Intelligent Virtual Assistant Market to See Worldwide Growth by 2023: Leading Companies Microsoft, Nuance Communications, Samsung Electronics, Alphabet, Apple, Amazon, International Business Machines

The Intelligent Virtual Assistant Market report entails key information, vital data and important insights in relation with global market spread across the various regions and countries. The research strives to analyze the global market with keen interest and holistic approach. The research led by strong methodology, analytical perspective and team of professional analysts may enable leaders, organizations, teams, individual professionals and others to reach right kind of decisions within set timeframe and lesser turmoil. The report is equipped with major insights in relation with major market components such as market share, market segmentation and more.

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Major Players:

Microsoft, Nuance Communications, Samsung Electronics, Alphabet, Apple, Amazon, International Business Machines (IBM), Facebook, Cognitive Code, Artificial Solutions, Mycroft Ai

Market Summary:

•Intelligent Virtual Assistant Market was valued at USD 1.20 Billion in 2016 and is projected to reach USD 19.9 billion by 2025.

•It is projected that Intelligent Virtual Assistant Market may register CAGR of 36% over the forecast period.

Growth Drivers:

Factors mentioned below are expected to propel the overall growth for the global market.

•Increasing penetration of smartphones in routine lives and transactions

•Rising adoption of Intelligent Virtual Assistant devices and services by large scale organizations

•Growing demand for automation in offering the continual support services for customer

•Increasing adoption in smart home systems

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Restraints:

Following factors may hinder the overall growth of the global market:

•Lack of accuracy in the system design

•Intricacies involved in personalization or customization

Market Segmentation:

Product Segment:

•Chat-bots

•IVA Smart Speakers

•Smart Watches

Application Segment:

•Text Based

•Text-to-Speech

•Automatic Speech Recognition (ASR)

•Others

Type Segment:

•Rule based IVA

•Conversational AI based IVA

Service Segment:

•Customer Service

•Marketing Assistant

Vertical Segment:

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•Consumer Electronics

•BFSI

•Healthcare

•Education

•Retail

•Travel and Hospitality

•Government

•Utilities

•Others

Geographic Segment:

•North America: U.S., Rest of North America

•Europe: Germany, France, UK, rest of Europe

•Asia Pacific: China, Japan, India and Rest of Asia Pacific

•Middle East & Africa: GCC, North Africa, South Africa and Rest of MEA

•Latin America: Brazil and Rest of Latin America

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