The top three companies in the virtual assistant market, ranked according to revenue are Intelligent Office, Noon Dalton, Unity Communications. Information on the top three key players ranked according to market share was not available in the public domain. Below is an overview of the information that was available.
#1: Intelligent Office
- Intelligent Office has a revenue of $192.6 million.
- Intelligent Office provides a diverse and wide range of virtual assistant services. These services include answering the phone, scheduling appointments, taking orders, confirmation calls, intake questions, taking reservations, gathering survey results, travel or seminar registration, mailings and media campaign coordination, answering client inquiries, typing, meeting preparation, managing social media, sales and virtual reception
- Its pricing ranges from $1 to $2 per hour. Clients only pay for the hours a virtual assistant has worked and are not required to pay for benefits, sick days, or vacation time.
- What sets the company apart is:
- That the client receives high-quality services and can keep their overhead costs low meaning that they get the same quality a full-time employee would deliver but do not need to pay overhead costs such as sick days, vacation time, and health insurance.
- The client does not experience the effects of turnover. Intelligent Office makes sure that multiple people on their team know the client’s business, therefore, the client does not experience the turnover time needed to get a replacement ready when a highly competent employee moves on.
- Intelligent Office provides virtual assistants with domain/industry expertise.
#2: Noon Dalton
- Noon Dalton has a revenue of $63.4 million.
- Noon Dalton provides virtual assistant services in the area of recruitment process outsourcing (RPO), e-commerce, business owner services, real estate, general services, and voice telemarketing
- Its pricing is less than $25 per hour with a minimum project size of $1,000.
- What sets the company apart is:
- The company helps its clients find and screen qualified talent through its RPO services and RPO experts at a lower rate.
- The company, in its e-commerce wing, trains virtual assistants on a continuous basis to do procurement outsourcing, therefore, the client no longer needs to do so.
#3: Unity Communications
- Unity Communications has a revenue of $9.6 million.
- The company provides virtual assistant services in the areas of help desk & customer support, tier 1 ticketing support with email and chat response, data entry processes, general bookkeeping and accounting receivables, order processing and fulfillment for e-commerce, live operator inbound and outbound customer service, CRM, live 24/7 answering service with transfer options, taking orders, and up-selling services.
- The client pays less than $25 per hour for its services with a minimum project size of $1,000.
- The company’s competitive advantage lies in the fact that it offers telemarketing solutions to serve the client’s business needs and help the client to improve profitability, increase sales, and build effective campaigns.
Virtual Assistant Market Size
According to organizations like the International Virtual Assistants Association and the Virtual Assistant Networking Forum, the number of VAs is increasing and they are replacing the traditional secretaries and in-office personal or administrative assistants because they offer a flexible work location and increase cost effectiveness and productivity. Most virtual assistants are freelancers and independent contractors who do not belong to any official organization and networks, which makes it difficult to determine the market size of this industry. With that in mind, the market share of freelancing VAs per year is triangulated to be $4,290,000,000 USD.
- Virtual assistants are independent contractors or freelancers that work remotely with their clients to provide administrative, creative, and technical assistance.
- Virtual assistants are used when clients need assistance for an ongoing task where a full-time employee is unnecessary. Some of these tasks include bookkeeping, event planning, social media management, marketing, database management, data processing, etc.
- The number of VAs is increasing, and they are replacing traditional secretaries and in-office personal or administrative assistants.
- Benefits Include:
- No dependency on physical location, which provides flexibility to work from anywhere because employers do not have to provide office space, equipment, or other essentials to VAs.
- Increased productivity.
- Cost effective, because employers do not have to provide any benefits, equipment, paid training, or bonuses. This allows them to save money on taxes by hiring freelance virtual assistants instead of full-time employees.
- Drawbacks: Communication barriers and, and lack of job security for the employees.
- The average rate of a US virtual assistant is anywhere between $25 to $75 per hour.
- Cost of hiring virtual assistants from a virtual assistant company is higher than selecting a freelancer.
- Bigger monthly packages offer better hourly rates.
- A virtual assistant earns an average of $39,000 per year.
- The approximate number of freelancing virtual assistants is 110,000.
- Market share of freelancing VAs per year= 4,290,000,000 USD.