Intelligent Virtual Assistant Market Key Insights and Growth Trends | Projected CAGR of 37.7%

The Intelligent Virtual Assistant Market Size was valued at $ 3,442 billion in 2019, and is projected to reach $ 44,255 million by 2027, growing at a CAGR of 37.7% from 2020 to 2027. 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.

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Increase insmartphone 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.

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.

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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.

The key players profiled in this report include

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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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.

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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Regional Analysis:

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.

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