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Intelligent Virtual Assistant Market Size, Share & Trends Analysis Report by Product (Chatbot, Smart Speakers), by Technology, by Application (BFSI, Healthcare, Education), by Region, and Segment Forecasts, 2020 - 2027

  • ID: 3292589
  • Report
  • April 2020
  • Region: Global
  • 130 pages
  • Grand View Research
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FEATURED COMPANIES

  • Amazon.com, Inc.
  • Baidu, Inc.
  • CodeBaby Corporation
  • CSS Corp.
  • Google Inc.
  • Kognito
  • MORE
The global intelligent virtual assistant market size is expected to reach USD 45.1 billion by 2027, expanding at a CAGR of 34.0%. The growing use of smart speaker-based technologies for home automation and digitization in the retail sector has led to the implementation of conversational e-commerce is the major driving factor of the market. Intelligent virtual assistants (IVAs) help consumers to find relevant information and perform tasks with actionable advice. The inputs received from IVAs assist the organizations in designing and developing various marketing strategies and implementing those in real-time. Many retail stores have implemented IVAs in their processes, adding a new dimension to their customer engagement, further enhancing the customer shopping experience. For instance, Walmart customers can shop for groceries just by talking to the intelligent virtual assistant in their smartphones. Development in voice recognition and speech technologies has been the driving factor behind the proliferating growth of the market.

Chatbots and smart speakers listen, recognize, and respond to the individuals' requirements and assist them in various tasks. Thus, the devices are gaining popularity among the consumers for a variety of functions such as calling, shopping, reminders, setting the alarm, music streaming, and consulting. Amazon Alexa and Google Home accounted for a majority of the intelligent virtual assistant (IVA) market share of the smart speaker segment in 2019. Chatbot has enabled ease of accessibility in banking, retail, education, e-commerce, travel, and hospitality sectors.

IVA assists in simplifying human efforts in making processes efficient, which is highly beneficial for all organizations. The IVA implementation has resulted in achieving productivity, work quality, and has reduced the risk in scaling operations. Thus, there has been an increased adoption of the device across several applications, including retail, BFSI, healthcare, automotive, consumer electronics, IT and Telecom, education, and travel and hospitality. IVA providers are engaged in executing organic and inorganic growth strategies such as new product launch, expansion, collaboration, and partnership. For instance, in 2018, Transcom and Creative Virtual entered into a partnership to provide virtual agents and chatbot solutions in the artificial intelligence domain.

Further key findings from the report suggest:
  • The smart speakers product segment emerged as the fastest growing segment over the forecast period
  • Text to speech technology emerged as the largest segment in 2019 and is estimated to generate revenue over USD 27.1 billion by 2027
  • North America held the largest revenue share in the intelligent virtual assistant market in 2019, whereas Asia Pacific is anticipated to witness the highest CAGR of 35.3% over the forecast period
  • Key players include Amazon.com, Inc.; Google Inc.; IBM Corporation; Nuance Communications; eGain Corporation. The players accounted for the majority share of the overall market in 2019.

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FEATURED COMPANIES

  • Amazon.com, Inc.
  • Baidu, Inc.
  • CodeBaby Corporation
  • CSS Corp.
  • Google Inc.
  • Kognito
  • MORE
Chapter 1 Methodology and Scope
1.1 Market Segmentation and Scope
1.2 Market Definition
1.3 Methodology
1.3.1 Information Procurement
1.3.2.Purchased Database
1.3.3. Author's internal database
1.3.4. Secondary sources & third-party perspectives
1.3.5. Primary Research
1.4.Information Analysis
1.5.Market Formulation & Data Visualization
1.6.Data Validation & Publishing
1.7.List of Abbreviations

Chapter 2 Executive Summary
2.1 Market Outlook
2.2 Segment Outlook

Chapter 3 Intelligent Virtual Assistant Market Variables, Trends, & Scope
3.1 Market Lineage Outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Industry Value Chain Analysis
3.4. Market Dynamics
3.4.1 Market Driver Analysis
3.4.1.1 Growing adoption of IoT
3.4.1.2 Demand for automation in service based sector
3.4.1.3 Rising integration of AI in healthcare
3.4.1.4 Increasing adoption of smart speakers with smart home appliances
3.4.2 Industry Challenges
3.4.2.1 Lack of awareness
3.5 Market Analysis Tools
3.5.1 Industry Analysis-PORTERs
3.5.2 PEST Analysis
3.6 Intelligent Virtual Assistant Competitive Insights
3.6.1 Key Company Analysis, 2019
3.6.2 Major Deals & Strategic Alliances Outlook

Chapter 4 Intelligent Virtual Assistant Market: Product Segment Analysis
4.1 Chatbot
4.1.1 Chatbot Intelligent Virtual Assistant Market, 2016 - 2027 (USD Million)
4.2 Smart Speakers
4.2.1 Smart Speakers Intelligent Virtual Assistant Market, 2016 - 2027 (USD Million)

Chapter 5 Intelligent Virtual Assistant Market: Technology Segment Analysis
5.1 Automatic Speech Recognition
5.1.1 Automatic Speech Recognition Intelligent Virtual Assistant Market, 2016 - 2027 (USD Million)
5.2 Text to Speech
5.2.1 Text to Speech Intelligent Virtual Assistant Market, 2016 - 2027 (USD Million)
5.3 Text based
5.3.1 Text based Intelligent Virtual Assistant Market, 2016 - 2027 (USD Million)

Chapter 6 Intelligent Virtual Assistant Market: Application Segment Analysis
6.1 BFSI
6.1.1 BFSI Intelligent Virtual Assistant Market, 2016 - 2027 (USD Million)
6.2 Consumer Electronics
6.2.1 Consumer Electronics Intelligent Virtual Assistant Market, 2016 - 2027 (USD Million)
6.3 Automotive
6.3.1 Automotive Intelligent Virtual Assistant Market, 2016 - 2027 (USD Million)
6.4 Healthcare
6.4.1 Healthcare Intelligent Virtual Assistant Market, 2016 - 2027 (USD Million)
6.5 Education
6.5.1 Education Intelligent Virtual Assistant Market, 2016 - 2027 (USD Million)
6.6 Retail
6.6.1 Retail Intelligent Virtual Assistant Market, 2016 - 2027 (USD Million)
6.7 IT & Telecom
6.7.1 IT & Telecom Intelligent Virtual Assistant Market, 2016 - 2027 (USD Million)
6.8 Travel & Hospitality
6.8.1 Travel & Hospitality Intelligent Virtual Assistant Market, 2016 - 2027 (USD Million)
6.9 Others
6.9.1 Other Intelligent Virtual Assistant Market, 2016 - 2027 (USD Million)

Chapter 7 Intelligent Virtual Assistant Market: Regional Segment Analysis
7.1 North America
7.1.1 North America Intelligent virtual assistant market, by country, 2016 - 2027 (USD Million)
7.1.2 North America Intelligent virtual assistant market, by product, 2016 - 2027 (USD Million)
7.1.3 North America Intelligent virtual assistant market, by technology, 2016 - 2027 (USD Million)
7.1.4 North America Intelligent virtual assistant market, by application, 2016 - 2027 (USD Million)
7.1.5 U.S.
7.1.5.1 U.S. Intelligent virtual assistant market by product, 2016 - 2027 (USD Million)
7.1.5.2 U.S. Intelligent virtual assistant market by technology, 2016 - 2027 (USD Million)
7.1.5.3 U.S. Intelligent virtual assistant market by application, 2016 - 2027 (USD Million)
7.1.6 Canada
7.1.6.1 Canada Intelligent virtual assistant market by product, 2016 - 2027 (USD Million)
7.1.6.2 Canada Intelligent virtual assistant market by technology, 2016 - 2027 (USD Million)
7.1.6.3 Canada Intelligent virtual assistant market by application, 2016 - 2027 (USD Million)
7.2 Europe
7.2.1 Europe Intelligent virtual assistant market, by country, 2016 - 2027 (USD Million)
7.2.2 Europe Intelligent virtual assistant market by product, 2016 - 2027 (USD Million)
7.2.3 Europe Intelligent virtual assistant market by technology, 2016 - 2027 (USD Million)
7.2.4 Europe Intelligent virtual assistant market by application, 2016 - 2027 (USD Million)
7.2.5 U.K.
7.2.5.1 U.K. Intelligent virtual assistant market by product, 2016 - 2027 (USD Million)
7.2.5.2 U.K. Intelligent virtual assistant market by technology, 2016 - 2027 (USD Million)
7.2.5.3 U.K. Intelligent virtual assistant market by application, 2016 - 2027 (USD Million)
7.2.6 Germany
7.2.6.1 Germany Intelligent virtual assistant market by product, 2016 - 2027 (USD Million)
7.2.6.2 Germany Intelligent virtual assistant market by technology, 2016 - 2027 (USD Million)
7.2.6.3 Germany Intelligent virtual assistant market by application, 2016 - 2027 (USD Million)
7.3 Asia Pacific
7.3.1 Asia Pacific Intelligent virtual assistant market, by country, 2016 - 2027 (USD Million)
7.3.2 Asia Pacific Intelligent virtual assistant market by product, 2016 - 2027 (USD Million)
7.3.3 Asia Pacific Intelligent virtual assistant market by technology, 2016 - 2027 (USD Million)
7.3.4 Asia Pacific Intelligent virtual assistant market by application, 2016 - 2027 (USD Million)
7.3.5 China
7.3.5.1 China Intelligent virtual assistant market by product, 2016 - 2027 (USD Million)
7.3.5.2 China Intelligent virtual assistant market by technology, 2016 - 2027 (USD Million)
7.3.5.3 China Intelligent virtual assistant market by application, 2016 - 2027 (USD Million)
7.3.6 India
7.3.6.1 India Intelligent virtual assistant market by product, 2016 - 2027 (USD Million)
7.3.6.2 India Intelligent virtual assistant market by technology, 2016 - 2027 (USD Million)
7.3.6.3 India Intelligent virtual assistant market by application, 2016 - 2027 (USD Million)
7.3.7 Japan
7.3.7.1 Japan Intelligent virtual assistant market by product, 2016 - 2027 (USD Million)
7.3.7.2 Japan Intelligent virtual assistant market by technology, 2016 - 2027 (USD Million)
7.3.7.3 Japan Intelligent virtual assistant market by application, 2016 - 2027 (USD Million)
7.4 Latin America
7.4.1 Latin America Intelligent virtual assistant market, by country, 2016 - 2027 (USD Million)
7.4.2 Latin America Intelligent virtual assistant market by product, 2016 - 2027 (USD Million)
7.4.3 Latin America Intelligent virtual assistant market by technology, 2016 - 2027 (USD Million)
7.4.4 Latin America Intelligent virtual assistant market by application, 2016 - 2027 (USD Million)
7.4.5 Brazil
7.4.5.1 Brazil Intelligent virtual assistant market by product, 2016 - 2027 (USD Million)
7.4.5.2 Brazil Intelligent virtual assistant market by technology, 2016 - 2027 (USD Million)
7.4.5.3 Brazil Intelligent virtual assistant market by application, 22016 - 2027 (USD Million)
7.4.6 Mexico
7.4.6.1 Mexico Intelligent virtual assistant market by product, 2016 - 2027 (USD Million)
7.4.6.2 Mexico Intelligent virtual assistant market by technology, 2016 - 2027 (USD Million)
7.4.6.3 Mexico Intelligent virtual assistant market by application, 2016 - 2027 (USD Million)
7.5 Middle East and Africa
7.5.1 Middle East and Africa Intelligent virtual assistant market, by country, 2016 - 2027 (USD Million)
7.5.2 Middle East and Africa Intelligent virtual assistant market by product, 2016 - 2027 (USD Million)
7.5.3 Middle East and Africa Intelligent virtual assistant market by technology, 2016 - 2027 (USD Million)
7.5.4 Middle East and Africa Intelligent virtual assistant market by application, 2016 - 2027 (USD Million)

Chapter 8 COMPANY PROFILES
8.1 [24]7 Customer Inc.
8.1.1 Company overview
8.1.2 Financial performance
8.1.3 Product benchmarking
8.1.4 Strategic initiatives
8.2 Amazon.com, Inc.
8.2.1 Company overview
8.2.2 Financial performance
8.2.3 Product benchmarking
8.2.4 Strategic initiatives
8.3 Apple Inc.
8.3.1 Company overview
8.3.2 Financial performance
8.3.3 Product benchmarking
8.3.4 Strategic initiatives
8.4 Baidu, Inc.
8.4.1 Company overview
8.4.2 Financial performance
8.4.3 Product benchmarking
8.4.4 Strategic initiatives
8.5 Clara Labs
8.5.1 Company overview
8.5.2 Financial performance
8.5.3 Product benchmarking
8.5.4 Strategic initiatives
8.6 CSS Corp.
8.6.1 Company overview
8.6.2 Financial performance
8.6.3 Product benchmarking
8.6.4 Strategic initiatives
8.7 Creative Virtual
8.7.1 Company overview
8.7.2 Financial performance
8.7.3 Product benchmarking
8.7.4 Strategic initiatives
8.8 CodeBaby Corporation
8.8.1 Company overview
8.8.2 Financial performance
8.8.3 Product benchmarking
8.8.4 Strategic initiatives
8.9 eGain Corporation
8.9.1 Company overview
8.9.2 Financial performance
8.9.3 Product benchmarking
8.9.4 Strategic initiatives
8.10 Google Inc.
8.10.1 Company overview
8.10.2 Financial performance
8.10.3 Product benchmarking
8.10.4 Strategic initiatives
8.11 IBM Corporation
8.11.1 Company overview
8.11.2 Financial performance
8.11.3 Product benchmarking
8.11.4 Strategic initiatives
8.12 Kognito
8.12.1 Company overview
8.12.2 Financial performance
8.12.3 Product benchmarking
8.12.4 Strategic initiatives
8.13 Microsoft Corporation
8.13.1 Company overview
8.13.2 Financial performance
8.13.3 Product benchmarking
8.13.4 Strategic initiatives
8.14 MedRespond
8.14.1 Company overview
8.14.2 Financial performance
8.14.3 Product benchmarking
8.14.4 Strategic initiatives
8.15 Next IT Corp.
8.15.1 Company overview
8.15.2 Financial performance
8.15.3 Product benchmarking
8.15.4 Strategic initiatives
8.16 Nuance Communications, Inc.
8.16.1 Company overview
8.16.2 Financial performance
8.16.3 Product benchmarking
8.16.4 Strategic initiatives
8.17 Oracle Corporation
8.17.1 Company overview
8.17.2 Financial performance
8.17.3 Product benchmarking
8.17.4 Strategic initiatives
8.18 True Image Interactive, Inc.
8.18.1 Company overview
8.18.2 Financial performance
8.18.3 Product benchmarking
8.18.4 Strategic initiatives
8.19 Verint
8.19.1 Company overview
8.19.2 Financial performance
8.19.3 Product benchmarking
8.19.4 Strategic initiatives
8.20 Welltok, Inc.
8.20.1 Company overview
8.20.2 Financial performance
8.20.3 Product benchmarking
8.20.4 Strategic initiatives
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  • [24]7 Customer Inc.
  • Amazon.com, Inc.
  • Apple Inc.
  • Baidu, Inc.
  • Clara Labs
  • CSS Corp.
  • Creative Virtual
  • CodeBaby Corporation
  • eGain Corporation
  • Google Inc.
  • IBM Corporation
  • Kognito
  • Microsoft Corporation
  • MedRespond
  • Next IT Corp.
  • Nuance Communications, Inc.
  • Oracle Corporation
  • True Image Interactive, Inc.
  • Verint
  • Welltok, Inc.
Note: Product cover images may vary from those shown
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