Press release
Intelligent Virtual Assistant Market Expected to Reach $44,255 Million by 2027
Allied Market Research
Increase in demand for automation in customer service and rise in penetration of smartphone fuel the global intelligent virtual assistant market. On the other hand, inability of accurate responses impedes the growth to some extent. However, gesture recognition technology and multi-language support in IVAs are expected to create novel opportunities in the coming years.
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The global intelligent virtual assistant market is analyzed across product, technology, industry vertical, and region. Based on product, the chatbots segment contributed to nearly three-fifths of the total market share in 2019, and is projected to lead the trail by 2027. Simultaneously, the smart speakers segment would exhibit the fastest CAGR of 40.3% from 2020 to 2027.
Based on technology, the inorganic segment accounted for nearly half of the total market revenue in 2019, and is anticipated to rule the roost by 2027. The speech recognition segment, on the other hand, would portray the fastest CAGR of 42.0% throughout the forecast period.
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Based on geography, North America garnered the major share in 2019, generating nearly two-fifths of the global market. At the same time, Asia-Pacific would showcase the fastest CAGR of 40.9% by 2027. The other two regions covered in the study include LAMEA and Europe.
Furthermore, the automotive segment is expected to witness fastest growth during the forecast period. This growth is driven by the fast growing in-car infotainment systems market, as IVA is an important part of these systems, which enables the vehicle driver and passengers to surf the internet, navigate and make calls through speech recognition technology.
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The key market players analyzed in the global intelligent virtual assistant market report include Amazon.com, Inc., Apple Inc., EGain Corporation, International Business Machines Corporation, Samsung Electronics Co., Ltd., IPsoft Inc., Alphabet Inc., Nuance Communications, Inc., Artificial Solutions, and Verint Systems Inc. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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