Press release
Global Intelligent Virtual Assistants Market 2026: Professional analysis with study of Driving Factors, Key Players, Growth Opportunities & Restraints, technological developments and changing trends
The growing need to improve customer service, streamline enterprise communication, and increase productivity has boosted the adoption of intelligent virtual assistants. The rising penetration of mobile devices, and integration of virtual assistants with smart home appliances further support the growth of this market. Additionally, the increasing demand of intelligent virtual assistants from small and medium enterprises has supported market growth over the years. Increasing investments by vendors in technological advancements coupled with growing need to improve customer experience would accelerate the adoption of intelligent virtual assistants. However, lack of awareness is expected to hinder market growth. Growing demand from emerging economies is expected to provide numerous growth opportunities in the coming years.
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Top Key Player:
Apple Inc.
Microsoft Corporation
Nuance Communications
IBM Corporation
Oracle Corporation
IntelliResponse Systems Inc.
Speaktoit Inc.
CodeBaby Corporation
Next IT Corporation
Intel Corporation
Clara Labs.
The use of digital assistants and bots is expected to increase in the coming years. Computer programs in the form of bots simulate conversation with users through chat windows and voice calls. They have the ability to perform a number of different automated tasks such as scheduling meetings, managing finances, and others. They also assist in successful use of unified communication tools. These bots could be used as an automated attendant monitoring the interactions and offering instructions to users.
Intelligent virtual assistants are gradually replacing traditional interactive voice response systems. Use of intelligent virtual assistants is proving effective by enhancing customer and brand experience, and providing a consumer-friendly environment. The virtual assistants also offer a platform for convenient communication within businesses through voice, text, and other channels.
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North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The presence of established telecom and cloud infrastructure in this region, and growing trend of BYOD drive the market growth in the region. The growing demand of mobile devices, and technological advancements further support market growth in the region. Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to growing demand of virtual assistant technologies in the developing countries of the region.
The end-users in intelligent virtual assistant market include healthcare, education, retail, BFSI, government, and others. In 2017, the BFSI segment accounted for the highest market share owing to increasing need to offer enhanced customer services, and improve productivity. The demand for intelligent virtual assistants has increased from organizations operating in this sector to improve workforce collaboration, client interaction, and reduce costs.
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.
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