Intelligent virtual assistant (IVA) is a next generation software solution facilitating user interaction with PC through internet, SMS, messenger, and other interfaces. IVA systems work according to various interaction methods, which include text-to-text, speech-to-text, text-to-speech, and speech-to-speech, among others to assist users in executing their tasks. For instance, IVA helps users to book appointments, access services, and use navigation. In addition, it significantly reduces the time and effort required for executing a task. Intelligent virtual solution is a cost-effective technology, which assists multiple customers to gain access to a service, quickly and effectively. IVA also leads to an instant response from the system, improved data collection and reduction in the dependency on customer support for any queries.
Presently, enterprises are focused on adopting cost-effective methodologies to provide effective and efficient customer services. Intelligent virtual solution is a cost-effective technology, which assist multiple customers to access a service, quickly and effectively. It also offers high customer retention and easy access to services. Therefore, IVA solutions are being implemented across various organizations, such as banks, sales companies, and others. Moreover, increase in penetration of smartphones and growth in adoption of intelligent virtual assistant in enterprises of all sizes are the key factors that driver the growth of the global intelligent virtual assistant market. However, lack of awareness regarding this technology is expected to restrain the growth of the market. Furthermore, change in consumer behavior and increase in dependence on digital channels are anticipated to provide lucrative opportunities for the players operating in the intelligent virtual assistant market.
The global intelligent virtual assistant market is segmented on the basis of product, technology, industry vertical, and region. Depending on product, the market is bifurcated into chatbots and smart speakers. On the basis of technology, it is classified into text-to-speech, speech recognition, and text-based. By industry vertical, the market is categorized into BFSI, IT & telecommunications, defense & government, retail, healthcare, travelling & hospitality, automotive, media & entertainment, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the market, which include Alphabet Inc., Amazon.com, Inc., Apple Inc., Artificial Solutions, EGain Corporation, International Business Machines Corporation, IPsoft Inc., Nuance Communications, Inc., Verint Systems Inc., and Samsung Electronics Co., Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and others, which helped drive the growth of the global intelligent virtual assistant market.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Product
By Technology
By Industry Vertical
By Region
KEY MARKET PLAYERS
Presently, enterprises are focused on adopting cost-effective methodologies to provide effective and efficient customer services. Intelligent virtual solution is a cost-effective technology, which assist multiple customers to access a service, quickly and effectively. It also offers high customer retention and easy access to services. Therefore, IVA solutions are being implemented across various organizations, such as banks, sales companies, and others. Moreover, increase in penetration of smartphones and growth in adoption of intelligent virtual assistant in enterprises of all sizes are the key factors that driver the growth of the global intelligent virtual assistant market. However, lack of awareness regarding this technology is expected to restrain the growth of the market. Furthermore, change in consumer behavior and increase in dependence on digital channels are anticipated to provide lucrative opportunities for the players operating in the intelligent virtual assistant market.
The global intelligent virtual assistant market is segmented on the basis of product, technology, industry vertical, and region. Depending on product, the market is bifurcated into chatbots and smart speakers. On the basis of technology, it is classified into text-to-speech, speech recognition, and text-based. By industry vertical, the market is categorized into BFSI, IT & telecommunications, defense & government, retail, healthcare, travelling & hospitality, automotive, media & entertainment, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the market, which include Alphabet Inc., Amazon.com, Inc., Apple Inc., Artificial Solutions, EGain Corporation, International Business Machines Corporation, IPsoft Inc., Nuance Communications, Inc., Verint Systems Inc., and Samsung Electronics Co., Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and others, which helped drive the growth of the global intelligent virtual assistant market.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the current & future trends of the market to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the global intelligent virtual assistant market share is provided.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the global intelligent virtual assistant industry.
- The quantitative analysis of the market from 2019 to 2027 is provided to determine the global intelligent virtual assistant market potential.
KEY MARKET SEGMENTS
By Product
- Chatbots
- Smart Speakers
By Technology
- Text-to-Speech
- Speech Recognition
- Text-Based
By Industry Vertical
- BFSI
- IT & Telecommunications
- Defense & Government
- Retail
- Healthcare
- Travelling & Hospitality
- Automotive
- Media & Entertainment
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY MARKET PLAYERS
- Alphabet Inc.
- Amazon.com, Inc.
- Apple Inc.
- Artificial Solutions
- EGain Corporation
- International Business Machines Corporation
- IPsoft Inc.
- Nuance Communications, Inc.
- Verint Systems Inc.
- Samsung Electronics Co., Ltd.
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Intelligent Virtual Assistant Market, by Product
Chapter 5: Intelligent Virtual Assistant Market, by Technology
Chapter 6: Intelligent Virtual Assistant Market, by Industry Vertical
Chapter 7: Intelligent Virtual Assistant Market, by Region
Chapter 8: Competitive Landscape
Chapter 9: Company Profiles
Executive Summary
According to the report titled, 'Intelligent Virtual Assistant Market by Product, Technology, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020-2027', the intelligent virtual assistant market size was valued at $3,442 million in 2019, and is projected to reach $44,255 million by 2027, growing at a CAGR of 37.7% from 2020 to 2027. North America dominates the global intelligent virtual assistant market, owing to increased adoption of intelligent virtual assistant in countries such as the U.S. However, Asia-Pacific is expected to exhibit a faster growth during the forecast period.Intelligent virtual assistant (IVA) is an advanced IT technology facilitating effective communication between users and devices, such as mobile, PCs, and laptops. IVA facilitates the process of collecting and maintaining information. With increasing work complexities, most of the organizations are adopting intelligent virtual assistants to reduce their workload and offer quick response to customer queries. In addition, intelligent virtual assistant facilitates smooth communication between devices and humans. Also, it uses speech recognition technology to identify words and phrases in human spoken language and automatically convert them to a machine-readable format.Aforementioned are factor that drive the intelligent virtual assistant market growth during the forecast period.
Increase insmartphone penetration, convenient query handling, and inclusion of natural language understanding technology are the major growth drivers of the IVA market. However, lack of awareness has been observed in under-developed countries such as Africa, which restraints the intelligent virtual assistant market growth. Moreover,intelligent virtual assistant is a growing market and is expected to exhibit robust growth, owing to beneficial features, such as improved customer handling, improved customer retention, ease of access, and rapid smartphone penetration.
Furthermore,the automotive segment is expected to witness fastest growth during the forecast period. This growth is driven by the fast growing in-car infotainment systems market, as IVA is an important part of these systems, which enables the vehicle driver and passengers to surf the internet, navigate and make calls through speech recognition technology.
Key Findings Of The Study
By product, the chatbots segment dominated the intelligent virtual assistant market. However, the smart speaker’s segment is expected to exhibit significantgrowth during the forecast period in the intelligent virtual assistant industry.
By technology, the text-to-speech segment dominated the intelligent virtual assistant marketshare in 2019. However, the speech recognition segment is expected to exhibit significant growth during the forecast period.
By industry vertical, the BFSI segment dominated the intelligent virtual assistant market revenue in 2019. However, the healthcare segment is expected to exhibit significant growth during the forecast period
Region wise, North America dominated the intelligent virtual assistant market trends in 2019. Whereas, Asia-Pacificis expected to witness significant growth in terms of CAGR in the coming years.
Some of the key market players profiled in the intelligent virtual assistant market analys is include Alphabet Inc., Amazon.com, Inc., Apple Inc., Artificial Solutions, EGain Corporation, International Business Machines Corporation, IPsoft Inc., Nuance Communications, Inc., Verint Systems Inc., and Samsung Electronics Co., Ltd.Major players operating in this market have witnessed significant adoption of strategies that includebusiness expansion and partnership to reduce supply and demand gap. With increase in artificial intelligence R&D initiatives across the globe, major players have collaborated their product portfolio to provide differentiated and innovative products. This study includes marketanalysis, trends, and future estimations to determine the imminent investment pockets.
Companies Mentioned
- Alphabet Inc.
- Amazon.com Inc.
- Apple Inc.
- Artificial Solutions
- EGain Corporation
- International Business Machines Corporation
- IPsoft Inc.
- Nuance Communications Inc.
- Verint Systems Inc.
- Samsung Electronics Co. Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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