Global Virtual Shopping Assistant Market Size/Share Forecasted to Reach USD 6,879.48 Million By 2032, at 29.6% CAGR: Polaris Market Research
As per the recent [115+ Pages] analysis by Polaris Market Research, the global virtual shopping assistant market size was valued at USD 516.44 million in 2022 and is predicted to reach USD 6,879.48 million by 2032. Also, the study states that the market reveals a robust 29.6% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032. The chatbot segment is expected to grow at the highest CAGR during the projected period on account of increasing customer satisfaction and higher conversion rates.
New York, NY, Dec. 13, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled *"Virtual Shopping Assistant Market Share, Size, Trends, Industry Analysis Report, By Channel (Mobile Apps, Websites, Chatbots, Messenger, Voice Assistant, Others); By Platform; By Technology; By End-Use Industry; By Region; Segment Forecast, 2023- 2032"* in its research database.
As per the recent analysis by Polaris Market Research, the global virtual shopping assistant market size and share was valued at USD 516.44 million in 2022 and are *predicted to reach USD 6,879.48 million by 2032*. Also, the study states that the *market reveals a robust 29.6% Compound Annual Growth Rate (CAGR)* over the predicted timeframe, 2023-2032.
*What is a Virtual Shopping Assistant? How Big is Virtual Shopping Assistant Market Size & Share?*
· *Overview*
A virtual shopping assistant is a part of software that enables text-based communication between Internet users and businesses through the use of natural language processing and machine learning. It can carry out a number of functions, such as offering order information, recommending products, responding to inquiries, and improving the overall shopping journey. Also, the capacity to manage large numbers of client inquiries, provide individualized shopping experiences, and be available around the clock are the main benefits of virtual shopping assistants.
The popularity of virtual shopping assistants is growing as online retailers search for fresh approaches to enhance consumer satisfaction and increase revenue. Also, the virtual shopping assistant market signifies a revolutionary shift in how customers interact with retail establishments.
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*What are the Key Findings of the Report?*
· The growing need for personalized purchasing, the growing use of conversational commerce, and the growing acceptance of AI and NLP are the main drivers of this market's growth.
· The virtual shopping assistant market segmentation is mainly based on the platform, channel, end-use industry, technology, and region.
· Asia Pacific dominated the market with the largest market share in 2022.
*Who are the Major Players in the Virtual Shopping Assistant Industry?*
· Alibaba Group
· Amazon
· Apple Inc.
· Facebook, Inc. (Meta)
· Google LLC (Google Assistant)
· IBM Corporation (Watson Assistant)
· Microsoft Corporation (Cortana)
· Nuance Communications, Inc.
· Oracle Corporation
· Samsung Electronics Co., Ltd. (Bixby)
· SAP SE
· Salesforce.com, Inc.
· Sensory, Inc.
· SoundHound Inc.
· Syte
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*Market Dynamics*
*Which Factors are Driving the Market Growth?*
Customers are looking for more individualized shopping experiences that satisfy their own interests and inclinations. Because they are so good at making personalized recommendations, virtual shopping assistants are becoming more and more popular. Additionally, the capabilities of virtual shopping assistants have been greatly enhanced due to the quick advancements in artificial intelligence and natural language processing technology. They are now more correctly and naturally able to comprehend client inquiries and reply to them.
Moreover, this level of customization raises conversion rates and improves client happiness. With the conversational interface these assistants offer, shopping becomes more entertaining and engaging. Immediate answers to customer inquiries result in a smooth and delightful experience, which boosts the virtual shopping assistant market demand.
*What are the Latest Market Trends and Opportunities?*
The virtual shopping assistant market is seeing great success as a result of the global upsurge in internet shopping. E-commerce sites are eager to include this technology in order to boost client loyalty and provide them with a competitive advantage.
Also, virtual shopping assistants help retailers streamline their customer support operations. These helpers can respond to several client requests at once, speeding up response times and improving productivity all around.
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*Overview of the Top Segments*
*Chatbot Sector Witnesses Highest Growth*
Chatbots, which provide fast, customized service, are transforming how customers interact with e-commerce platforms. These bots, which provide real-time answers to consumer inquiries due to developments in AI and NLP, let customers explore product options and make informed purchasing decisions. They are an indispensable asset to retailers because of their round-the-clock accessibility and capacity to manage numerous consumer inquiries at once.
Moreover, the increasing desire for smooth, effective shopping experiences is driving the expansion of the virtual shopping assistant market size, which will ultimately shape the direction of virtual shopping assistance by increasing customer happiness and conversion rates.
*Smartphone Sector Accounts for the Largest Share*
With consumers increasingly relying on smartphones for their shopping needs, it is, therefore, imperative that virtual shopping assistants be integrated directly into mobile platforms. The ease of use and accessibility that smartphones provide, enabling people to conveniently receive virtual shopping assistance while on the go, is driving the virtual shopping assistant market trend.
Furthermore, ongoing developments in mobile technology, such as improved processing power and artificial intelligence features, greatly increase the effectiveness of virtual shopping assistants on smartphones.
*Retail & E-Commerce Sector Accounts for the Largest Share*
Retailers are increasingly embracing virtual assistants to improve the entire consumer experience in response to the ongoing boom in online purchasing. These AI-powered helpers expedite the shopping process, make tailored recommendations, and give immediate customer support.
Additionally, this trend was further accelerated by the COVID-19 epidemic, which led to an increase in internet shopping. Shops are realizing how important virtual assistants are to satisfying customers' expectations. This expansion in the e-commerce and retail sectors highlights how virtual assistants will revolutionize how people purchase in the future.
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*Virtual Shopping Assistant Market: Report Scope*
*Report Attribute* *Details*
*Revenue Forecast in 2032* USD 6,879.48 Million
*Market size value in 2023* USD 666.99 Million
*Expected CAGR Growth* 29.6% from 2023 – 2032
*Forecast Year* 2023 – 2032
*Segments Covered* · By Channel
· By Platform
· By Technology
· By End-Use Industry
· By Region
*Customization Options* *Customized purchase options are available to meet any research needs. *Explore customized purchase options
*Regional Landscape*
*Asia Pacific: *The virtual shopping assistant market growth is mostly due to the rapid advancement of technology in developing countries such as India, Singapore, Taiwan, and Hong Kong. In addition, population increases and urbanization are further drivers fueling the expansion. Virtual shopping assistant use is booming, driven by a flourishing e-commerce sector and tech-savvy consumers.
*North America: *The virtual shopping assistant market share is expanding at the quickest rate in North America. This is because artificial intelligence (AI) and natural language processing technologies are developing, which increases their efficacy. The virtual shopping assistant industry in North America is a prime example of how retail is changing and how advanced technologies will continue to shape consumers' future shopping experiences.
Browse the Detail Report *“Virtual Shopping Assistant Market Share, Size, Trends, Industry Analysis Report, By Channel (Mobile Apps, Websites, Chatbots, Messenger, Voice Assistant, Others); By Platform; By Technology; By End-Use Industry; By Region; Segment Forecast, 2023- 2032”* with in-depth TOC at: *https://www.polarismarketresearch.com/industry-analysis/virtual-shopping-assistant-market*
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*Current Progresses*
· The massive European fashion e-commerce company Zalando, headquartered in Germany, plans to launch a virtual fashion assistant using OpenAI technology in April 2023 in an effort to improve the online fashion buying experience.
· Mercari unveiled Merchat AI, a ChatGPT-powered retail assistant, in April 2023. With the use of sophisticated language models, this conversational bot scans through Mercari's extensive listing database to offer tailored recommendations in response to user inquiries.
*Report Answers to the Following Questions*
· How big is the virtual shopping assistant market size and share?
*Ans:* The global virtual shopping assistant market was valued at USD 516.44 million in 2022 and is expected to reach USD 6,879.48 million by 2032, growing at a CAGR of 29.6% during the forecast period.
· Which is the key segment in the virtual shopping assistant sector?
*Ans: *The chatbot segment accounted for the largest market share owing to its ability to offer immediate, tailored support.
· Which region expected the fastest growth for the virtual shopping assistant industry?
*Ans:* North America is expected to have the fastest growth due to advancements in AI and natural language processing technologies.
· Who are the top players in the virtual shopping assistant market?
*Ans:* The global players include Amazon, Apple Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, and Salesforce.com, Inc.
*Polaris Market Research has segmented the virtual shopping assistant market report based on channel, platform, technology, end-use industry, and region:*
*By Channel Outlook*
· Mobile Apps
· Websites
· Chatbot
· Messenger
· Voice Assistant
· Others
*By Platform Outlook*
· Smartphones
· Smart TVs
· Speakers
· Kiosk
· Others
*By Technology Outlook*
· Machine Learning
· Computer Vision
· Predictive Analytics
· NLP
· Others
*By End-Use Industry Outlook*
· Retail & E-commerce
· Travel & Hospitality
· BFSI
· Media & Entertainment
· Automotive
· Others
*By Region Outlook*
· North America (U.S., Canada)
· Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
· Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
· Latin America (Brazil, Mexico, Argentina)
· Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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*About Polaris Market Research:*
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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