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Intelligent Virtual Assistant (IVA) Market Projected to Cross $25.6 Billion by 2025

Dublin, Aug. 22, 2019 (GLOBE NEWSWIRE) -- The "Intelligent Virtual Assistant (IVA) Market Size, Share & Trends Analysis Report By Product (Chatbots, Smart Speakers), By Technology (Speech Recognition, Text-to-Speech), By Application, And Regional Forecasts, 2019 - 2025" report has been added to ResearchAndMarkets.com's offering.

The global intelligent virtual assistants market size is expected to reach USD 25.63 billion by 2025. It is anticipated to expand at a CAGR of 40.4% during the forecast period.

Increasing smart homes, usage of smartphones coupled with growing demand for home assistance and automation in customer service sectors is projected to drive the demand for IVA.

The IVAs provide assistance to individuals and businesses. They include products such as Chatbots and smart speakers that listen and recognize requirements of the individuals and assist them in various tasks. The virtual assistants can carry out a range of tasks, including training, scheduling appointments, and many other individual as well as business activities.

The IVA market is expected to grow aggressively over the forecast period, owing to the rising adoption across several applications including BFSI, healthcare, and automotive, among others. Development in speech and voice recognition technologies such as Apple's Siri and Amazons' Alexa, has been the driving factor behind the proliferating growth of the intelligent virtual assistant market. Organizations across all vertical segments have been benefiting from virtual assistant technology. Large enterprises have widely adopted the technology and are becoming the primary point of engagement with an enterprise.

Emerging countries such as India will contribute immensely to the region growth with the increasing penetration of virtual assistants across BFSI segment. For example, in 2016, DBS Bank in India unveiled digibank - an AI-based virtual assistant - which is India's first mobile-only bank in Mumbai. It is a paperless, signature-less, and branchless bank from DBS which will help customers operate digitally with in-built features such as biometrics and Artificial Intelligence (AI).

Further key findings from the report suggest:

  • Smart speakers is anticipated to emerge as the fastest growing product segment over the forecast period
  • Text to speech technology emerged as the largest segment in 2018 and is estimated to generate revenue over USD 15.37 billion by 2025
  • North America held the largest share in the intelligent virtual assistants market in 2018. Booming healthcare industry after the emergence of AI and IoT is driving the growth
  • Key players include Apple Inc., Oracle Corporation, CSS Corporation, WellTok Inc., CodeBaby Corporation, eGain Corporation, MedRespond, Microsoft, Next IT Corporation, Nuance Communications, Inc., and True Image Interactive Inc.

Key Topics Covered

Chapter 1 Methodology And Scope

Chapter 2 Executive Summary

Chapter 3 Market Summary
3.1 Market Snapshot
3.2 Market Segmentation
3.3 Intelligent Virtual Assistants Market
3.3.1 Regional Segment Trends
3.3.2 Product Segment Trends
3.3.3 Technology Segment Trends
3.3.4 Application Market

Chapter 4 Industry Outlook
4.1 Intelligent Virtual Assistants Value Chain Analysis
4.2 Market Variable Analysis
4.2.1 Market Drivers Analysis
4.2.2.1 Growing Adoption of IoT
4.2.2.2 Demand for Automation in Service-based Sector
4.2.2.3 Rising Integration of AI in Healthcare
4.2.2.4 Increasing Adoption of Smart Speakers with Smart Home Appliances
4.2.2 Market Restraints Analysis
4.2.2.1 Lack of Awareness
4.3 Penetration and Growth Prospect Mapping
4.4 Intelligent Virtual Assistants Market Trends, 2018
4.5 Industry Analysis Tools
4.5.1 PESTEL Analysis
4.5.2 Porter's Five Forces Analysis

Chapter 5 Intelligent Virtual Assistants Market: Competitive Insights
5.1 Key Company Analysis, 2018
5.2 Key Innovators
5.3 Strategic Outcome Analysis

Chapter 6 Intelligent Virtual Assistants Market: Product Segment Analysis
6.1 Chatbots
6.2 Smart Speakers

Chapter 7 Intelligent Virtual Assistants Market: Technology Segment Analysis
7.1 Automatic Speech Recognition
7.2 Text to Speech
7.3 Text based

Chapter 8 Intelligent Virtual Assistants Market: Application Segment Analysis
8.1 BFSI
8.2 Consumer Electronics
8.3 Automotive
8.4 Healthcare
8.5 Education
8.6 Retail
8.7 Government
8.8 Travel & Hospitality

Chapter 9 Intelligent Virtual Assistants Market: Regional Outlook
9.1 North America
9.2 Europe
9.3 Asia-Pacific
9.4 Latin America
9.5 Middle East & Africa

Chapter 10 Company Profiles
10.1 [24]7 Customer Inc.
10.2 Amazon.com Inc.
10.3 Apple Inc.
10.4 Baidu Inc.
10.5 Clara Labs
10.6 CSS Corp.
10.7 Creative Virtual
10.8 CodeBaby Corporation
10.9 eGain Corporation
10.10 Google Inc.
10.11 IBM Corporation
10.12 Kognito
10.13 Microsoft Corporation
10.14 MedRespond
10.15 Next IT Corp.
10.16 Nuance Communications Inc.
10.17 Oracle Corporation
10.18 True Image Interactive Inc.
10.19 Verint
10.20 Welltok Inc.

For more information about this report visit https://www.researchandmarkets.com/r/dbwm7a

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