Intelligent Virtual Assistant Market by Product (Chatbots, IVA smart speakers), User Interface (Text-based, Text-to-speech based, Automatic Speech Recognition), Industry (Consumer Electronics, BFSI, Retail), and Geography - Global Forecast to 2023
“Intelligent virtual assistant market projected to grow at a CAGR of 38.82% during the forecast period”
According to the new market research report on intelligent virtual assistant (IVA), the market is expected to be worth USD 17.72 billion by 2023 from USD 2.48 billion in 2017, growing at a CAGR of 38.82% between 2017 and 2023. The growth of the IVA market can be attributed to the growing application of IVA in automated customer support services and smart home systems. The lack of accuracy in chatbots is the main restraining factor for the IVA market.
“The market of automatic speech recognition held the highest market share in 2016”
The automatic speech recognition (ASR)-based IVAs held the highest market share in 2016. Automatic speech recognition (ASR) is used in smart speakers. ASR-based IVAs are growing in terms of usage because of the increasing demand for smart speakers in home automation systems especially in North America and Europe. The smart home appliances are driving the demand for smart speakers in the market.
“Consumer Electronics sector accounted for the highest market share in 2016”
The Consumer electronics sector accounted for the highest market share among BFSI, healthcare, education, retail, government, utilities, travel and hospitality, and others. Smart speakers are highly in demand for smart home appliances such as wireless-connected thermostats, refrigerators, washing machines, and others. Smart speakers are used in controlling such devices; hence, consumer electronics held the highest share of the market in 2016.
“RoW and Asia Pacific to be the fastest-growing markets during the forecast period”
North America accounted for the largest share of the overall IVA market in 2016 due to the early availability and, thus, the increasing adoption of IVA smart speakers. APAC and RoW are the fastest-growing IVA markets. This is mainly because of the presence of the countries such as China and India where technological adoption is happening at a very high rate. Therefore, this region is also expected to continue its growth at the highest rate from 2017 to 2023.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews of key opinion leaders in the IVA market were conducted. The break-up of primary participants for the report is shown below:
• By Company Type – Tier 1– 65%, Tier 2 – 15%, and Tier 3 – 20%
• By Designation – C-Level Executives – 55%, Directors – 15%, and Others – 30%
• By Region – North America – 20%, Europe – 10%, APAC – 40%, South America –12%, and the Middle East and Africa – 18–30%
The report profiles key players in the IVA market with their respective market share analysis. Key players profiled in this report are Alphabet (US), Amazon (US), Apple (US), Nuance Communications (US), IBM (US), Microsoft (US), Samsung Electronics (South Korea), Inbenta Technologies (US), Baidu (China), and Blackberry (US).
The research includes the segmentation of IVAs on the basis of product, user interface, type, and industry. By product, IVAs are segmented as chatbots and IVA smart speakers. By user interface, IVAS are segmented as text based, text-to-speech based, automatic speech recognition (ASR), and others. IVAs are segmented by type as rule based and conversational AI based. IVAs are used in industries such as consumer electronics, BFSI, healthcare, education, retail, government, utilities, travel and hospitality, and others. It also includes major drivers, restraints, opportunities, and challenges for the IVA market. Opportunities in the market have been defined for stakeholders, along with the details of the competitive landscape for the market leaders. Strategic profiling of the key players in the IVA market has been done, and the players’ market rankings and core competencies have been comprehensively analyzed. There is an Illustrative competitive leadership mapping of 25 global companies in the report.
Reasons to buy the report
1. This report segments the IVA market comprehensively and provides the closest approximations of the size of the overall market and its subsegments across verticals and regions.
2. The report helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders better understand a competitor and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem and strategic developments.