Global Intelligent Virtual Assistant Market: Principally Compelled by Rapid Resolution of Queries

SAN FRANCISCO, May. 03, 2018 According to the latest report published by Variant Market Research, the global intelligent virtual assistant market size was valued at $1,485 million in 2017 and is projected to reach $15,362 million by 2025. In this report, intelligent virtual assistant market forecast says that the global market is growing at 33.9% CAGR from 2017 to 2025.

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The global intelligent virtual assistant market is primarily driven by increasing customer prospects in cloud applications

The global intelligent virtual assistant market trends include increasing customer prospects in cloud applications, rising demand for self-reliance, and increasing adoption of chatbots. In addition, rapid resolution of queries, and rising smartphone penetration has also supported the market growth. However, system integration complexities are the major restraint for the intelligent virtual assistant market growth. Furthermore, multi-language assistance in intelligent virtual agents to increase its market usage is expected to equally influence the overall IVA growth of the market in the coming years.

Market Segmentation

The global intelligent virtual assistant market is segmented on the basis of technology, verticals, and geography. The technology segment includes text-to-speech, and speech recognition. Moreover, by vertical segment the segmentation is given as healthcare, automotive, retail/e-commerce, BFSI, and other verticals.

Geographically, the market has been bifurcated into North America, Europe, Asia-Pacific, and RoW. North America (U.S., Mexico, and Canada), Europe (Germany, UK, France, and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in this market.

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Based on technology, speech recognition occupied the majority of the share in 2017

On the basis of technology, speech recognition segment accounted for the major intelligent virtual assistant market share in the year 2017. The growth in the segment can be credited to its rising demand for smart speakers in home-based automation systems.

BFSI led the principal market share in the verticals segment

Based on vertical segment, BFSI sub-segment contributed for largest market share in the year 2017, driven by its growing need in automated customer support services. In terms of growth, automotive sector is anticipated to achieve the fastest CAGR throughout the forecast period 2017 – 2025.

North America conquered the overall intelligent virtual assistant (IVA) market share

On the basis of geography, North America dominated the global market with highest market share in the year 2017. The growing awareness and the availability of smart-speakers in the region have boosted the market. Moreover, Asia-Pacific is expected to achieve the highest CAGR over the forecast timeframe.

Apart from this, countries such as Cameroon, Congo - Kinshasa, Côte d’Ivoire, Nigeria are also witnessing a swift growth in the global intelligent virtual assistant market.

Competitive Landscape

Major Player’s profiled in the report include Alphabet Inc., Amazon.com, Inc., Microsoft Corporation, Apple Inc., Nuance Communications, Inc., International Business Machine Corporation (IBM), TCL Communication, Baidu, Inc., Samsung Electronics Co., Ltd., and Inbenta Technologies Inc., among others.

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Scope of the Global Intelligent Virtual Assistant Market

Technology Segments
• Speech Recognition
• Text-To-speech

Vertical Segments
• Automotive
• Healthcare
• BFSI
• Retail/E-Commerce
• Other Verticals

Geographical Segments
• North America
o U.S.
o Canada
o Mexico

• Europe
o UK
o Germany
o France
o Rest of Europe

• Asia-Pacific
o India
o China
o Japan
o Australia
o Rest of Asia-Pacific

• RoW
o South America
o Middle East
o Africa

About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2025.
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