The global intelligent virtual assistant market reached a value of around US$ 4 Billion in 2020.
An intelligent virtual assistant (IVA), also known as intelligent personal assistant (IPA), is a software that understands natural language voice commands and aids in completing basic tasks. These tasks can include drafting text messages, searching for information on the internet, finding hotels or restaurants, checking flight reservations, listening to the music, playing games, adding events in a calendar and checking the status of smart home devices. Owing to this, these assistants are nowadays integrated into most gadgets, such as smartphones, smartwatches, tablets and portable speakers. Some of the most popular IVAs include Google Assistant, Apple’s Siri, Microsoft’s Cortana and Amazon’s Alexa.
The increasing investment in research and development activities (R&D) by some of the leading players for introducing innovative products in the industry is strengthening the market growth. For instance, announced in May 2018, Google Duplex is a new project wherein Google Assistant allows users to make reservations via a smartphone without any interaction from their end. Apart from this, the escalating sales of smartphones, along with the rising influence of social media platforms, have led to a substantial rise in consumer awareness about the benefits offered by IVAs worldwide. Besides this, the high demand for automation in services that provide customer support is also impelling the market growth. Furthermore, the rising usage of IVAs by the young generation, coupled with the consistently improving consumer experience, is catalyzing their demand around the world. Looking forward, the analyst expects the global intelligent virtual assistant market to exhibit strong growth during the next five years.
Breakup by Application: Banking, Financial Services and Insurance (BFSI) Travel Retail Government Education Others
Breakup by Product: Chatbots IVA Smart Speakers Chatbots currently represent the most widely used product.
Breakup by Type: Rule-Based Conversational AI Based Rule-based intelligent virtual assistants exhibit a clear dominance in the market.
Breakup by Technology: Text-Based Text-to-speech Automatic Speech Recognition (ASR) Others Text-to-speech technology currently accounts for the majority of the total market share.
Regional Insights: North America Europe Asia Pacific Middle East and Africa Latin America On the geographical front, North America enjoys the leading position.
Competitive Landscape: The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are:
Microsoft Corporation Nuance Communications, Inc. Samsung Electronics Co. Ltd.
Alphabet, Inc. Apple, Inc. Amazon.com Inc. International Business Machines (IBM) Corporation Baidu, Inc. BlackBerry Ltd. Inbenta Technologies, Inc.
Key Questions Answered in This Report: How has the global intelligent virtual assistant market performed so far and how will it perform in the coming years? What has been the impact of COVID-19 on the global intelligent virtual assistant market? What are the key regions in the market? Which are the popular types in the market? Which are the key products in the market? What are the key application segments in the market? What are the major technologies in the market? What are the various stages in the value chain of the global intelligent virtual assistant market? What are the key driving factors and challenges in the global intelligent virtual assistant market? What is the structure of the global intelligent virtual assistant market and who are the key players? What is the degree of competition in the global intelligent virtual assistant market?
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