Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
An intelligent virtual assistant is a system with artificial intelligence (AI) which imitates human interaction in order to carry out particular tasks. This system is being increasingly used due to machine learning along with other advancements made in AI technologies. Intelligent virtual assistants have a large capacity to learn, reason and understand which are the three essential components required to emulate the problem-solving abilities of a customer service agent. They offer user interface with personal computers through various platforms which include SMS, messenger, internet coupled with others. According to the latest report by IMARC Group, titled “Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global intelligent virtual assistant market reached a value of US$ 2.2 Billion in 2018.
The growth of the global intelligent virtual assistant market is being primarily driven by the penetration of smartphones along with a rapid growth in the social media traffic which has led to a substantial rise in the consumer awareness about benefits offered by intelligent virtual assistants. Additionally, a significant shift from analogue to digital technologies in organisations across the globe is propelling the demand for intelligent virtual assistants. Apart from this, a high demand for automation in services that offer customer support is another factor which is driving the growth of the market. Moreover, rising usage by young generation coupled with improved consumer experience are some of the other factors which are positively influencing the market growth. Looking forward, the market value is projected to reach US$ 11.3 Billion by 2024, expanding at a CAGR of 31% during 2019-2024.
Based on product, the market has been segmented into chatbot and smart speakers. A chatbot is a computer programme that carries out a conversation through text or text based methods. Whereas, smart speakers are a type of wireless speakers and voice command devices which consist of a virtual assistant.
The market has been further segregated into different types of intelligent virtual assistant which include rule based and conversational AI based.
The intelligent virtual assistant is also available in various technologies such as text based, text-to-speech, automatic speech recognition (ASR), etc.
On the basis of application, BFSI represents the largest segment owing to a high demand in automated customer support services. It is followed by travel, retail, government, education and other sectors.
Region-wise, the market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. Currently, North America dominates the market, holding the majority of the market share.
The competitive landscape of the market has also been examined with some of the key players being Microsoft, Nuance Communications, Samsung Electronics, Alphabet, Apple, Amazon, International Business Machines (IBM), Baidu, Blackberry and Inbenta Technologies.
This report provides a deep insight into the global intelligent virtual assistant market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the intelligent virtual assistant industry in any manner.
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 are the key regions in the global intelligent virtual assistant market?
Which are the popular products in the global intelligent virtual assistant market?
What are the different technologies in the global intelligent virtual assistant market?
What are the key application segments in the global intelligent virtual assistant market?
What are the major types in the global intelligent virtual assistant 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?
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