Intelligent Virtual Assistant Market to exceed USD 19.9 billion by 2025

Intelligent Virtual Assistant Market

Summary

In this report, the Global Intelligent Virtual Assistant market was valued at USD 1.20 Billion in 2016, and is projected to reach USD 19.9 billion by 2025, growing at a CAGR of 36% over the forecast period.

An Intelligent Virtual Assistant is a smart system which performs tasks as per the users’ demand. It is a solution that simplifies user interaction with personal computers, smartphones, SMS, messenger and other interfaces. IVA systems use various interaction methods, which include text-to-text, speech-to-text, among others to assist users in executing their tasks, either for some useful purposes or for entertainment purpose. Apple’s Siri, Amazon Alexa, are few well-known intelligent virtual assistants.

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Increasing penetration of smartphones and growing adoption of IVA devices and services by large enterprises is propelling the growth of the industry. Increasing demand for automation in offering the uninterrupted support services for customer and growing adoption in smart home systems which include music players, wireless connected thermostats, air conditioners and others is further projected to propel the industry growth. However, lack of accuracy in the system design and personalization option is expected to restrain the industry growth.

This Intelligent Virtual Assistant market research report provides the existing competitive analysis of some of the major players profiled in the market, which includes: Microsoft, Nuance Communications, Samsung Electronics, Alphabet, Apple, Amazon, International Business Machines (IBM), Facebook, Cognitive Code, Artificial Solutions, Mycroft Ai, among all the others.

Key Regions for this market: North America, Europe, APAC, Latin America, and the Middle East & Africa.

North America is estimated to be the dominant region in the global intelligent virtual assistant market and the growth is attributed to the increasing adoption of technological advancements by the companies in these regions. Major companies acting as the driving forces for the technology include Google and automobile manufacturers such as BMW, are investing heavily in IVAs.

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The report includes -

Segmentation: Based on product segment, the report segregates the segment and delivers the revenue, growth rate, and market share, of each type,

Chat-bots
IVA Smart Speakers
Smart Watches
On the basis on the technology, this report focuses on the status and outlook for major applications, market share and growth rate for each application, including

Text Based
Text-to-Speech
Automatic Speech Recognition (ASR)
Others
On the basis of type, the market has been segmented further, and displays growth rate and market share over the forecast period;

Rule based IVA
Conversational AI based IVA
On the basis on the service, this report focuses on the status and outlook for major applications, market share and growth rate for each application, including

Customer Service
Marketing Assistant
On the basis on the vertical, this report focuses on the status and outlook for major applications, market share and growth rate for each application, including

Consumer Electronics
BFSI
Healthcare
Education
Retail
Travel and Hospitality
Government
Utilities
Others

Overall, this Intelligent Virtual Assistant market research report depicts thorough overview of the market, which, in turn, will help the industry participants, consultants, equipment manufacturers, as well as the existing key players searching for potential growth opportunities and the stakeholders to align their market-centric strategies in view of the on-going and projected trends in the coming years.

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Key questions answered in the report include:

What will the market size and the growth rate by the end of the forecast period?

What are the key industry trends impacting the growth of the market?

What are the key factors driving and restraining the Intelligent Virtual Assistant market?

What are the challenges to market growth?

What are the market opportunities and threats faced by the key players in the market?

Who are the leading competitors functioning in the market for Intelligent Virtual Assistant?

What are the key outcomes of Porter’s five forces analysis of the Intelligent Virtual Assistant market?

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