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The Worldwide Intelligent Virtual Assistant Industry is Expected to Reach $40.9 Billion by 2027

·6 min read
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Global Intelligent Virtual Assistant Market

Global Intelligent Virtual Assistant Market
Global Intelligent Virtual Assistant Market

Dublin, June 10, 2022 (GLOBE NEWSWIRE) -- The "Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global intelligent virtual assistant market reached a value of US$ 6.27 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 40.95 Billion by 2027, exhibiting at a CAGR of 37.61% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

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.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global intelligent virtual assistant market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on application, product, type and technology.

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

Conversational AI 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?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Intelligent Virtual Assistant Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Product
5.5 Market Breakup by Type
5.6 Market Breakup by Technology
5.7 Market Breakup by Application
5.8 Market Breakup by Region
5.9 Market Forecast
5.10 SWOT Analysis
5.10.1 Overview
5.10.2 Strengths
5.10.3 Weaknesses
5.10.4 Opportunities
5.10.5 Threats
5.11 Value Chain Analysis
5.11.1 Overview
5.11.2 Research and Development
5.11.3 Inputs
5.11.4 Products and Services
5.11.5 Marketing and Distribution
5.11.6 End Users
5.11.7 Post Sales Services
5.12 Porters Five Forces Analysis
5.12.1 Overview
5.12.2 Bargaining Power of Buyers
5.12.3 Bargaining Power of Suppliers
5.12.4 Degree of Competition
5.12.5 Threat of New Entrants
5.12.6 Threat of Substitutes

6 Market Breakup by Product
6.1 Chatbots
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 IVA Smart Speakers
6.2.1 Market Trends
6.2.2 Market Forecast

7 Market Breakup by Type
7.1 Rule-Based
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Conversational AI Based
7.2.1 Market Trends
7.2.2 Market Forecast

8 Market Breakup by Technology
8.1 Text-Based
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Text-To-Speech
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Automatic Speech Recognition (ASR)
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast

9 Market Breakup by Application
9.1 Banking, Financial Services and Insurance (BFSI)
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Travel
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Retail
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Government
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Education
9.5.1 Market Trends
9.5.2 Market Forecast
9.6 Others
9.6.1 Market Trends
9.6.2 Market Forecast

10 Market Breakup by Region

11 Competitive Landscape
11.1 Market Structure
11.2 Key Players
11.3 Profiles of Key Players
11.3.1 Microsoft Corporation
11.3.2 Nuance Communications, Inc.
11.3.3 Samsung Electronics Co. Ltd.
11.3.4 Alphabet, Inc.
11.3.5 Apple, Inc.
11.3.6 Amazon.com Inc.
11.3.7 International Business Machines (IBM) Corporation
11.3.8 Baidu, Inc.
11.3.9 BlackBerry Ltd.
11.3.10 Inbenta Technologies, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/v3qefl

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