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.
Market Driver:
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:
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.
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.
Report Features |
Specifics |
---|---|
Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
Base Year for Market Calculation |
2020 |
Forecasted Period |
2021-2027 (2021 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million) |
Segments Included |
Technology, Product, Type, Application, and Region |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Intelligent Virtual Assistant Market, by Technology
Intelligent Virtual Assistant Market, by Product
Intelligent Virtual Assistant Market, by Type
Intelligent Virtual Assistant Market, by Application
Intelligent Virtual Assistant Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE INTELLIGENT VIRTUAL ASSISTANT MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY