Virtual assistants (VAs) are professionals who provide various services remotely, such as administrative, creative, technical, or personal tasks. They use various tools and platforms to communicate and collaborate with their clients, such as email, phone, video conferencing, cloud-based software, and social media.

Virtual assistant services are becoming increasingly popular and in demand in various industries, as they offer many benefits, such as cost-effectiveness, flexibility, scalability, and access to a diverse and skilled talent pool.

In this blog post, we will explore the current state, growth trends, industry applications, user preferences and satisfaction, technological advancements, challenges and concerns, and future outlook of virtual assistant services or VA statistics in 2024.

Current State of Virtual Assistant Services or VA

The global virtual assistant services market size was valued at USD 4.12 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 24.4% from 2021 to 2028. The report also states that the number of virtual assistants worldwide was estimated at 3.9 million in 2020 and is projected to reach 8.4 million by 2028.

Report By: Grand View Research

The adoption of virtual assistant services is driven by various factors, such as the increasing need for operational efficiency, the rising demand for outsourcing non-core business activities, the growing trend of remote work and freelancing, the availability of high-speed internet and digital devices, and the emergence of new business models and platforms.

Some of the leading players in the virtual assistant services market include Invedus Outsourcing, Belay, Fancy Hands, Perssist, Time Etc, UassistME, VA Talks, Virtual Employee, Worldwide101, Zirtual, and 24/7 Virtual Assistant.

Growth Trends for Virtual Assistant Services in 2024

growth trends for virtual assistant services in 2024

The growth of virtual assistant services is expected to continue and accelerate in the coming years, as more businesses and individuals realize the benefits and opportunities of working with VAs. 

The global virtual assistant services market is expected to reach USD 19.6 billion by 2025, registering a CAGR of 25.7% during the forecast period of 2020-2025.

Report By: Research and Markets

One of the key drivers of the market growth is the emergence of new markets and regions, especially in Asia-Pacific, Latin America, and the Middle East and Africa, where the demand for virtual assistant services is increasing due to the rapid economic development, the growing penetration of internet and smartphone users, the rising awareness and acceptance of VAs, and the availability of low-cost and skilled labor.

Another driver of the market growth is the expansion of the scope and variety of virtual assistant services, as VAs are not only providing traditional administrative and personal tasks, but also offering specialized and niche services, such as web design, graphic design, digital marketing, social media management, bookkeeping, accounting, legal assistance, project management, research, data analysis, transcription, translation, and more.

Industry Applications for Virtual Assistants

Virtual assistant services are widely used and applied in various industries, such as healthcare, finance, retail, education, real estate, travel, entertainment, and more.

According to a survey the most common industries that hire VAs are:

  • Entrepreneurship (28%)
  • Consulting (14%)
  • Coaching (9%)
  • Marketing (8%)
  • Technology (7%)
  • Education (6%)
  • Real Estate (5%)
  • Legal (4%)
  • Others (19%)

Report by – Zirtual

Some of the examples of how different industries utilize virtual assistant services are:

  1. Healthcare: VAs can help healthcare providers and organizations with tasks such as scheduling appointments, managing patient records, billing and insurance, answering calls and emails, conducting research, creating reports, and more.
  2. Finance: VAs can help financial professionals and firms with tasks such as bookkeeping, accounting, invoicing, budgeting, financial reporting, tax preparation, auditing, data entry, and more.
  3. Retail: VAs can help retail businesses and e-commerce platforms with tasks such as customer service, order processing, inventory management, product listing, product research, marketing, social media management, and more.

If you’re curious about what tasks a virtual assistant handles, you can explore a list here

User Preferences and Satisfaction for VA Services

User feedback and satisfaction are important indicators of the quality and effectiveness of virtual assistant services. 

Virtual Assistants assist companies in saving over 70% of their costs.

VAs provide a huge support to the companies in saving a majority of its costs. They help in cutting the charges of rent, internet subscription facilitation, and various complicated expenditures necessary in maintaining a wide team of employees, and annually saving 78% of the company’s costs.

According to a survey by Zirtual, the top reasons why users hire VAs are:

  • To save time (67%)
  • To delegate tasks (53%)
  • To increase productivity (44%)
  • To reduce stress (32%)
  • To improve work-life balance (28%)
  • To grow business (24%)
  • To save money (16%)
  • To access skills (15%)
  • To improve quality (10%)
  • Others (11%)

More than 50% of the Virtual Assistants are Full-Time Working Professionals

The job of a Virtual Assistant may be performed full-time, partially, independent contract services, or transient. However, certain independent virtual assistants collaborate with more than client, majority of them are dedicated towards their occupation.

More than 50% of the virtual assistants convert their profession into full-time occupation. Eleven now, the residual 41.1% of the part time virtual helpers intermix their work with their main job.

More than 40% of the companies recruiting Virtual Assistants have more than 1,000 personnel

However, the demand of Virtual Assistants is regularly increasing among different businesses of all dimensions, virtual assistant demographics depict huge companies with above 1,000 personnel also switch to Virtual Assistants.

The survey also reveals that users are generally satisfied with their VAs, as 91% of them rate their VAs as excellent or good, and 86% of them say they would recommend their VAs to others.

Users have different preferences regarding the type and location of their VAs, such as:

  • In-office assistant vs. virtual assistant: 63% of users prefer a virtual assistant, 19% prefer an in-office assistant, and 18% have no preference.
  • Offshore virtual assistant vs. onshore virtual assistant: 76% of users prefer an onshore virtual assistant, 9% prefer an offshore virtual assistant, and 15% have no preference.

Reports by –  Time Etc

Virtual Assistant Services which are in majority demand: Social media administration, e-mail advertisements, and project supervision

Virtual Assistants are highly proficient in managing various dimensions of business. The tasks include answering the phone calls, managerial, and data-entry roles.

They ensure that your business operates on a smooth scale, in a proper format, and also they help in enhancing the efficiency of the same on a large scale.

Virtual Assistant Experts earn within the range of $400 and $5600 per month

The prices for recruiting a Virtual Assistant varies on a huge scale.

The Philippines and India stand as key hubs for recruiting VAs due to their cost-effective plans starting from $400 per month, making this price range suitable for the majority of Americans.

Parallel to it, the virtual assistant corporate references show that US experts in this domain earn more than $4,000 per month.

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Technological Advancements

Technological innovations and developments are driving the improvement and enhancement of virtual assistant services, as they enable VAs to perform their tasks more efficiently, effectively, and creatively. Some of the statistics on the tools and AI advancements that are impacting the virtual assistant services are:

Use Of Cloud-based software

The global cloud-based office productivity software market is expected to grow by USD 46.83 billion during 2020-2024, progressing at a CAGR of 20%. 

Report by – Technavio

Cloud-based software allows VAs to access, share, and collaborate on various documents and files online, such as Google Workspace, Microsoft Office 365, Zoho, and more.

VA Real-Time Communication via Video Conferencing

A report suggests that the global video conferencing market was valued at USD 6.1 billion in 2020 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 9.9% from 2021 to 2028.

Report by – Grand View Research

Video conferencing enables VAs to communicate and interact with their clients and team members in real-time, using platforms such as Zoom, Skype, Google Meet, and more.

Utilising Artificial Intelligence to Automate VA Tasks

The global artificial intelligence market is expected to grow at a CAGR of 40.1% from 2019 to 2027 to reach USD 126.14 billion by 2027. 

Report by – Meticulous Research

Artificial intelligence empowers VAs to automate and optimize various tasks, such as data analysis, transcription, translation, chatbot, voice assistant, and more.

Challenges and Concerns

Despite the benefits and opportunities of virtual assistant services, there are also some challenges and concerns that need to be addressed and resolved, such as:

Privacy and Security

46% of businesses experienced a data breach in 2020, and 32% of them attributed it to a third-party cloud service provider. 

Report by – Kaspersky

Privacy and security are crucial issues for both VAs and their clients, as they involve sensitive and confidential information, such as personal data, financial data, business data, and more. Therefore, VAs and their clients need to adopt and implement various measures and best practices, such as encryption, authentication, backup, firewall, antivirus, and more.

Worth reading: Time Tracking Software for Virtual Assistants

Company or Business Apprehensions

As per a survey, 41% of users say that the biggest challenge of hiring a VA is finding a trustworthy and reliable one, and 24% say that the biggest challenge is letting go of control and delegating tasks. 

Report by – Time Etc,

Company or business apprehensions are common barriers for the adoption of virtual assistant services, as they involve trust, communication, collaboration, and management issues. Therefore, VAs and their clients need to establish and maintain a clear and consistent relationship, such as setting expectations, defining goals, providing feedback, and more.

Future Outlook for Virtual Assistants

Future Outlook for Virtual Assistants

The future of virtual assistant services is bright and promising, as the market is expected to grow and expand in the coming years, driven by the increasing demand, the emerging markets, the technological innovations, and the user satisfaction. Some of the predictions and potentials for the future of virtual assistant services are:

More specialization and diversification among VAs in the future

VAs will be able to offer more specialized and niche services, as they acquire and develop new skills and knowledge, and as they cater to the specific needs and preferences of their clients and industries.

Closer client-VA integration and collaboration 

VAs will be able to integrate and collaborate more seamlessly and effectively with their clients and team members, as they leverage the advanced tools and platforms, and as they adopt the best practices and standards.

More impact and value

VAs will be able to create more impact and value for their clients and industries, as they deliver high-quality and efficient services, and as they contribute to the growth and success of their businesses and projects.

Also Read: Outsourcing Statistics 2024

Conclusion

As above, we referred to the 2024 data analysis related to Virtual Assistants, it is clear that VAs are the most significant asset of a business.

They provide a huge support in managing different operations of the business on a smooth plane, and performing the significant activities of the business easily.

If you want to take reference of the 2024 data reference related to Virtual Assistants, you can refer to this blog. It will provide you with a deep analysis of the trending facts, and statistics related to the same.

In addition, our professionals can help you to analyze the data associated with Virtual Assistants on a wide scale. They can also provide tailored solutions to different businesses in relation to hiring a VA for your company setup.

About Invedus

At Invedus Outsourcing, we specialize in tailored solutions for businesses—both local and national—by providing top-notch virtual assistant services.

Our skilled virtual assistants offer a wide range of support, including administrative tasks, bookkeeping, and customer service.

What sets us apart is our commitment to customization: we understand that every business has unique needs, and we adapt our services accordingly.

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Why invedus?

🔒 Built-in Security & Trust: Entrust your tasks with confidence. Invedus VA services prioritize security, ensuring your data and projects remain safeguarded at all times.

💼 Long-Term Solution: Embrace a flexible partnership without being tied down by contracts. Invedus offers a reliable, long-term solution tailored to your needs, allowing you to scale up or down as required.

💷 Transparent Monthly Fee: No hidden surprises! With a clear, transparent monthly fee structure, you’ll always know what to expect, making budgeting and planning effortless.

⏱️ Fast Response Times Every Business Day: Need assistance? Invedus Virtual Assistants are dedicated to providing swift responses and efficient solutions, ensuring your tasks move forward promptly.

A Invedus, we’re not just about outsourcing; we’re about intelligent outsourcing—providing maximum value for your investment while streamlining your business processes.

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About Bhaskar

Bhaskar Singh is an experienced legal researcher known for his significant contributions to the development of democratic institutions, environmental awareness, and the criminal justice system. His expertise in research and proficiency in using advanced AI tools empower him to drive meaningful change across various fields.