Artificial Intelligence
Business Process Outsourcing Market is Slated to be Worth USD 544.8 Billion by 2032 | Market.Us
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New York, April 26, 2023 (GLOBE NEWSWIRE) — The global business process outsourcing market was valued at USD 245.9 billion and is expected to grow to USD 544.8 billion in 2032. Between 2023 and 2032 this market is estimated to register a CAGR of 8.5%. Business Process Outsourcing (BPO) is a method that enables companies to assign non-core business operations and processes to third-party service providers. BPO Providers offer specific expertise and efficiencies which can lead to cost savings and improved productivity. Outsourcing functions such as customer service, accounting, payroll, and data entry acknowledge companies to focus on their core competencies and business objectives. BPO (Business Process Outsourcing) can be conducted globally and there are various types of BPO, such as back-office outsourcing, front-office outsourcing, and knowledge process outsourcing. Although BPO offers many advantages it’s essential to be aware of potential risks and challenges associated with outsourcing business processes like loss of control over operations or potential security or privacy breaches.
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Key Takeaway:
- By service type, in 2022, the business process outsourcing market was dominated by the customer services segment due to its increased demand.
- By operating model, the cloud segment dominated the largest market share in operating model analysis and accounted for the largest revenue share in the business process outsourcing market in 2022.
- By end-user type, the IT & Telecom segment dominated the largest market share in end-user type analysis
- In 2022, North America dominated the market with the highest revenue share of 35%.
- APAC is expected to grow at a greater pace owing to the increasing demand for experienced professionals, and consistent digital investments by market players.
Factors affecting the growth of the Business Process Outsourcing industry
There are several factors that are affecting the growth of the business process outsourcing industry. These include:
- Cost Savings: Cost efficiency is a primary driver of BPO. Companies can save a specific amount of money by outsourcing non-core business functions to countries with fewer labor costs.
- Skilled Workforce: BPO requires a skilled workforce with fluency in English and expertise in relevant business functions. Countries with large pools of skilled personnel such as India or the Philippines have become major players in this sector.
- Technological Advancements: Technological progress has made it simpler to outsource business functions to distant locations. This includes improvements in communication technologies, cloud computing, and automation tools.
- Government Support: Government assistance in the form of tax incentives, subsidies, and infrastructure development can foster growth within a country’s BPO industry.
- Globalization: The growing trend of globalization has made it easier for companies to operate across multiple countries leading to an uptick in the demand for Business Process Outsourcing services (BPOs).
- Flexibility and Scalability: BPO services offer flexibility and scalability, enabling companies to quickly adjust their operations according to shifting market conditions or customer demands.
- Business Continuity Planning: The COVID-19 pandemic underscored the significance of business continuity planning, and many companies turned to BPO providers for assurance of their operations during the crisis.
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Top Trends in Business Process Outsourcing Market
Due to the rising adoption of AI and automation the market for BPO services is a surge in expansion. This is due to the increasing demand for services such as robotic process automation (RPA), and machine learning which can simplify operations and save costs while boosting efficiency and lowering overheads. Cloud-based services are another emerging trend within the BPO market. Companies now have access to BPO services through a scalable, cost-effective model that provides flexibility. BPO providers are increasingly focusing on customer experience with chatbots and social media management. Furthermore, the market for BPO is becoming more specialized with providers offering niche services like medical billing, legal outsourcing, research & analytics.
Market Growth
The Business Process Outsourcing (BPO) market has seen remarkable growth in past years and is projected to keep expanding over the upcoming years. This growth is being upward by factors such as cost savings, technological advancements, and an experienced labor pool. BPO services provide flexibility and scalability, enabling companies to rapidly adjust their operations according to shifting market conditions or customer demands. The COVID-19 pandemic has further boosted the adoption of BPO services as companies look to these providers for continuity during their crisis. Accordingly, analysts anticipate that the BPO market will continue to expand as more businesses look to outsource non-core tasks to focus on core competencies and reduce expenses.
Regional Analysis
North America is estimated to be the dominant region in the global business process outsourcing market with a greatest market share of 35% and a projected CAGR of 9.7% over the forecast period. This region’s growing demand for BPO services from several tech companies coupled with rising cloud computing adoption and customization of services according to individual needs should fuel regional expansion over the upcoming years. Asia Pacific is predicted to experience the highest compound annual growth rate (CAGR) of 10.2% due to labor cost challenges, increased need for experienced professionals, and consistent digital investments by market players over this period.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 245.9 billion |
| Market Size (2032) | USD 544.8 billion |
| CAGR (from 2023 to 2032) | 8.5% |
| North America Revenue Share | 35.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Business Process Outsourcing (BPO) has become a growingly popular and cost-effective approach in the digital space helping business owners relieve themselves of repetitive tasks and focus on other essential aspects of their operation. The current digital revolution provides companies with an opportunity to transition away from traditional business process services (BPS) and into modern technological elements like the business process as a service (BPaaS) thus fostering sustainable growth in the market. Western developed countries and developing nations have vastly different pay structures. Western companies typically charge high costs for similar work while developing nations such as the Philippines, India, or Japan offer cheaper rates of up to 60% reduction. BPO service providers possess expertise and experience managing complex business processes that companies can impose upon themselves to improve quality and efficiency in their operations.
Market Restraints
The BPO market faces an increasing threat of cybercrime and data breaches which can jeopardize the confidentiality and security of sensitive business information. Another potential obstacle is the increasing labor cost in countries where BPO services are frequently outsourced such as India and the Philippines. This makes outsourcing less cost-effective for businesses necessitating them to look for alternative outsourcing destinations. Additionally, geopolitical instability and regulatory changes in outsourcing countries can pose a threat to BPO providers and their clients. With the rising adoption of automation and artificial intelligence technologies in business processes there will be less need for human intervention which could reduce demand for certain BPO services in the upcoming years.
Market Opportunities
The business process outsourcing (BPO) market offers organizations a great chance to modernize their operations, cut costs and boost efficiency. BPO providers provide a broad array of services such as customer service, technical support, accounting, human resources management, and back office operations. Outsourcing these functions to specialized providers allows companies to take advantage of the expertise and resources of BPO enterprises freeing up their personnel for core business operations. The BPO sector presents companies with unique chances to tap into global talent pools since providers typically operate across multiple countries and possess language and cultural proficiency. Furthermore, the rising trend toward digitalization and automation is creating new opportunities in the BPO market as more providers offer services such as robotic process automation (RPA) and artificial intelligence (AI) helping companies modernize their operations and enhance customer experiences.
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Report Segmentation of the Business Process Outsourcing Market
Service Type Insight
By service type, the market for business process outsourcing is divided into finance & accounting, human resources, procurement & supply chain management, customer services, and other categories. The customer services segment is expected to be the most lucrative service type within global business process outsourcing boasting a projected CAGR of 8.6% through 2022. As such, its total revenue share will reach 31% by 2022.
Customer services are becoming a critical segment in the global service center market, as more and more service centers require both online and offline technical support. Customer service-based business process organizations are experts at managing customer needs and queries that come through phone calls, messages, social media platforms, and other channels. However, the finance & accounting segment is expected to witness significant growth in the global business process outsourcing market during the forecast period. With an increasing number of banking facilities and stringent regulatory guidelines within this industry, outsourcing services become necessary to reduce operating expenses and stay ahead of competitors.
Operating Model Insight
By operating model, the market is divided into cloud and on-premise. Cloud-based operating models are forecast to be the most lucrative segment in global business process outsourcing with a market share of 69% and a projected CAGR of 9.2% by 2022. The cloud operating model, also referred to as Business Process as a Service (BPaaS) is one of the forms of BPO that allows cloud computing services.
Traditional BPO strives to reduce labor costs; BPaaS can do this through increasing automation. Additionally, the on-premise operating model is estimated to experience rapid growth during the forecast period. In this setup, service provider employees collaborate with client employees using resources, infrastructure, and processes from within the client organization. This gives clients greater control and flexibility over operations while assuring outsourced functions align with their business goals.
End User Insight
On the basis of end-user, the market is segmented into BFSI, healthcare, manufacturing, IT & Telecom, retail, and others. The global business process outsourcing market is predicted to be highly profitable for IT & Telecom end-users, with a revenue share of 34% and a projected CAGR of 9.8% over the forecast period. The growth in IT companies and global industrialization are two primary factors driving demand for business process services across IT & Telecom organizations. IT & Telecom BPO services have seen an uptick in demand due to the growing need for connectivity, security issues, and finding new solutions for modern devices and technology.
Outsourcing can assist telecom businesses in reducing capital expenses, gaining access to specific resources, and developing an adaptable strategy for gaining and keeping more customers. However, the BFSI segment is expected to experience the fastest growth in the global business process outsourcing market with an expected CAGR of 10.1% during the forecast period. Many BFSI companies are turning towards outsourcing processes across various BFSI domains like investment and asset management to enhance their customer services.
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Market Segmentation
Based on the Service Type
- Finance & Accounting
- Human resources
- Procurement & Supply Chain
- Customer Services
- Other Service Type
Based on the Operating Model
- Cloud
- On-Premise
Based on the End User
- BFSI
- Healthcare
- Manufacturing
- IT & Telecom
- Retail
- Other End-User
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Emerging key players in the BPO market are employing various strategies to expand their businesses into global markets. Companies are investing heavily in research and development to offer cutting-edge business process outsourcing services that address rising customer interaction needs as well as sales optimization. To boost global revenues, these BPO market companies are resorting to mergers and acquisitions. Furthermore, they’re paying close attention to market trends to create technologically advanced, customized services to maintain a competitive edge against global competition.
Some of the major players include:
- Accenture PLC
- Amdocs Ltd
- Capgemini SE
- CBRE Group, Inc.
- HCL Technologies Limited
- Infosys BPM Limited
- NCR Corporation
- SODEXO S.A.
- TTEC Holdings, Inc.
- Wipro Limited
- Other Key Players
Recent Development of the Business Process Outsourcing Market
- In June 2021, IBM revealed the design of a next-generation operating system (OS) to rise client preference toward hybrid cloud and artificial intelligence services and drive application modernization projects.
- In July 2021, Wipro Limited introduced FieldX, a cloud-based digital service automation solution to improve and increase the after-sales customer service functions with the reduction in costs of manufacturing companies.
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Artificial Intelligence
SimSpace Welcomes Matt Knutsen as New Chief Revenue Officer to Spearhead Expansion Plan
SimSpace strengthens their leadership team, appointing Knutsen to drive revenue growth for the company as it expands further into the public sector
BOSTON, May 2, 2024 /PRNewswire/ — SimSpace, the US-based industry leader in AI-Powered cyber ranges, announced today the appointment of Matt Knutsen as its new Chief Revenue Officer (CRO). Matt will champion SimSpace’s global sales and revenue growth strategy. He will drive expansion initiatives and foster strategic partnerships to stress test businesses’ and state agencies’ people, processes and technologies against the most advanced adversaries.
With more than 20 years of experience in the field, Matt most recently held the position of CRO at cyber training provider Immersive Labs, where he increased revenue growth by over 4000% and attracted over $180M in investment. He also launched the company into new markets, expanding the team across Australia, Europe, the Middle East, New Zealand and the US. The combination of Matt’s wealth of experience and his in-depth industry knowledge make him well-equipped to lead SimSpace’s next phase of growth.
As nation-state attacks rise in frequency, and AI drives a new wave of severe cyberattacks, companies also have to navigate uncertain economic conditions. SimSpace empowers organizations to cut unnecessary spending through stack optimization, allowing CISOs to maximize their ROI and effectiveness of their technology stack. Knutsen’s influence in the field will propel the SimSpace Platform to new heights, advancing access for companies and governments that need to optimize their cybersecurity defenses and safeguard their critical infrastructure from an increasingly volatile threat landscape.
Matt Knutsen is the most recent addition to SimSpace’s Executive Leadership Team, following Clint Sand’s appointment as Chief Product Officer in February 2024. His appointment underscores SimSpace’s continued growth trajectory, headed by the $45M they secured in funding from L2 Point Management, bringing the total capital raised over the past year to $70M. The company has also bolstered their presence in the public sector, marked by their recent partnership with Carahsoft and their multi-year contract with Florida to enhance the state’s cybersecurity preparedness. SimSpace’s high fidelity cyber ranges and simulations will enable state agencies and programs like Cyber Florida to rehearse and respond to cyberattacks.
Commenting on Matt’s arrival, SimSpace CEO William Hutchison said, “Matt is a seasoned executive, who has accumulated years of knowledge on cybersecurity best practices and established himself as a leading authority in cyber range exercises. His industry influence, strategic vision and conviction in the importance of cybersecurity preparedness will shape the future success of the company at this crucial time of expansion. With Matt leading our revenue organization, we have full confidence in our capacity to deepen our valued partnerships and build strong, new connections which will further elevate SimSpace’s position as a trusted cybersecurity partner.”
Matt Knutsen, Chief Revenue Officer commented, “I’m looking forward to bringing a proactive approach to cybersecurity risk management to even more private and public sector organizations. I’ve already been impressed by SimSpace’s high-fidelity cyber range simulations, both on and off premise. It’s a great time to be joining the company and I’m excited to build upon SimSpace’s recent rapid growth with even more partnerships.”
About SimSpace
SimSpace is the global leader in AI-Powered cyber ranges, founded by experts from U.S. Cyber Command and MIT’s Lincoln Laboratory to respond to a new era of unprecedented cyber threats. Having raised nearly $70 million in funding over the past year, the company’s Platform enables the most sophisticated enterprises, governments, and critical national infrastructure organizations to find intelligence-driven answers to the most vexing security, governance, training, and cyber readiness questions. SimSpace provides high-fidelity cybersecurity simulations, training, and safe live-fire exercises to Fortune 2000 financial, retail, insurance, and other commercial markets. SimSpace’s Platform results in an average reduction in cyber operational costs of 30% and a 40% reduction in breaches.
For more information, please visit: www.SimSpace.com.
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Artificial Intelligence
Enterprise AI Market to Be Worth $171.2 Billion by 2031–Exclusive Report by Meticulous Research®
REDDING, Calif., May 2, 2024 /PRNewswire/ — According to a new market research report titled, ‘Enterprise AI Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Technology (ML, NLP), End-use Industry (IT & Telecom, Healthcare, Retail & E-commerce, Media & Advertisement) and Geography—Global Forecast to 2031,’ the global enterprise AI market is projected to reach $171.2 billion by 2031, at a CAGR of 32.9% from 2024 to 2031.
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Enterprise artificial intelligence (AI) is the integration of advanced AI-enabled technologies and techniques within large organizations to enhance business functions. Enterprise AI encompasses routine tasks of an organization such as data collection and analysis, supply chain management, finance, marketing, customer service, human resources and cybersecurity, and risk management. Enterprise AI is an integration of AI-enabled technologies such as machine learning, natural language processing, image processing, and speech recognition. Enterprise AI is used in various industries such as media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, and IT & telecom.
The growth of the enterprise AI market is driven by enterprises’ increasing need to enhance customer satisfaction and the growing implementation of enterprise AI solutions in the IT & telecom sectors. However, the high costs of enterprise AI solutions restrain the growth of this market. Furthermore, the increasing need for conversational AI solutions for optimized sales & marketing management and the growing need to automate business processes are expected to generate growth opportunities for the players operating in this market. However, data privacy & security concerns are a major challenge impacting market growth. Additionally, the growing adoption of AI chatbots for customer interaction and the increasing integration of Machine Learning (ML) technology into enterprise AI solutions are prominent trends in this market.
The global enterprise AI market is segmented by offering (solutions and services [professional services and managed services]), deployment mode (cloud-based deployment and on-premise deployment), organization size (large enterprises and small & medium-sized enterprises), technology (machine learning, image processing, natural language processing, and speech recognition), end-use industry (media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, IT & telecom, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
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Based on offering, in 2024, the solutions segment is expected to account for the larger share of 63% of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions to solve specific business challenges or streamline business processes and the growing implementation of these solutions to automate tasks, analyze data, and provide insights.
However, the services segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the growing need for AI consulting, data analysis, and enterprise-grade AI solution development, maintenance, and support and the rising adoption of services to automate tasks and help improve business operations efficiently.
Based on deployment mode, in 2024, the on-premise deployment segment is expected to account for the largest share of the enterprise AI market, with a revenue contribution of around USD 13 billion. The segment’s large market share is attributed to the increasing on-premise deployment of enterprise AI solutions by large enterprises and the growing demand for service flexibility, enhanced customer experience, and efficiency in managing risks and compliance.
However, the cloud-based deployment segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by benefits associated with cloud-based deployment, including easy maintenance of customer data, cost-effectiveness, and scalability, and the increasing demand for enterprise AI solutions that support multi-cloud deployments.
Based on organization size, in 2024, the large enterprises segment is expected to account for the larger share of the enterprise AI market. The segment’s large market share is attributed to the growing emphasis on developing strategic IT initiatives among large enterprises, the increasing need to manage large volumes of customer-level data, and the early adoption of advanced technologies across various sectors such as retail, manufacturing, healthcare, and automotive.
However, the small & medium-sized enterprises segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the increasing need for chatbots and digital assistants among small & medium-sized enterprises and the increasing need to improve performance, quality management, and customer satisfaction in call centers.
Based on technology, in 2024, the machine learning segment is expected to account for the largest share of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions with machine learning capabilities to analyze historical data and identify patterns and the increasing use of these solutions in e-commerce, streaming platforms, and content websites.
However, the natural language processing segment is expected to register the highest CAGR of 37.4% during the forecast period. The growth of this segment is driven by the growing need to understand, interpret, and generate human language data and the rising adoption of NLP to analyze user preferences, behaviors, and interactions to deliver personalized content.
Based on end-use industry, in 2024, the IT & telecom segment is expected to account for the largest share of 26% of the enterprise AI market. The segment’s large market share is attributed to the increasing demand for personalized customer experiences enabled by AI technologies, the rising adoption of AI for analyzing data from network sensors to optimize operations, and the growing utilization of AI to enhance network performance and deliver customized services. Also, this segment is expected to register the highest CAGR during the forecast period.
Based on geography, in 2024, North America is expected to dominate the global enterprise AI market. North America enterprise AI market is estimated to be worth USD 9 billion in 2024. North America’s significant market share can be attributed to the growing adoption of enterprise AI solutions in the retail, healthcare, and finance sectors, the rising implementation of AI to enhance customer engagement, inventory management, and personalized shopping experience, and the increasing use of chatbots on websites, social media platforms, and messaging apps to respond customer inquiries.
However, Asia-Pacific is expected to register the highest CAGR of 34.3% during the forecast period. The growth of this regional market is driven by the growing emphasis by companies to launch chatbots and virtual assistants in the Asia-Pacific region, growing demand for chatbots and voice assistant solutions, and increasing demand for AI-powered customer support services.
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The key players operating in the enterprise AI market are NVIDIA Corporation (U.S.), Google LLC (A subsidiary of Alphabet Inc.) (U.S.), Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.) (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Verint Systems Inc. (U.S.), SAP SE (Germany), Pegasystems Inc. (U.S.), Wipro Limited (India), Intel Corporation (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise (U.S.), MicroStrategy Incorporated (U.S.), Amelia US LLC (U.S.), Sentient.io (Singapore).
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Scope of the Report:
Global Enterprise AI Market Assessment—by Offering
SolutionsServicesProfessional ServicesManaged ServicesGlobal Enterprise AI Market Assessment—by Deployment Mode
On-premise DeploymentCloud-based DeploymentGlobal Enterprise AI Market Assessment—by Organization Size
Large EnterprisesSmall & Medium-sized EnterprisesGlobal Enterprise AI Market Assessment—by Technology
Machine LearningNatural Language ProcessingImage ProcessingSpeech RecognitionGlobal Enterprise AI Market Assessment—by End-use Industry
IT & TelecomNetwork OptimizationCustomer Service Automation and Virtual AssistantsHuman Resource ManagementCustomer AnalyticsCybersecurityOther IT & Telecom Applications BFSISecurity and Risk ManagementStreamlining Regulatory ComplianceCustomer Relationship ManagementReal-Time Transaction MonitoringData Analytics & PredictionOther BFSI Applications HealthcareHospital Workflow ManagementLifestyle ManagementPatient Data & Risk AnalyticsMedical Imaging & DiagnosisPrecision MedicineRemote Patient MonitoringRobot-assisted SurgeryDrug Discovery Retail & E-commerceSearch and RecommendationsCustomer Relationship ManagementInventory ManagementSupply Chain OptimizationIn-store Visual Monitoring & SurveillancePredictive AnalyticsDemand ForecastingChatbots Media & AdvertisementChatbots and Virtual AssistantsPredictive AnalyticsSales & Marketing AutomationAdvertising RecommendationContent GenerationTalent IdentificationProduction Planning & Management AutomotiveAdvanced Driver Assistance SystemsHuman-Machine InterfaceVehicle PersonalizationDesigning and Production ManagementSupply Chain ManagementOther Automotive Applications GovernmentFraud Detection and PreventionAdministrative ProcessesDisaster Management and ResponsePersonalized User SupportOther Government Applications Other End-use IndustriesGlobal Enterprise AI Market Assessment —by Geography
North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainRest of EuropeAsia-PacificChinaJapanIndiaSouth KoreaSingaporeRest of Asia-PacificLatin AmericaMiddle East & AfricaRelated Reports:
Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing) – Global Forecast to 2030
Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography – Global Forecast to 2030
AI in Manufacturing Market by Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance & Machinery Inspection, Quality Management, Supply Chain Optimization), End-use Industry – Global Forecast to 2030
AI in E-commerce Market by Technology (ML, NLP, Computer Vision), Business Model, Deployment Mode, Product Offering (Beauty & Fashion, Pharmaceutical, Electronic), End User (B2B, B2C), and Geography – Global Forecast to 2031
Healthcare Artificial Intelligence Market by Offering (Software, Services), Technology (ML, NLP), Application (Hospital Workflow Management, Patient Management), End User (Hospitals & Diagnostic Centers), and Geography – Global Forecast to 2031
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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Mr. Khushal BombeMeticulous Market Research Inc.1267 Willis St, Ste 200 Redding,California, 96001, U.S.USA: +1-646-781-8004Europe : +44-203-868-8738APAC: +91 744-7780008Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-researchContent Source: https://www.meticulousresearch.com/pressrelease/1041/enterprise-ai-market-2031
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Artificial Intelligence
Virtual Assistant Market Size to Grow USD 8613.5 Million by 2030 at a CAGR of 22.3% | Valuates Reports
BANGALORE, India, May 2, 2024 /PRNewswire/ — Virtual Assistant Market is Segmented by Type (Fax, Media), by Application (Retail & Ecommerce, BFSI, Automotive, Healthcare).
The Global Virtual Assistant Market was valued at USD 2054.5 Million in 2023 and is anticipated to reach USD 8613.5 Million by 2030, witnessing a CAGR of 22.3% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Virtual Assistant Market:
Because of its advanced digital infrastructure and early acceptance of technology, North America is the leader in the virtual assistant business. With so many tech-savvy professionals in the US and Canada, virtual assistant jobs are becoming more and more appealing to them as flexible work options. This region’s virtual assistant platform industry is growing due in part to the presence of large technological corporations and startups. Furthermore, as companies look for affordable options for administrative help, the surge in remote work trends—particularly in the wake of the pandemic—has increased demand for virtual assistants.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL VIRTUAL ASSISTANT MARKET
The growing requirement for efficient administrative support services is driving the virtual assistant market in the BFSI sector. Virtual assistants, who manage administrative tasks including data entry, document preparation, and email correspondence, are a wonderful asset to financial firms. Their remote access to planning resources from a home office makes it easier for clients to cooperate and boosts output. Additionally, virtual assistants with specialised knowledge in banking, finance, and regulatory compliance improve customer service and operational performance in the BFSI sector.
Because they offer administrative help to companies in the retail and e-commerce sectors, virtual assistants are essential to this industry. Virtual assistants let retailers focus on their main business activities by streamlining their operations and performing tasks like inventory management, product listing updates, and customer questions and orders processing. Their remote access to common calendars and other planning materials guarantees smooth client collaboration and improves responsiveness to client requests. Because virtual assistants provide flexible support services that can adjust to changing demand levels, they can help retail and e-commerce enterprises scale.
Virtual assistants are fostering growth in the automotive industry by offering administrative support services to companies in this field. Virtual assistants help auto firms with a range of duties, such as addressing client questions, making appointment arrangements, and organising logistics for car delivery and maintenance. The flexibility and efficiency of the automotive supply chain are increased by their remote access to planning documents and capacity to work from home offices. Furthermore, virtual assistants enhance client satisfaction by offering prompt help and support during the whole lifespan of a vehicle.
The market for virtual assistants is expanding in the healthcare industry as providers look to enhance patient care and streamline administrative procedures. Virtual assistants help healthcare businesses by taking care of patient queries, organizing appointments, and helping with medical paperwork duties. They may collaborate with healthcare professionals more easily and efficiently since they can work from home offices and access shared calendars and patient information. By promptly responding to questions and concerns about healthcare, virtual assistants can help to increase patient satisfaction.
The demand for cost-cutting and operational efficiency, the emergence of software-defined networking (SDN) technologies, and the growing complexity of network infrastructures are the main drivers of the market for network automation. In response to expanding digital transformation projects and the growth of cloud-based services and apps, organisations across a wide range of sectors are adopting automation to increase agility, streamline network administration operations, and boost security posture.
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VIRTUAL ASSISTANT MARKET SHARE ANALYSIS
Due to the region’s early technological adoption and strong digital infrastructure, North America now dominates the virtual assistant industry. There is a sizable pool of tech-savvy workers in the US and Canada who are increasingly looking for flexible work options in virtual assistant professions. The existence of established tech firms and new ventures focused on virtual assistant platforms contributes to the expansion of this industry in this area. In addition, as companies look for affordable options for administrative help, the need for virtual assistants has increased due to the rise in remote work patterns, particularly in the wake of the pandemic.
Purchase Regional Report: https://reports.valuates.com/market-reports/QYRE-Auto-21S6075/global-and-united-states-virtual-assistant/6
Key Companies:
OracleNuance CommunicationsMicrosoftInbenta TechnologiesSamsung ElectronicsAppleIBMIntelGOOGLE INCAmazonPurchase Chapters: https://reports.valuates.com/market-reports/QYRE-Auto-21S6075/global-and-united-states-virtual-assistant/1
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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