According to a recent report published by Allied Market Research, titled, “Intelligent Virtual Assistant Market by Product, Technology, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020–2027,” 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.
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.
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.
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.
Key Findings Of The Study
- By product, the chatbots segment dominated the intelligent virtual assistant market. However, the smart speaker’s segment is expected to exhibit significantgrowth during the forecast period in the intelligent virtual assistant industry.
- By technology, the text-to-speech segment dominated the intelligent virtual assistant marketshare in 2019. However, the speech recognition segment is expected to exhibit significant growth during the forecast period.
- By industry vertical, the BFSI segment dominated the intelligent virtual assistant market revenue in 2019. However, the healthcare segment is expected to exhibit significant growth during the forecast period
- Region wise, North America dominated the intelligent virtual assistant market trends in 2019. Whereas, Asia-Pacificis expected to witness significant growth in terms of CAGR in the coming years.
Some of the key market players profiled in the intelligent virtual assistant market analys 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 includebusiness 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 marketanalysis, trends, and future estimations to determine the imminent investment pockets.