterprises in countries like US and Canada. Asia Pacific is expected to witness fastest growth during the forecast period supported by growing digitalization of retail sector and rising investment by technology companies in the region.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it
Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

View all posts by Money Singh →