Global Intelligent Virtual Assistant Market Report, published by Variant Market Research, forecast that the global market is expected to reach $15,362 million by 2025 from $1,485 million in 2017, growing at a CAGR of 33.9% from 2017 to 2025. By Geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 36.4% and 35.4%, respectively, during the forecast period. An intelligent virtual assistant is an artificial intelligence system that emulates human interaction to perform particular task, like customer service. Improved customer experience, and cost effectiveness are the major intelligent virtual assistant market trends.
"Intelligent Virtual Assistant Market (By Technology: Speech Recognition, and Text-To-Speech; By Vertical: Automotive, Healthcare, BFSI Retail/E-Commerce, and Other Verticals; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
The global intelligent virtual assistant market is mainly driven by increasing adoption of chatbots
Increasing adoption of chatbots, rising demand for self-reliance, rapid resolution of queries, and online self-service, and rising smartphone penetration are the major factors driving the growth of the global intelligent virtual assistant market. However, lack of awareness in developing countries, and system integration complexities are some of the major glitches to deal with respect to market growth. Moreover, multi-language help in intelligent virtual agents (IVAs) to increase its market penetration is expected to open up new growth opportunities over the years to come.
Technology, verticals, and geography are the segments considered in the global intelligent virtual assistant market. On the basis of technology, the segmentation includes speech recognition, and text-to-speech. Furthermore, vertical segment is bifurcated into automotive, healthcare, BFSI retail/e-commerce and other verticals. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Germany, France, UK, and Rest of Europe are analyzed under the European market. India, China, Japan, Australia, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Speech recognition, by technology segment led the market with major share in 2017
Speech recognition accounted for majority of the market share in the technology segment in the year 2017 and is expected to continue its trend during the forecast period 2017 – 2025. The high growth of speech recognition is attributed to its growing demand for smart speakers in home automation systems.
BFSI held for the leading market share in the verticals segment
BFSI contributed for the highest market share in 2017, in the verticals segment, owing to its demand in automated customer support services. Moreover, automotive sector is expected to achieve the fastest CAGR over the forecast period.
North America occupied the principal share in the global intelligent virtual assistant market
In the year 2017, North America generated the highest revenue accounting for 39.1% of the total market share, owing to the awareness and the availability of smart speakers in North America. In terms of growth, Asia-Pacific is anticipated to attain the fastest CAGR throughout the forecast period between 2017 to 2025.
Major players operating in the market include Amazon.com, Inc., Alphabet Inc., Microsoft Corporation, Nuance Communications, Inc., Apple Inc., Samsung Electronics Co., Ltd., International Business Machines (IBM), Baidu, Inc., TCL Communication, and Inbenta Technologies Inc., among others.