Intelligent Virtual Assistant Market by Technology (Text to Speech, Text based), by Product (Chatbot, Smart Speakers), by Application (BFSI, Consumer Electronics, IT & Telecom), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) – Global Forecast (2020 to 2027)

Intelligent Virtual Assistant Market: Summary

The Global Intelligent Virtual Assistant Market is projected to reach a value of over USD 40.1 billion by 2027 at a CAGR of around 34.7%.

The intelligent virtual assistant is a software agent, which can perform tasks or services for an individual based on questions or commands. It is also known as virtual agent and digital employees that helps the customers or user to engage with them in a easy manner. It helps the user to accomplish a large variety of tasks such as Apple’s Siri or providing an intuitive interface for connected homes or cars. Moreover, for business this solution is mainly important, as it helps to provide high scalable as well as an efficient performance.

Hence, the use of virtual assistants are growing rapidly, with new products which coming in the market and a strong emphasis on both email as well as in voice user interfaces.

Intelligent Virtual Assistant Market: Drivers & Restraints

Market Driver:

• Rising Penetration of Mobile Devices

With the rising penetration of mobile devices is witness to boost the growth of the market in the forecast period. Whereas, with the rising adoption of smartphone lead to increase the demand for the virtual assistant such as the Google Assistant on Google-enabled or on Android mobile devices. Moreover, the mobile operating system such as the Siri on iOS devices as well as the BlackBerry Assistant on BlackBerry 10 devices, and into a desktop OS such as Cortana on Microsoft Windows OS.

Hence, the Microsoft has also widely installed base of Windows-based personal computers, smartphones and smart speakers, these may also lead to growth the market demand. With the increasing mobile devices can also increase the demand for the personal assistant. Hence, it may lead to boost the market demand in the projected period.

Market Restraints:

• Lack of Awareness

One of the major key concern of the intelligent virtual assistant market is the lack of awareness which may challenging factor for the growth of the market. Whereas, the lack of awareness has been observed mainly in underdeveloped countries such as Africa, which may create as a restraints factor for the intelligent virtual assistant market growth. Moreover, high initial costs of product as well as the high risk pertaining to security. Also, the advancement and technological benefits of the services it still being unaware by various user.

Hence, impact of the cost and complexity of software as well as the lack of skilled resources is projected to reduce the market demand in the forecast period.

Intelligent Virtual Assistant Market: Key Segments

• Segmentation based on Technology: Automatic Speech Recognition, Text to Speech and Text Based.
• Segmentation based on Product: Chatbot and Smart Speaker
• Segmentation based on Type: Rule-Based and Conversational AI-Based.
• Segmentation based on Application: BFSI, Consumer Electronics, IT & Telecommunications, Automotive, Healthcare, Education, Retail, Travel & Hospitality and Others.
• Segmentation based on Region Covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.

Intelligent Virtual Assistant Market: Report Scope

The report on the intelligent virtual assistant market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.

Key Companies Covered

• Nuance Communications, Inc. (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
• Microsoft
• Intel Corporation
• SAMSUNG
• Google Inc.
• Oracle
• Apple Inc.
• IBM Corporation
• Inbenta Technologies Inc.
• CSS Corp
• Other Key Companies
  • Welltok, Inc
  • Amazon.com, Inc.
  • eGain Corporation
  • Next IT Corporation

Intelligent Virtual Assistant Market: Report Segmentation

For the scope of the report, In-depth segmentation is offered by Forencis Research

Intelligent Virtual Assistant Market, by Technology

• Automatic Speech Recognition
• Text to Speech
• Text Based

Intelligent Virtual Assistant Market, by Product

• Chatbot
• Smart Speakers

Intelligent Virtual Assistant Market, by Type

• Rule-Based
• Conversational AI-Based  

Intelligent Virtual Assistant Market, by Application

• BFSI
• Consumer Electronics
• IT & Telecommunications
• Automotive
• Healthcare
• Education
• Retail
• Travel & Hospitality
• Others

Intelligent Virtual Assistant Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Asia-Pacific
  • China
  • India
  • Japan
  • Taiwan
  • South Korea
  • Rest of Asia-Pacific
• Europe
  • Germany
  • France
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East & Africa
• South America
  • Brazil
  • Argentina
  • Rest of South America

Key Questions Answered By The Report

• What are the prominent developments affecting the market worldwide and its growth?
• What will be the impact of the developments in the market on the industry and on the market players in the future?
• What are the evolving variations of the market globally?
• What are the evolving functions of the market globally?
• What are the prominent aspects that will affect market growth globally during the study period?
• Who are the key players operating in the market across the globe?
• How are the key players leveraging in the present market scenario worldwide?

Report Audience

• Intelligent Virtual Assistant Market Providers
• Intelligent Virtual Assistant Market Solution and Services Suppliers, Distributors and Dealers
• End-Users of Varied Segments of Intelligent Virtual Assistant Market
• Government Bodies and Intellectual Institutions
• Associations and Industrial Organizations
• Research & Consulting Service Providers
• Research & Development Organizations
• Investment Banks & Private Equity Firms

60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE INTELLIGENT VIRTUAL ASSISTANT MARKET STUDY