Global Intelligent Virtual Assistant Software Market is Projected to Grow at 38% CAGR

The global intelligent virtual assistant market size was accounted for USD 3.4 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.

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The market is segmented into products, sercies, 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.

Global Intelligent Virtual Assitant Software Market Segmentation:

By Product Type:

• Chatbot
• Smart Speakers

By Services:

• Customer Service
• Marketing Assistant

By Technology Used:

• Text-to-speech
• Text based
• Automatic Speech Recognition

By Application:

• BFSI
• Consumer Electronics
• Healthcare
• Automotive
• Retail
• Education
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key players operating in the global intelligent virtual assistant software market are 24/7 CUSTOMER, INC., Amazon, Inc., Anboto, Apple, Inc., Google, Inc., and IBM Corporation.

List of Key Companies:

• Microsoft Corporation
• Nuance Communications Inc.
• Apple Inc.
• Google Inc.
• Oracle Corporation
• IBM Corporation
• Samsung Electronics

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