iCrowd Newswire – Jul 20, 2020
Global Intelligent Virtual Assistant (IVA) is estimated to grow at a substantial growth rate with a CAGR of 37.7% during the forecast period 2020-2027. As per the detailed market study, the global intelligent virtual assistant industry was valued $3,442 million in the year 2019 and is anticipated to reach $44,255 million by the end of the year 2027.
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IVA is a type of software solution that facilitate user interaction with computer through various interfaces such as messenger, internet, SMS and many more. This system works according to numerous interaction methods such as speech-to-speech, text-to-speech, speech-to-text and text-to-text. The major application of IVA is to access services, booking appointments, navigating while driving and other intelligent services. IVA technology is cost-effective and reduces effort and time required to executing a task along with efficient customer services in quick and effective manner from the viewpoint of enterprises.
The global intelligent virtual assistant industry is driven by various growth factors such as increasing adoption of IVA solution in various organizations such as sales, banks, hospitals and others. Growth in adoption of IVA in enterprises of all sizes and increase in penetration of smartphones are also the major growth factors for the global IVA marketplace. Whereas, lack of awareness related to usage and benefits of IVA may restrain the market growth over the mid-term period. On the contrary, continuous increase in dependence on digital channels and change in consumer behaviour considering easy adoption of technologically advanced products offer lucrative opportunities for the market players operating in the global IVA industry over the forecast period.
Segmentation Overview of the Global Intelligent Virtual Assistant Market
The global intelligent virtual assistant market is segmented on the basis of product, industry vertical and technology. These major market segments are further categorized into various sub-segments to study the market in detail considering various market determinants and geographical dynamics.
On the Basis of Product Segment, the Global Intelligent Virtual Assistant Market is Sub-Segmented into:
- Smart Speakers
On the Basis of Technology Segment, the Global Intelligent Virtual Assistant Market is Sub-Segmented into:
- Speech Recognition
On the Basis of Industry Vertical Segment, the Global Intelligent Virtual Assistant Market is Sub-Segmented into:
- Media & Entertainment
- Travelling & Hospitality
- Defence & Government
- IT & Telecommunications
Competitive Landscape of the Global Intelligent Virtual Assistant Market
Samsung Electronics Co., Ltd., Verint Systems Inc., Nuance Communications, Inc., IPsoft Inc., International Business Machines Corporation, EGain Corporation, Artificial Solutions, Apple Inc., Amazon.com, Inc. and Alphabet Inc. are some major key players included in the research study of the global intelligent virtual assistant market. Market players are adopting key strategies to acquire majority of the market share. Amongst various strategical developments, companies are focusing towards research and development activities and collaborations considering product innovation in integration with artificial intelligence.
Geographical Overview of the Global Intelligent Virtual Assistant Market
As per the regional study, the North America intelligent virtual assistant market dominated the global marketplace in the year 2019. On the other hand, the Asia Pacific intelligent virtual assistant market is estimated to witness a significant growth in terms of CAGR during the forecast period 2020-2027.
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Keywords: Intelligent Virtual Assistant (IVA) Market