Intelligent Virtual Assistant Market by Product (Chatbots, IVA smart speakers), User Interface (Text-based, Text-to-speech based, Automatic Speech Recognition), Industry (Consumer Electronics, BFSI, Retail), and Geography - Global Forecast to 2023

  • ID: 4416877
  • Report
  • Region: Global
  • 143 Pages
  • Markets and Markets
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Intelligent Virtual Assistant Market worth 17.72 Billion USD by 2023

FEATURED COMPANIES

  • Alphabet
  • Apple
  • Baidu
  • Cognitive Code
  • Microsoft
  • Nuance Communications
  • MORE

“Intelligent virtual assistant market projected to grow at a CAGR of 38.82% during the forecast period”

According to the new market research report on intelligent virtual assistant (IVA), the market is expected to be worth USD 17.72 billion by 2023 from USD 2.48 billion in 2017, growing at a CAGR of 38.82% between 2017 and 2023. The growth of the IVA market can be attributed to the growing application of IVA in automated customer support services and smart home systems. The lack of accuracy in chatbots is the main restraining factor for the IVA market.

“The market of automatic speech recognition held the highest market share in 2016”

The automatic speech recognition (ASR)-based IVAs held the highest market share in 2016. Automatic speech recognition (ASR) is used in smart speakers. ASR-based IVAs are growing in terms of usage because of the increasing demand for smart speakers in home automation systems especially in North America and Europe. The smart home appliances are driving the demand for smart speakers in the market.

“Consumer Electronics sector accounted for the highest market share in 2016”

The Consumer electronics sector accounted for the highest market share among BFSI, healthcare, education, retail, government, utilities, travel and hospitality, and others. Smart speakers are highly in demand for smart home appliances such as wireless-connected thermostats, refrigerators, washing machines, and others. Smart speakers are used in controlling such devices; hence, consumer electronics held the highest share of the market in 2016.

“RoW and Asia Pacific to be the fastest-growing markets during the forecast period”

North America accounted for the largest share of the overall IVA market in 2016 due to the early availability and, thus, the increasing adoption of IVA smart speakers. APAC and RoW are the fastest-growing IVA markets. This is mainly because of the presence of the countries such as China and India where technological adoption is happening at a very high rate. Therefore, this region is also expected to continue its growth at the highest rate from 2017 to 2023.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews of key opinion leaders in the IVA market were conducted. The break-up of primary participants for the report is shown below:

  • By Company Type - Tier 1- 65%, Tier 2 - 15%, and Tier 3 - 20%
  • By Designation - C-Level Executives - 55%, Directors - 15%, and Others - 30%
  • By Region - North America - 20%, Europe - 10%, APAC - 40%, South America -12%, and the Middle East and Africa - 18-30%

The report profiles key players in the IVA market with their respective market share analysis. Key players profiled in this report are Alphabet (US), Amazon (US), Apple (US), Nuance Communications (US), IBM (US), Microsoft (US), Samsung Electronics (South Korea), Inbenta Technologies (US), Baidu (China), and Blackberry (US).

Study Coverage:

The research includes the segmentation of IVAs on the basis of product, user interface, type, and industry. By product, IVAs are segmented as chatbots and IVA smart speakers. By user interface, IVAS are segmented as text based, text-to-speech based, automatic speech recognition (ASR), and others. IVAs are segmented by type as rule based and conversational AI based. IVAs are used in industries such as consumer electronics, BFSI, healthcare, education, retail, government, utilities, travel and hospitality, and others. It also includes major drivers, restraints, opportunities, and challenges for the IVA market. Opportunities in the market have been defined for stakeholders, along with the details of the competitive landscape for the market leaders. Strategic profiling of the key players in the IVA market has been done, and the players’ market rankings and core competencies have been comprehensively analyzed. There is an Illustrative competitive leadership mapping of 25 global companies in the report.

Reasons to buy the report:

  • This report segments the IVA market comprehensively and provides the closest approximations of the size of the overall market and its subsegments across verticals and regions.
  • The report helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
  • This report will help stakeholders better understand a competitor and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem and strategic developments.
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FEATURED COMPANIES

  • Alphabet
  • Apple
  • Baidu
  • Cognitive Code
  • Microsoft
  • Nuance Communications
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Definition
1.3 Markets Covered
1.3.1 Market Segmentation
1.3.2 Years Considered for the Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 List of Major Secondary Sources
2.1.1.2 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Primary Interviews With Experts
2.1.2.2 Breakdown of Primaries
2.1.2.3 Primary Sources
2.2 Secondary and Primary Research
2.2.1.1 Key Industry Insights
2.3 Market Size Estimation
2.3.1 Bottom-Up Approach
2.3.2 Top-Down Approach
2.4 Market Breakdown and Data Triangulation
2.5 Research Assumptions

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the IVA Market
4.2 North America: IVA Market, By Industry and Country
4.3 IVA Market, By Type
4.4 IVA Market, By Product
4.5 IVA Market, By Geography

5 Market Overview
5.1 Introduction
5.2 Evolution of the Market: Intelligent Virtual Assistant Market
5.3 Market Dynamics
5.3.1 Drivers
5.3.1.1 Demand for Automation in Customer Service
5.3.1.2 Integration of Speaker-Based Virtual Assistants and Smart Home Appliances is Driving the Market of Smart Speakers
5.3.1.3 Increasing Adoption of Chatbots Because of the Availability of Low-Cost Software Modules for Chatbot Design
5.3.2 Restraints
5.3.2.1 Lack of Accuracy in Chatbot
5.3.2.2 System Integration Complexities Add to the Cost of Smart Speakers
5.3.3 Opportunities
5.3.3.1 Gesture Recognition Technology Will Add Value to IVA
5.3.3.2 Multi-Language Support in IVAs Will Increase Its Market Penetration.
5.3.4 Challenges
5.3.4.1 Lack of Awareness in Developing Countries
5.3.4.2 Limited Market Reach of IVA Smart Speakers in Developing Countries.

6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.3 Startup Scenario

7 Intelligent Virtual Assistant Market, By Product
7.1 Introduction
7.2 Chatbot
7.2.1 Chatbot Market By Deployment
7.2.1.1 Stand-Alone
7.2.1.2 Web-Based
7.2.2 Chatbot Market By Offering
7.2.2.1 Software
7.2.2.2 Services
7.3 IVA Smart Speakers

8 Intelligent Virtual Assistant Market, By User Interface
8.1 Introduction
8.2 Text Based
8.3 Text-To-Speech-Based
8.4 Automatic Speech Recognition (ASR)
8.5 Others

9 Intelligent Virtual Assistant Market, By Type
9.1 Introduction
9.2 Rule-Based
9.3 Conversational Ai-Based

10 Intelligent Virtual Assistant Market, By Industry
10.1 Introduction
10.2 Consumer Electronics
10.3 BFSI
10.4 Healthcare
10.5 Education
10.6 Retail
10.7 Government
10.8 Utilities
10.9 Travel & Hospitality
10.10 Others

11 Geographic Analysis
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 France
11.3.3 UK
11.3.4 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 Australia
11.4.4 India
11.4.5 Rest of APAC
11.5 RoW
11.5.1 Middle East and Africa
11.5.2 South America

12 Competitive Landscape
12.1 Overview
12.2 Market Ranking Analysis, 2016
12.3 Competitive Scenario and Trends
12.3.1 Product Launches
12.3.2 Acquisitions
12.3.3 Partnerships/Collaborations/Agreements

13 Company Profiles
(Business Overview, Strength of Product Portfolio, Business Strategy Excellence, Recent Developments, Key Relationships)*
13.1 Microsoft
13.2 Nuance Communications
13.3 Samsung Electronics
13.4 Alphabet
13.5 Apple
13.6 Amazon
13.7 International Business Machines (IBM)
13.8 Baidu
13.9 Blackberry
13.10 Inbenta Technologies
13.11 Innovators
13.11.1 Facebook
13.11.2 Cognitive Code
13.11.3 Artificial Solutions
13.11.4 Unified Computer Intelligence
13.11.5 Mycroft Ai

*Details on Business Overview, Strength of Product Portfolio, Business Strategy Excellence, Recent Developments, Key Relationships Might Not Be Captured in Case of Unlisted Companies.

14 Appendix
14.1 Insights From Industry Experts
14.2 Discussion Guide
14.3 Knowledge Store
14.4 Introducing RT: Real-Time Market Intelligence
14.5 Available Customizations
14.6 Related Reports
14.7 Author Details

List of Tables:
Table 1 Currency Table
Table 2 Start-Up Companies and Investors Scenario
Table 3 IVA Market, By Product, 2014–2023 (USD Million)
Table 4 Chatbot Market, By Deployment, 2014–2023 (USD Million)
Table 5 Chatbot Market, By Offering, 2014–2023 (USD Million)
Table 6 Chatbot Market in North America, By Offering, 2014–2023 (USD Million)
Table 7 Chatbots Market in Europe, By Offering, 2014–2023 (USD Million)
Table 8 Chatbots Market in APAC, By Offering, 2014–2023 (USD Million)
Table 9 Chatbots Market in RoW, By Offering, 2014–2023 (USD Million)
Table 10 Chatbot Market in North America By Type, 2014–2023 (USD Million)
Table 11 Chatbots Market in Europe By Type, 2014–2023 (USD Million)
Table 12 Chatbots Market in APAC By Type, 2014–2023 (USD Million)
Table 13 Chatbots Market in RoW, By Type, 2014–2023 (USD Million)
Table 14 Stand-Alone Chatbot Market, By Geography, 2014–2023 (USD Million)
Table 15 Web-Based Chatbot Market, By Geography, 2014–2023 (USD Million)
Table 16 Chatbots Software Market, By Geography, 2014–2023 (USD Million)
Table 17 Chatbot Services Market, By Geography, 2014–2023 (USD Million)
Table 18 IVA Market of Smart Speakers Market, By Geography, 2014–2023 (USD Million)
Table 19 IVA Smart Speakers Market By Type 2014–2023 (USD Million)
Table 20 IVA Market By User Interface, 2014–2023 (USD Million)
Table 21 IVA Smart Speakers Market By User Interface, 2014–2023 (USD Million)
Table 22 Chatbot Market By User Interface, 2014–2023 (USD Million)
Table 23 IVA Market for Text-Based User Interface By Region, 2014–2023 (USD Million)
Table 24 IVA Market for Text-To-Speech Based User Interface By Region, 2014–2023 (USD Million)
Table 25 Automatic Speech Recognition Based IVA Market, By Region, 2014–2023 (USD Million)
Table 26 IVA Market for Other Types of User Interface By Region, 2014–2023 (USD Million),
Table 27 IVA Market By Type, 2014–2023 (USD Million)
Table 28 Rule-Based IVA Market, By Region, 2014–2023 (USD Million)
Table 29 Conversational Ai-Based Market, By Region, 2014–2023 (USD Million)
Table 30 IVA Market, By Industry, 2014–2023 (USD Million)
Table 31 IVA Market for Consumer Electronics, By Region, 2014–2023 (USD Million)
Table 32 IVA Market of Smart Speakers, 2014–2023 (Million Units)
Table 33 IVA Market for BFSI, By Region, 2014–2023 (USD Million)
Table 34 IVA Market for Healthcare, By Region, 2014–2023 (USD Million)
Table 35 IVA Market for Education, By Region, 2014–2023 (USD Million)
Table 36 IVA Market for Retail, By Region, 2014–2023 (USD Million)
Table 37 IVA Market for Government, By Region, 2014–2023 (USD Million)
Table 38 IVA Market for Utilities, By Region, 2014–2023 (USD Million)
Table 39 IVA Market for Travel and Hospitality, By Region, 2014–2023 (USD Million)
Table 40 IVA Market for Other Industries, By Region, 2014–2023 (USD Million)
Table 41 IVA Market Size, By Region, 2014–2023 (USD Million)
Table 42 Chatbots Market, By Region, 2014–2023 (USD Million)
Table 43 IVA Smart Speaker Market By Region, 2014–2023 (USD Million)
Table 44 IVA Market for Smart Speakers By Region, 2014–2023 (Million Units)
Table 45 North America IVA Market Size, By Country, 2014–2023 (USD Million)
Table 46 IVA Market in North America, By Industry, 2014–2023 (USD Million)
Table 47 Chatbots Market in North America, By User Interface, 2014–2023 (USD Million)
Table 48 Chatbot Market in North America, By Deployment, 2014–2023 (USD Million)
Table 49 Chatbot Market in North America, By Offering, 2014–2023 (USD Million)
Table 50 IVA Market in Europe, By Country, 2014–2023 (USD Million)
Table 51 IVA Market in Europe, By Industry, 2014–2023 (USD Million)
Table 52 Chatbot Market in Europe, By User Interface, 2014–2023 (USD Million)
Table 53 Chatbot Market in Europe, By Deployment, 2014–2023 (USD Million)
Table 54 Chatbot Market in Europe, By Offering, 2014–2023 (USD Million)
Table 55 IVA Market in Asia Pacific, By Country, 2014–2023 (USD Million)
Table 56 IVA Market in Asia Pacific, By Industry, 2014–2023 (USD Million)
Table 57 Chatbot Market in Asia Pacific, By User Interface, 2014–2023 (USD Million)
Table 58 Chatbot Market in Asia Pacific, By Deployment, 2014–2023 (USD Million)
Table 59 Chatbot Market in Asia Pacific, By Offering, 2014–2023 (USD Million)
Table 60 IVA Market in RoW, By Region, 2014–2023 (USD Million)
Table 61 IVA Market in RoW, By Industry, 2014–2023 (USD Million)
Table 62 RoW Chatbot Market, By User Interface, 2014–2023 (USD Million)
Table 63 RoW Chatbot Market, By Deployment, 2014–2023 (USD Million)
Table 64 RoW Chatbot Market, By Offering 2014–2023 (USD Million)
Table 65 Ranking of the Key Players in the IVA Market 2016.
Table 66 Product Launches, 2015–2017
Table 67 Acquisitions, 2015–2017
Table 68 Partnerships/Collaborations/Agreements, 2014

List of Figures:
Figure 1 Intelligent Virtual Assistant Market: Research Design
Figure 2 Bottom-Up Approach
Figure 3 Top-Down Approach
Figure 4 Data Triangulation
Figure 5 IVA Market, 2014-2023
Figure 6 IVA Market for Smart Speakers is Expected to Grow at A Higher Rate Between 2014–2023
Figure 7 Automatic Speech Recognition Expected to Account for the Largest Share During the Forecast Period
Figure 8 Conversational Ai-Based IVA Accounted for A Higher Market Size in 2016
Figure 9 Consumer Electronics Accounted for the Largest Share of the Overall IVA Market in 2016
Figure 10 IVA Market, By Geography, 2016
Figure 11 Usage of IVA in Enterprises for Customer Support Services Propels the Growth of the IVA Market
Figure 12 Consumer Electronics Sector Held the Largest Share of the North American IVA Market in 2016
Figure 13 Conversational Ai-Based IVA Held the Largest Share of the IVA Market in 2016
Figure 14 Chatbot Accounted for Larger Market Share in the Year 2016
Figure 15 The IVA Market in China is Expected to Grow at the Highest CAGR Between 2017 and 2023
Figure 16 Evolution of Intelligent Virtual Assistants
Figure 17 Growing Demand for Automation in Industries & Enterprises is Driving the IVA Market
Figure 18 Value Chain Analysis of Intelligent Virtual Assistant Market
Figure 19 Intelligent Virtual Assistant Market, By Product
Figure 20 Software-Based IVA is Expected to Dominate the Overall IVA Market By 2023
Figure 21 Software-Based Chatbot Market in APAC is Expected to Dominate Till 2023
Figure 22 IVA Market of Conversational Ai-Based IVA Will Have A Higher Share in APAC During the Forecast Period
Figure 23 North America is Expected to Continue Its Dominance in the Web Based Chatbots Market During the Forecast Period
Figure 24 APAC IVA Smart Speaker Market is Expected to Grow at A Highest CAGR Between 2017 and 2023
Figure 25 Intelligent Virtual Assistant Market, By User Interface
Figure 26 Text-Based Chatbots are Expected to Continue Its Dominance in the Chatbot Market During the Forecast Period
Figure 27 Automatic Speech Recognition Based IVA Market, 2014–2023
Figure 28 Intelligent Virtual Assistant Market, By Type
Figure 29 Conversational Ai-Based Market, By Geography, 2014–2023 (USD Million)
Figure 30 Intelligent Virtual Assistant Market, By Industry
Figure 31 IVA Smart Speakers Market, 2014–2023 (Million Units)
Figure 32 IVA Market for BFSI, By Geography, 2014–2023 (USD Million)
Figure 33 IVA Market for Government, By Geography, 2014–2023 (USD Million)
Figure 34 IVA Market in Travel and Hospitality, 2014–2023 (USD Million)
Figure 35 Regional Snapshot: Asia Pacific is the Emerging Region in the IVA Market
Figure 36 Snapshot: Presence of Key IVA Vendors is A Major Factor Contributing Toward the Growth of the IVA Market in North America
Figure 37 Software-Based IVA is Expected to Grow at A Higher Rate Between 2017 and 2023
Figure 38 Snapshot: Increasing Adoption of Chatbots in the Healthcare Sector is Driving the Growth of the IVA Market in Europe
Figure 39 Text-Based IVA Held the Highest Share of the European Market in By 2023
Figure 40 Snapshot: Technological Advancement is Contributing Toward the Growth of the IVA Market in APAC
Figure 41 Software-Based IVA is Expected to Hold A Higher Share of the Chatbot Market By 2023
Figure 42 South America is Expected to Hold A Major Share of the IVA Market in RoW By 2023
Figure 43 Companies Adopted Product Launch as the Key Growth Strategy Between 2014–2017
Figure 44 Market Evaluation Framework–Product Launches Fuelled Growth and Innovation Between 2014 and 2016
Figure 45 Battle for Market Share: Product Launch Was the Key Strategy
Figure 46 Microsoft: Company Snapshot
Figure 47 Nuance Communications: Company Snapshot
Figure 48 Samsung Electronics: Company Snapshot
Figure 49 Alphabet: Company Snapshot
Figure 50 Apple: Company Snapshot
Figure 51 Amazon: Company Snapshot
Figure 52 International Business Machines (IBM): Company Snapshot
Figure 53 Baidu: Company Snapshot
Figure 54 Blackberry: Company Snapshot

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FEATURED COMPANIES

  • Alphabet
  • Apple
  • Baidu
  • Cognitive Code
  • Microsoft
  • Nuance Communications
  • MORE

The overall intelligent virtual assistant (IVA) market is expected to grow from USD 2.48 Billion in 2017 to USD 17.72 Billion by 2023, at a CAGR of 38.82% between 2017 and 2023. The market is expected to be driven by the demand for automation in providing customers uninterrupted support services. Similarly, the demand for IVA smart speakers is mainly due to their adoption in smart home systems such as wireless-connected thermostats, music players, air-conditioners. and others.

Consumer electronics, BFSI, healthcare, education, retail, government, utilities, travel and hospitality, and others are key application areas of IVA. The consumer electronics sector was the largest application area followed by BFSI in 2016. Consumer Electronics is expected to provide the highest growth potential for IVA during the forecast period attributed to the potential demand for IVAs in home automation systems.

IVA smart speakers are expected to grow at the highest CAGR between 2017 and 2023. This growth is mainly because of the increasing adoption of home automation systems especially in North America and Europe. Chatbots hold the highest share in this market due to its early commercialization.

The automatic speech recognition held the largest share in this market. The market is expected to grow at a very high rate between 2017 and 2023 due to its deployment in smart speakers. As of July 2017, smart speakers only take input through ASR. These smart speakers are expected to witness high growth in North America and Europe because of the increase in the usage of smart home devices.

The conversational AI-based IVAs accounted for the highest share in 2016. This is mainly because AI-based IVAs have the ability to learn by itself with the help of deep learning, NLP, and neural networks. Rule-based IVAs can answer basic and limited types of queries.

The IVA market in North America has accounted for the highest share in this market due to the high technological adoption of IVAs in industries such as consumer electronics, BFSI, healthcare, education, retail, government, utilities, travel and hospitality, and others. APAC is expected to grow at the highest rate than other regions from 2017 to 2023 due to the presence of emerging economies such as China and India. These economies are adopting chatbots for providing uninterrupted customer support services to serve its large population.

The report analyzes the drivers that include the demand for automation in customer services and the adoption of speaker-based virtual assistants in smart home appliances. Some of the major players in this market are Alphabet (US), Amazon (US), Apple (US), Nuance Communications (US), IBM (US), Microsoft (US), Samsung Electronics (South Korea), Inbenta Technologies (US), Baidu (China), and Blackberry (US).

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  • Alphabet
  • Amazon
  • Apple
  • Artificial Solutions
  • Baidu
  • Blackberry
  • Cognitive Code
  • Facebook
  • International Business Machines (IBM)
  • Microsoft
  • Mycroft Ai
  • Nuance Communications
  • Samsung Electronics
  • Unified Computer Intelligence
Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown
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