AI Meeting Assistants Market will Touch USD 17.26 Billion at a 25.6% CAGR by 2032 | MRFR Report
Research Reports
Oct 11, 2023
AI Meeting Assistants Market Analysis
The global AI meeting assistants market will touch USD 17.26 billion at a 25.6% CAGR by 2032, as per the latest Market Research Future report. AI Meeting Assistants can provide real-time transcription, translation, and summary services during meetings. They record key points of discussion, action items, and decisions, freeing participants of note-taking duties and enabling more engaged and effective dialogues.
AI Meeting Assistants Market Key Players
Eminent market players profiled in the AI meeting assistants market report include
- Laxis, Inc
- Fireflies
- Airgram
- Krisp
- Avoma
- tl;dv
- Equal Time
- Rewatch
- Nyota
- Fellow
- Fathom
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Drivers
Increasing Adoption in Meeting Room to Boost Market Growth
The increasing adoption of AI meeting assistants in meeting rooms will boost market growth over the forecast period. The AI meeting assistants minimize the time required drastically on meeting scheduling that earlier was quite time-consuming. It works wonders in expediting the process and guaranteeing that the meetings get organized in a time which is convenient for every attendee via assessing the calendars of the participants and providing best meeting times. Such AI technologies help participants to prepare the meeting by offering context and summarizing key papers. In fact this preparation guarantees that the meeting start on time with every attendee ready to contribute and well-informed, cutting down the time period invested on background explanations and clarifications.
Opportunities
Personalization Trend to offer Robust Opportunities
Customizable and personalized AI assistants which adapt to the meeting styles and preferences of individual user augment user adoption and user satisfaction. Thus the growing trend for personalization will offer lucrative opportunities for the AI meeting assistants market over the forecast period.
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Restraints and Challenges
Privacy Concerns to act as Market Restraint
The privacy and security concerns about data, technical glitches like poor connectivity, high subscription and implementation cost, language limitations, and regulatory compliance may act as market restraints over the forecast period.
AI Meeting Assistants Market Segmentation
The global AI meeting assistants market has been bifurcated based on solutions, pricing model, application, and industry.
By solutions, chat-based AI meeting assistants will lead the market over the forecast period. These help in communicating with users utilizing a chat interface, thus are hassle-free to use and also accessible to a huge number of people.
By pricing model, the free plan will domineer the market over the forecast period. The AI meeting assistant with limited functionality and features are accessible under the free plan. Such plans are used time and again by small enterprises or individuals that desire in experimenting with AI meeting assistants prior to committing for paying for the same.
By application, content marketing will spearhead the market over the forecast period. Content marketing comprise creating infographics, webinars, films, blog posts, and educational articles which illustrate the perks of the AI meeting assistants. Such papers help prospective users to understand how such tools actually can augment productivity, effectiveness, and work processes as a whole.
By industry, the financial sector will spur the market over the forecast period. Accurate documentation in financial meetings is critical at all times. The AI meeting assistant can convert spoken speech to text accurately. This helps to remove the requirement for manual notetaking thus ensuring that every facet of the conversation gets recorded, cutting down financial record errors.
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COVID-19 Analysis
The COVID-19 epidemic possessed a favorable impact on the AI meeting assistants market. With virtual meetings and remote work becoming the norm, the need for AI-powered tools for enhancing productivity and streamlining virtual meetings went up. The AI meeting assistant provides features like real-time language translation, agenda management, meeting scheduling, and automated transcription. Such capabilities turned increasingly crucial with businesses adapting to hybrid and remote work at the time of the pandemic. Most companies adopted or developed AI meeting assistant services to augment the effectiveness both of their virtual meetings as well as collaboration. In fact this trend is likely to go on with hybrid work and remote work continuing even beyond the epidemic.
Regional Analysis
North America to Head AI Meeting Assistants Market
North America will head the AI meeting assistants market over the forecast period. Most global corporations and large organizations conduct several meetings in this region. The AI meeting assistant is a highly compelling solution to manage and optimize the different meetings which happen in such organizations that often times have a remote workforce and complex schedules. The region boasts of a high-speed broadband infrastructure and significant internet access that offers seamless operation of the AI meeting assistants particularly those which provide real-time capabilities like video conferencing support and transcription. North America provides a regulatory framework which is generally favorable for the creation and usage of AI technologies. Though regulatory issues exist, there is a culture too which encourages technological improvements and innovation. Owing to the noteworthy tech media coverage of the region, organizations, educational resources and conferences here are well-informed regarding the prospective perks of the AI meeting assistant. Businesses are aware of the value proposition of such products, thus are more likely in implementing these.
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APAC to Have Admirable Growth in AI Meeting Assistants Market
The APAC region will have admirable growth in the market over the forecast period. The region has a growing and broad landscape. SMEs coexist with big international enterprises here. The AI meeting assistant is a crucial tool for boosting productivity and expediting meetings as organizations grow and strive in boosting operational efficiency. Most countries in the APAC region have a vital cultural proclivity to accept and embrace novel technologies. The willingness for embracing advanced technologies has paved the way for a favorable reception of the AI meeting assistants both in personal and professional settings alike. Most multinational corporations possess a noteworthy presence here and time and again they need effective, unified meeting solutions for connecting their offices across various time zones and regions. The AI meeting assistant helps to bridge geographical boundaries and offer consistent meeting experiences.
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