Intelligent Virtual Assistant Market Analysis By Products (Chatbots, IVA smart speakers, Smart Watches), By Service (Customer Service, Marketing Assistant), By Technology (Text-based, Text-to-speech based, Automatic Speech Recognition), By Type, By Vertical, By Region & Segment Forecast, 2019 - 2028

  • Report ID : 100157
  • Category : Technology and Communication
  • Pages : -----
  • Reporting status : Published Jan, 19
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The global Intelligent Virtual Assistant market was valued at USD 1.20 Billion in 2016 and is expected to reach USD 19.9 Billion by 2025 growing over a CAGR of over 36% over the forecast period. An Intelligent Virtual Assistant is a smart system which performs tasks as per the users’ demand. It is a solution that simplifies user interaction with personal computers, smartphones, SMS, messenger and other interfaces. IVA systems use various interaction methods, which include text-to-text, speech-to-text, among others to assist users in executing their tasks, either for some useful purposes or for entertainment purpose. Apple’s Siri, Amazon Alexa, are few well-known intelligent virtual assistants.

The global intelligent virtual assistant market has witnessed explicit growth and is poised to demonstrate vigorous growth during the forecast period. Increasing penetration of smartphones and growing adoption of IVA devices and services by large enterprises is propelling the growth of the industry. Increasing demand for automation in offering the uninterrupted support services for customer and growing adoption in smart home systems which include music players, wireless connected thermostats, air conditioners and others is further projected to propel the industry growth. However, lack of accuracy in the system design and personalization option is expected to restrain the industry growth.

Automatic Speech Recognition Technology is anticipated to grow significantly over the forecast period

The global intelligent virtual assistant market is segmented on account of the technology which include text based, text-to-speech, automatic speech recognition (ASR) and others. The automatic speech recognition contributes majorly to the industry share owing to the deployment in smart speakers. Smart speakers are gaining traction and have huge demand due to ASR feature, which are generally used for listening to songs.

Furthermore, based on the products, the IVA market includes chat-bots, IVA smart speakers and smart watches. IVA smart speakers are anticipated to dominate the product segment of IVA industry owing to increasing adoption of home automation systems and rising application of personalized appliances.

Based on services, the market is segmented into customer service and marketing assistant. The customer services segment contributes to the largest industry share. Large numbers of enterprises are investing on the application of intelligent assistants to engage customers in automated conversation by answering questions and completing the transaction.

Consumer Electronics is projected to dominate the vertical segment, during 2017-2025

The global intelligent virtual assistant market based on vertical is divided into consumer electronics, BFSI, healthcare, education, retail, travel and hospitality, government, utilities and others. The consumer electronics sector was the largest application area, followed by BFSI sector in 2016. Consumer Electronics is also projected to witness the highest growth for IVA over the forecast period, attributed to growing application of IVA in smartphones and smart watches.

Based on the type of IVA, the market is segmented as rule based IVA and conversational AI based IVA. Conversational Artificial Intelligence based type of IVA accounted for the highest industry share in 2016. The segment’s market is expected to grow significantly over the forecast period owing to the self-learning ability of AI-based IVA with the help of deep learning and neural networks. However, rule-based IVAs answer basic and limited types of queries, and have limited scope of development.

North America is expected to be the fastest growing market, during 2017-2025

North America is estimated to be the dominant region in the global intelligent virtual assistant market and the growth is attributed to the increasing adoption of technological advancements by the companies in these regions. Major companies acting as the driving forces for the technology include Google and automobile manufacturers such as BMW, are investing heavily in IVAs.

In March 2018, Verint Systems Inc., a US based customer engagement company, launched new customer self-service capabilities, which includes intelligent virtual assistants (IVAs) and enterprise chatbots powered by an open, modular Artificial Intelligence (AI) engine. Verint Intelligent Virtual Assistant allows companies to engage at critical moments to help customers make a purchase, get more information or resolve an issue, while receiving a high-quality experience.

Few other players dominating the global intelligent virtual assistant market includes Microsoft, Nuance Communications, Samsung Electronics, Alphabet, Apple, Amazon, International Business Machines (IBM), Facebook, Cognitive Code, Artificial Solutions, Mycroft Ai, among all the others.

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