Intelligent Virtual Assistant Market Growth Factors, Opportunities, Ongoing Trends and Forecast 2027

The intelligent virtual assistant market size was valued at $3,442 million in 2019, and is projected to reach $44,255 million by 2027, growing at a CAGR of 37.7% from 2020 to 2027.

North America dominates the global intelligent virtual assistant market, owing to increased adoption of intelligent virtual assistant in countries such as the U.S. However, Asia-Pacific is expected to exhibit a faster growth during the forecast period.

Request Sample Report: https://www.alliedmarketresearch.com/request-sample/166

Emergence of advance technologies such as artificial intelligence has propelled the adoption intelligent virtual assistant among diverse industry verticals. Majority of industries have implemented intelligent virtual assistant as a part of their customer service to provide exquisite customer services. North America dominated the market in the 2019 and Asia-Pacific is anticipated to register highest CAGR in the coming years.

Intelligent virtual assistant (IVA) is an advanced IT technology facilitating effective communication between users and devices, such as mobile, PCs, and laptops. IVA facilitates the process of collecting and maintaining information. With increasing work complexities, most of the organizations are adopting intelligent virtual assistants to reduce their workload and offer quick response to customer queries. In addition, intelligent virtual assistant facilitates smooth communication between devices and humans. Also, it uses speech recognition technology to identify words and phrases in human spoken language and automatically convert them to a machine-readable format. Aforementioned are factor that drive the intelligent virtual assistant market growth during the forecast period.

Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/166

Increase in smart phone penetration, convenient query handling, and inclusion of natural language understanding technology are the major growth drivers of the IVA market. However, lack of awareness has been observed in under-developed countries such as Africa, which restraints the intelligent virtual assistant market growth. Moreover, intelligent virtual assistant is a growing market and is expected to exhibit robust growth, owing to beneficial features, such as improved customer handling, improved customer retention, ease of access, and rapid smartphone penetration.

Some of the key market players profiled in the intelligent virtual assistant market analyst is include Alphabet Inc., Amazon.com, Inc., Apple Inc., Artificial Solutions, EGain Corporation, International Business Machines Corporation, IPsoft Inc., Nuance Communications, Inc., Verint Systems Inc., and Samsung Electronics Co., Ltd. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. With increase in artificial intelligence R&D initiatives across the globe, major players have collaborated their product portfolio to provide differentiated and innovative products. This study includes market analysis, trends, and future estimations to determine the imminent investment pockets.

Access Full Summary:https://www.alliedmarketresearch.com/intelligent-virtual-assistant-market

David Correa
1209 Orange Street
Corporation Trust Center
Wilmington
New Castle
Delaware 19801
USA Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.