Intelligent Virtual Assistant Market Overview :
Global Intelligent Virtual Assistant Market is estimated to reach $15,362 Million by 2025; growing at a CAGR of 33.9% from 2017 to 2025. Intelligent virtual assistant is a next generation software solution which enables the user interaction with PC, SMS, messenger, through internet, and other interfaces. This system uses numerous interaction procedures, that comprise speech-to-text, text-to-text, and speech-to-speech, amongst others to support users in performing their respective tasks. Putting it all together, an intelligent virtual assistant has knowledge and can also learn, is a digital entity, and helps someone accomplish a task. The advance of technologies related to general artificial intelligence (deep learning, neural networks and natural language processing) and conversational systems (interactive voice response and voice recognition) enable the development of agents that channel all network-based user interaction, responding to all needs, more smoothly than apps can. Social media is playing a major role in the advancement of the intelligent virtual assistant’s market.
The growth of the global intelligent virtual assistant market is mainly driven by the factors such as increasing adoption of chatbots and increasing smartphone penetration. Additionally, rising demand for self-reliance, rapid resolution of queries, and online self-service have also stimulated the market growth. However, system integration complexities, and lack of awareness in emerging countries are the restraints of the market growth. Moreover, multi-language help in intelligent virtual assistant (IVAs) to increase its market penetration, and inclusion of natural language processing in IVAs would generate profitable opportunities for the growth of the market.
The global intelligent virtual assistant market is classified on the basis of technology, vertical, and geography. Technology segment comprises speech recognition, and text-to-speech. By vertical segment, the market is classified into automotive, healthcare, BFSI retail/e-commerce, and other verticals.
Based on geography, global intelligent virtual assistant market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated into U.S., Canada, and Mexico whereas Europe segment consist of UK, Germany, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, Australia, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
The key market players include Microsoft Corporation, Nuance Communications, Inc., Samsung Electronics Co., Ltd., Alphabet Inc., Apple Inc., Amazon.com, Inc., International Business Machines (IBM) Corporation, Baidu, Inc., TCL Communication, and Inbenta Technologies Inc., among others.
The key takeaways from the report
- The report will provide detailed analysis of Global Intelligent Virtual Assistant Market with respect to major segments such as technology, vertical and geography
- The report will include the qualitative and quantitative analysis with market estimation over 2016 – 2025 and compound annual growth rate (CAGR) between 2017 and 2025
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Intelligent Virtual Assistant Market has been included in the report
- Profile of the key players in the Global Intelligent Virtual Assistant Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Intelligent Virtual Assistant Market
- Speech Recognition
- Other Verticals
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South America
- Middle East