Intelligent Virtual Assistant Market will be growing at a CAGR of 40.9% during the forecast 2019 to 2027

The latest market report published by Acute Market Reports, Inc. “Intelligent Virtual Assistant (IVA) Market – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the intelligent virtual assistant market was valued at US$ 2.65 Bn in 2018 expanding at a CAGR of 40.9% throughout the forecast period from 2019 to 2027.

Market Insights

“Rising adoption of smartphone devices and integration of virtual assistant will spur revenue growth during the forecast period”

Integration of artificial intelligence and the Internet of Things (IoT) coupled with demand for automation by various end-use industries including BFSI, and Education among others and increasing adoption of smartphone devices are factors bolstering the intelligent virtual assistant (IVA) market growth. In the past decade, consumer product brands have adopted intelligent virtual assistants to assist their customers. The BFSI sector especially has been one of the early adopters of this technology. Additionally, growing demand for self-service options and increased focus to improve customer experience across professional services are factors influencing the market demand of intelligent virtual assistant market.

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The rising demand and adoption of smart speakers including Amazon Echo, and Google Home Mini among others for smart home systems across the globe are factors further propelling the growth of the market. In addition, the declining cost of hardware and the infrastructure costs associated with deployment of intelligent virtual assistant have come down, this in turn is enabling organizations to integrate this artificial intelligence technology and develop solutions catering to their requirements.

Industrial Developments

• In February 2019, Amazon.com Inc., launched an initiative, which allows user to access its Alexa, Microsoft’s Cortana and numerous other virtual assistants’ services from a single device. However, it will not support Alphabets Inc’s Google assistant, Apple Inc’s Siri and Bixby of Samsung Electronics.

Key Market Movements

• Globally, the intelligent virtual assistant (IVA) market is expanding at a CAGR of 40.9% during the period from 2019 to 2027.
• Text-to-speech segment anticipated to lead the intelligent virtual assistant market contributing more than 60% of revenue share. This can be associated with numerous application of the technology, which benefits customers, and organizations among others.
• In addition, automatic speech recognition segment anticipated to display remarkable growth during the forecast period. Owing to, increasing adoption of smartphones and interaction with its application and benefits offered such as hand free computing, translation features, voice recognition and control among others.
• North America holds the largest market share and dominates the intelligent virtual assistant market in terms of revenue contributing more than 35% of market share. Owing to consumer’s inclination towards digital technology, early adoption of artificial intelligence and robust banking sector among others.
• Asia Pacific region anticipated to expand at the highest CAGR throughout the forecast period. Owing to the increasing consumer electronics sector in countries such as China, and India among others.

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List of Companies Covered:

• Amazon.com Inc.
• Microsoft Corporation
• Nuance Communications Inc.
• Apple Inc.
• Google Inc.
• Oracle Corporation
• IBM Corporation
• Samsung Electronics
• Baidu
• Inbenta Technologies

Market Segmentation:

By Product Segment  

 • Smart Speakers

 • Chatbots

 By Technology Segment

 • Text-to-speech

 • Text based

 • Automatic Speech Recognition

By Application Segment

 • BFSI

 • Consumer Electronics

 • Healthcare

 • Automotive

 • Retail

 • Education

 • Others (Government, Travel & Hospitality, etc.)      

By Geography Segment Type

• North America (the U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, Latin America)

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