Global Intelligent Virtual Assistant Market size is projected to be valued $15 Billion by 2025; with a CAGR of 34% from 2017 to 2025. Intelligent virtual assistant system uses numerous interaction procedures that comprise text-to-text, speech-to-text, and speech-to-speech, amongst others to support users in performing their respective tasks. The advance of technologies related to general artificial intelligence and conversational systems enable the development of agents that channel all network-based user interaction. 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 Alphabet Inc., Apple Inc., Amazon.com, Inc., International Business Machines (IBM) Corporation, Baidu, Inc., TCL Communication, Microsoft Corporation, Nuance Communications, Inc., Samsung Electronics Co., Ltd., and Inbenta Technologies Inc., among others.
The report covers
Scope of the Global Intelligent Virtual Assistant Market