Intelligent Virtual Assistant Market to Reach USD 40.1 Billion by 2027 | CAGR 34.7% – Forencis Research

Global Intelligent Virtual Assistant Market: Key Highlights

• According to the new market research report “Intelligent Virtual Assistant Market by Technology (Automatic Speech Recognition, Text to Speech and Text Based), by Product (Chatbot, Smart Speakers), by Type (Rule-Based and Conversational AI-Based), by Application (BFSI, Consumer Electronics, IT & Telecommunications, Automotive, Healthcare, Education, Retail, Travel & Hospitality and Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) – Global Forecast (2020 to 2027)”, the global Intelligent Virtual Assistant Market is estimated to reach USD 40.1 Billion by 2027 at a CAGR of around 34.7% during the review period.
• The intelligent virtual assistant 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, 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.

Global Intelligent Virtual Assistant Market: Key Market Dynamics

• 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.
• 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.
• Increasing demand for machine learning and big data as well as rising adoption for Bring Your Own Device (BYOD) trends is play a key factor for the growth of intelligent virtual assistant market in the forecast period.
• Cost and complexity of software in the market lead to create a major restraining factor for the market growth in the projected period.

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Global Intelligent Virtual Assistant Market: Regional Overview

• Europe:

Owing to the rapid adoption of various technology in public and private sector in Europe the demand for the market is expected to increase. According to the European Commission, the Germany is a world leading country in technology, engineering and innovation. Moreover, the Germany government deliver a blockchain strategy of the government that focused on the feature offer by the technology and for digital platform.

However, the faster growing of the technologies may lead to increase the market                             demand in the forecast period.   

• Asia-Pacific:

The intelligent virtual assistant market in the Asia-Pacific region is projected to witness high demand due to the high adoption smart devices and digitalization in the region. The region can be new models for business with the adoption of various technology as the region has the highly demand for financial sector. China is one of the leading player of new emerging technologies such as artificial intelligence and machine learning market, as it invested heavily on this technologies. Moreover, India has witness have adopted upcoming technologies in banking and insurance which may increase the demand of the market of the projected period.

Global Intelligent Virtual Assistant Market: Key Players Overview

• Nuance Communications, Inc.:

Nuance is an American multinational computer software technology corporation, which delivers solutions that analyze as well as respond to human language and amplifying human intelligence. In 2019, the company revealed Project Pathfinder, a breakthrough technology which uses machine learning as well as the Nuance AI innovation to boost the conversational intelligence of virtual assistants (VAs) and chatbots.

Hence, company announced the Nina has earned a spot on Forrester’s Recommended Product List, which lead to receiving the number one ranking among the 10 most significant Chatbot providers for Enterprise Customer Service.

• Intel Corporation:

Intel Corporation is an American multinational corporation and Technology Company, which designs, manufactures, and sells computer components and related products. Whereas, the company offers product such as flash memory, graphic, network and communication, chipsets as well as the digital imaging products. In 2020, the Intel AI powered virtual assistant mobilized to assist reopening of military museum.

Hence, Intel technologies has also power the AI use cases in business, society, as well as in research.

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