Global Intelligent Virtual Assistants Market to Reach US$19.1 Billion by the Year 2027
Amid the COVID-19 crisis, the global market for Intelligent Virtual Assistants estimated at US$2.5 Billion in the year 2020, is projected to reach a revised size of US$19.1 Billion by 2027, growing at a CAGR of 34% over the period 2020-2027.Speech Recognition, one of the segments analyzed in the report, is projected to grow at a 33.6% CAGR to reach US$12.1 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Text-to-Speech Recognition segment is readjusted to a revised 34.8% CAGR for the next 7-year period. This segment currently accounts for a 35.5% share of the global Intelligent Virtual Assistants market.
The U.S. Accounts for Over 30.1% of Global Market Size in 2020, While China is Forecast to Grow at a 33% CAGR for the Period of 2020-2027
The Intelligent Virtual Assistants market in the U.S. is estimated at US$742.7 Million in the year 2020. The country currently accounts for a 30.1% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$3.2 Billion in the year 2027 trailing a CAGR of 33% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 30.5% and 29.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 24% CAGR while Rest of European market (as defined in the study) will reach US$3.2 Billion by the year 2027.We bring years of research experience to this 9th edition of our report. The 182-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
- Competitors identified in this market include, among others,
- Alphabet, Inc.
- Amazon.com, Inc.
- Apple, Inc.
- Artificial Solutions Holding Ash AB
- Baidu, Inc.
- BlackBerry Ltd.
- Facebook, Inc.
- IBM Corporation
- Inbenta Technologies, Inc.
- Microsoft Corporation
- Mycroft AI, Inc.
- Nuance Communications, Inc.
- Samsung Electronics Co., Ltd.
- Unified Computer Intelligence Corporation