Intelligent Virtual Assistant (IVA) Market Size By Technology Analysis & Forecast 2025 | Clara Labs, IBM, Nuance Communications, Creative Virtual, InteliWISE, Artificial Solutions, eGain Communications, 24/7 Customer, Inc., and Anboto

The global Intelligent Virtual Assistant (IVA) market size was valued at USD 2,166.0 million in 2019 and is anticipated to grow at a CAGR of over 33% in the next five years. Integration of Intenet of things (IoT) and Artificial Intelligence (AI) growing demand for automation within the service-based organizations and increasing usage of smartphones is likely to drive the market growth. Additionally, automation technologies that include AI and Robotic Process Automation (RPA) are been implemented in various sectors and are expected to increase the adoption of an intelligent virtual assistant.

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Virtual assistant technology enables features such as conversing in natural language, understanding various languages, as well as responding in voice or text. An increasing number of large enterprises is adopting the IVA technology to increase revenue and reduce the dependence on humans for customer service. Industry verticals including banking, IT & telecom, and retail are replacing traditional systems with these systems to improve the return on investment.

Growing penetration of mobile devices in mobile banking is one of the crucial differentiators within the consumer services responsible for the high growth in the IVA industry. Banks benefit through virtual agents by delivering round the clock services along with automating routine services, thus, reducing inbound calls and enhancing customer satisfaction.

Over the years, the acceptance of speech recognition has gradually grown due to the implementation of mobile computing technology. The automatic speech recognition is anticipated to grow at a CAGR of ~40% from 2020 to 2025. It facilitates interaction with mobile devices along with its application easy, which is an important feature for developers to implement this technology.

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The key players operating within the global intelligent virtual assistant (IVA) market are Apple, Inc., Microsoft Corporation, Alphabet, Inc., Nuance Communications, Inc., Samsung Electronics Co. Ltd., Amazon.com Inc., Baidu, Inc., International Business Machines (IBM) Corporation, Inbenta Technologies, Inc., and others. As of 2019, the market for intelligent virtual assistant providers is fragmented with the presence of established global and domestic players across the globe. Moreover, the established companies are coming up with upgraded versions of IVA technologies with upgraded as well as advanced digital and automation solutions.

The report also throws light on various aspects of the global intelligent virtual assistant industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the intelligent virtual assistant industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.

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The global intelligent virtual assistant market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.

On the basis of applications, this market covers categories like automotive, BFSI, retail, IT & telecom, healthcare, education, and others. In 2019, the market for BFSI intelligent virtual assistant segment was valued ~475 million and is anticipated to grow at a considerable rate over the forecast period.

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On the geographical front, North America dominated the global intelligent virtual assistant market in 2019 and is expected to do so over the forecast period 2019-2025. The rising number of mobile and wireless subscribers is projected to drive the demand from individual users. Moreover, increasing acceptance of Bring Your Own Device (BYOD) trends have led to the evolvement of operating remotely. Technological developments throughout the years have led to high usage of cloud-based tools that include MS Office and Skype online. Growing usage of such tools signifies a rising number of individuals working remotely, thus, offering lucrative prospects for industry growth.

Key Segments of the Global Intelligent Virtual Assistant Market
Type Overview, 2018-2025 (USD Million)
Text-based
Text-to-speech
Automatic speech recognition
Application Overview, 2018-2025 (USD Million)
Automotive
BFSI
Retail
IT & Telecom
Healthcare
Education
Others
Regional Overview, 2018-2025 (USD Million)
North America
U.S.
Canada
Europe
France
UK
Germany
Asia Pacific
China
India
Japan
Singapore
Rest of APAC
Central and South America
Brazil
Argentina
Mexico
Rest of South America
Middle East and Africa

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Reasons for the study
The purpose of the study is to give an exhaustive outlook of the global intelligent virtual market. Benchmark yourself against the rest of the market.
Be prepared for how research & development (R&D) investments and the intelligent virtual assistant market will be impacted by socio-political and economic factors over the next few years
Ensure you remain competitive as new innovations by existing key players boost the market.

What does the report include?
The study on the global intelligent virtual market includes qualitative factors such as drivers, restraints, and opportunities
The study covers the competitive landscape of existing/prospective players in the intelligent virtual assistant industry and their strategic initiatives for the product development
The study covers a qualitative and quantitative analysis of the market segmented on the basis of type and applications. Moreover, the study provides similar information for the key geographies.
Actual market sizes and forecasts have been provided for all the above-mentioned segments.

About US:
Adroit Market Research is an India-based business analytics and consulting company. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market's size, key trends, participants and future outlook of an industry. We intend to become our clients' knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.

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