Global Intelligent Virtual Assistant Market
The Global Intelligent Virtual Assistant Market was valued at USD 1.42 billion in 2016 and is projected to reach USD 26.84 billion by 2025, growing at a CAGR of 38.32% from 2017 to 2025.
An Intelligent Virtual Assistant is an application program that understands natural language voice commands and completes tasks for the user. This technology incorporates elements of interactive voice response and other modern artificial intelligence projects to deliver full-fledged virtual identities that converse with users. Benefits of Intelligent Virtual Assistant includes - it improve your online customer service experience, increase sales, reduces costs, create effortless experience, and answers users questions.
1. Market Drivers
1.1 Incorporation of gesture recognition in IVA
1.2 Rise in the market due to multi-language support in IVAs
1.3 Adoption of chatbots due to the availability of low cost software modules for chatbot design
1.4 Increasing demand for automation in customer service
1.5 Rise in the integration of speaker-based VA and smart home appliances
2. Market Restraints
2.1 Poor awareness about IVAs in developing countries
2.2 Limited market research of IVA smart speakers
2.3 Poor accuracy in chatbot
2.4 Issues with system integration
The Global Intelligent Virtual Assistant Market is segmented on the user interface, product, type, vertical, and region.
1. User Interface:
1.2 Text Based
1.3 Automatic Speech Recognition (ASR)
2. By Product:
2.1 IVA Smart Speakers
3. By Type:
3.1 Conversational AI based
3.2 Rule based
4. By Vertical:
4.3 Consumer Electronics
4.4 Banking, Financial Services, and Insurance (BFSI)
4.5 Travel and Hospitality
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
The major players in the market are as follows:
1. Nuance Communications
2. Samsung Electronics
4. IBM Corporation
8. Inbenta Technologies
12. Unified Computer Intelligence
13. Mycroft Ai
14. Artificial Solutions
15. Cognitive Code
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Intelligent Virtual Assistant Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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