Growing demand for automation solutions within the service-based industries drives the demand for an intelligent virtual assistant market
The global Intelligent Virtual Assistant (IVA) market size was valued at USD 2,166.0 million in 2019 and is anticipated to grow at a CAGR of over 33% during the forecast period 2020-2025. Increasing usage of smartphones is likely to drive the market growth. Additionally, automation technologies that include AI and Robotic Process Automation (RPA) are already implemented in various sectors, hence integration of Internet of things (IoT) and Artificial Intelligence (AI) for automation within the service-based organizations will boost the deployment of intelligent virtual assistant.
Deployment of new-age products and solutions, such as smart speakers and chatbots are growing, predominantly in the retail, automotive, media & entertainment and travel & hospitality sectors. In the last seven to eight years, consumer product brands have implemented IVA that includes interactive voice response to offer virtual identities that converse with the users. Moreover, constant innovation within the virtual assistant solutions intended for retail & e-commerce, as well as healthcare clients using Natural Language Processing (NLP) and AI is expected to draw the end-user attention for improving the client experience, hence, impelling the industry growth.
Growing penetration of mobile devices in mobile banking is one of the crucial differentiators within the consumer services responsible for the high growth in the IVA industry. Banks benefit through virtual agents by delivering round the clock services along with automating routine services, thus, reducing inbound calls and enhancing customer satisfaction.
Over the years, the acceptance of speech recognition has gradually grown due to the implementation of mobile computing technology. The automatic speech recognition is anticipated to grow at a CAGR of ~40% from 2020 to 2025. It facilitates interaction with mobile devices along with its application easy, which is an important feature for developers to implement this technology.
The report also throws light on various aspects of the global intelligent virtual assistant industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the intelligent virtual assistant industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The global intelligent virtual assistant market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
On the basis of applications, this market covers categories like automotive, BFSI, retail, IT & telecom, healthcare, education, and others. In 2019, the market for BFSI intelligent virtual assistant segment was valued ~475 million and is anticipated to grow at a considerable rate over the forecast period.
On the geographical front, North America dominated the global intelligent virtual assistant market in 2019 and is expected to do so over the forecast period 2019-2025. The rising number of mobile and wireless subscribers is projected to drive the demand from individual users. Moreover, increasing acceptance of Bring Your Own Device (BYOD) trends have led to the evolvement of operating remotely. Technological developments throughout the years have led to high usage of cloud-based tools that include MS Office and Skype online. Growing usage of such tools signifies a rising number of individuals working remotely, thus, offering lucrative prospects for industry growth.
The key players operating within the global intelligent virtual assistant (IVA) market are Apple, Inc., Microsoft Corporation, Alphabet, Inc., Nuance Communications, Inc., Samsung Electronics Co. Ltd., Amazon.com Inc., Baidu, Inc., International Business Machines (IBM) Corporation, Inbenta Technologies, Inc., and others. As of 2019, the market for intelligent virtual assistant providers is fragmented with the presence of established global and domestic players across the globe. Moreover, the established companies are coming up with upgraded versions of IVA technologies with upgraded as well as advanced digital and automation solutions.
Segment Overview of Global Intelligent Virtual Assistant Market
Type Overview, 2018-2025 (USD Million)
- Automatic speech recognition
Application Overview, 2018-2025 (USD Million)
- IT & Telecom
Regional Overview, 2018-2025 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- South America
- Rest of South America
- Middle East and Africa