Intelligent Virtual Assistant Market Size, Share, Growth, Global Trends, Industry Analysis and Forecast to 2027Price: 3200/- USD | Published Date: May 7, 2020 |
The global intelligent virtual assistant market size was accounted for USD 4 billion in 2019 and projected to register a higher CAGR of 38% during the forecast period 2020 to 2027. The unification of artificial intelligence (AI) powered intelligent virtual assistant in various devices like smartphones, tablets, and computers are projected to uplift the market. The rising adoption of chatbots and smart speakers in various industries such as automotive, BFSI, and entertainment and media are some factors to drive the market growth positively.
IVAs are well skilled and perform various tasks for enterprises such as IT, banking, retail, and automotive. IVA is capable to response the customer's queries, navigate, provide information, and to assist customers to use various applications like bill paying and filling forms. Due to these features, the IVAs are integrated into various devices such as smartwatches, smartphones, tablets, and smart speakers. The Increasing demand for IVAs in various industries such as automotive, retail, banking, and IT is expected to promote the intelligent virtual assistant market during the forecast period.
The market is segmented into product, technology, application, and region. By product, the market is classified into chatbots and smart speakers. In 2019, the chatbot segment held the largest market share owing to higher adoption in retail, banking, insurance, healthcare, and education portals. On the basis of application, the market is classified into healthcare, retail, BFSI, automotive, consumer electronics, and others. The BFSI segment held the largest share of the intelligent virtual assistant market with more than 20% of the market globally.
The report provides both, qualitative and quantitative analyses of the market, the competitive landscape, and the preferred development strategies of key players which help to formulate competitive market strategies and make informed decisions. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market, and expert opinion obtained from interviews with industry executives and experts from prominent companies.
According to Research Corridor, this study will provide in-depth analysis of segments on the basis of current trends, market dynamics and country level analysis of intelligent virtual assistant industry. This report provides market estimates and forecast for the period 2018-2027, along with respective CAGRs for each segment and regional distribution for the period 2020-2027. In depth analysis of competitive landscape, porter's five forces model, value chain analysis, and pricing strategies are also covered in the report scope.
Historical & Forecast Period
- 2018 - Historical Year for intelligent virtual assistant Market
- 2019 - Base Year for intelligent virtual assistant Market
- 2020-2027 - Forecast Period for intelligent virtual assistant Market
The intelligent virtual assistant market report offers a primary overview of the intelligent virtual assistant industry covering different product definitions, classifications, and participants in the industry chain structure. The quantitative and qualitative analysis is provided for the global market considering competitive landscape, development trends, and key critical success factors (CSFs) prevailing in the intelligent virtual assistant industry.
Intelligent Virtual Assistant Market Segmentation:
By Product Type:
- Smart Speakers
By Technology Used:
- Text based
- Automatic Speech Recognition
- Consumer Electronics
List of Key Companies:
- Microsoft Corporation
- Nuance Communications Inc.
- Apple Inc.
- Google Inc.
- Oracle Corporation
- IBM Corporation
- Samsung Electronics
Intelligent Virtual Assistant Market Report Scope
This report provides an investigative analysis of the intelligent virtual assistant market encapsulated in detailed sections such as
- Research Methodology
- Research Scope
- Executive Market Summary: Industry Snapshot
- Industry Outlook
- Critical Success Factors (CSFs) for the Market
- Market Dynamics
- Key Opportunities
- Market Porters Five Force Analysis
- Market Value Chain/Ecosystem Analysis
- Market Attractive Investment Proposition
- Market PESTEL Analysis
- Market Positioning of Key Vendors
- Market Segmentation Outlook
- Regional Outlook
- Company Profiles of Key Vendors
Geographically, the intelligent virtual assistant Market report comprises dedicated sections centering on the regional market revenue and trends. The intelligent virtual assistant market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific and Rest of the World (RoW). The RoW segment consists Latin America and the Middle East & Africa. The intelligent virtual assistant market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance and others. intelligent virtual assistant Market estimates have also been provided for the historical years 2017 & 2018 along with forecast for the period from 2018 - 2027.
- North America intelligent virtual assistant Market Revenue and Forecast
- Europe intelligent virtual assistant Market Revenue and Forecast
- Asia Pacific intelligent virtual assistant Market Revenue and Forecast
- Latin America intelligent virtual assistant Market Revenue and Forecast
- Middle East and Africa intelligent virtual assistant Market Revenue and Forecast
Key Questions Answered by Intelligent Virtual Assistant Market Report
- Market size and forecast of the intelligent virtual assistant market for the period from 2018 to 2027
- Compounded annual growth rate (CAGR%) for individual segments in various regional markets through 2025
- Value chain analysis
- Market share analysis combined with competitive landscape of key players
- Profiles of key market players covering overall business operations, geographic presence, product portfolio, financial status and news coverage
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