Intelligent Virtual Assistant Market Share, Size, Trends, Industry Analysis Report, By Technology (Automatic Speech Recognition, Text-based and Text to Speech); By Product; By Application; By Region; Segment Forecast, 2023 - 2032
Description
The global Intelligent Virtual Assistant market size is expected to reach USD 34.35 billion by 2034, according to a new study by Polaris Market Research. The report “Intelligent Virtual Assistant Market Share, Size, Trends, Industry Analysis Report, By Technology (Automatic Speech Recognition, Text-based and Text to Speech); By Product; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
E-commerce has been introduced in the retail sector to meet the growing demand for smart speaker-based technologies for home automation and digitization. Intelligent Virtual Assistants (IVAs) play a crucial role in assisting consumers in finding information and completing tasks with actionable advice. Furthermore, organizations can leverage the insights collected from IVAs to create and execute real-time marketing strategies. By integrating virtual assistants into their operations, several retail stores are broadening the scope of customer engagement and enhancing the overall shopping experience.
The advancement of speech technologies and voice recognition drives the industry’s growth. Smart speakers and chatbots can listen, comprehend and respond to various tasks, making them increasingly popular among consumers. These technologies can aid in making calls, shopping, setting reminders and alarms, offering advice, and more. It is expected that by 2022, the majority of the smart speaker market share will be dominated by Google Home and Amazon Alexa. Furthermore, chatbots are now widely accessible across several industries, including banking, retail, education, e-commerce, travel, and hospitality.
IVA is a valuable asset in optimizing human efforts to create efficient processes, offering benefits for all types of organizations. IVA applications has resulted in increased productivity, enhanced work quality, and reduced operational risks when scaling up. This has led to the adoption of IVA in various sectors, including retail, BFSI, healthcare, and automotive.
IVA service providers are implementing both organic and inorganic growth strategies by introducing new products, and forming partnerships and collaborations to drive the business. For example, Nuance Communication, Inc. collaborated with Athenahealth, Inc. in May 2022 to offer its nuance dragon ambient eXperience (DAX) ambient clinical intelligence solution through the Athenahealth, Inc. marketplace.
Intelligent Virtual Assistant Market Report Highlights
The automatic speech recognition technology segment is poised to witness the highest growth rate in the upcoming years due to the widespread adoption of smart speakers across multiple industries,
The smart speaker segment is anticipated to exhibit the highest compound annual growth rate (CAGR). Residential consumers predominantly utilize these devices to carry out daily tasks, and have gained considerable popularity in smart offices and automotive applications.
Asia Pacific region is expected to witness the fastest CAGR in the market due to the growth of China's retail and consumer electronics sectors.
The global key market players include Apple Inc., Microsoft Corporation, Google, Nuance Communications, IBM Corporation, Oracle Corporation, [24]7 Customer Inc., Speaktoit Inc., CodeBaby Corporation, Next IT Corporation, Intel Corporation, and Clara Labs
Polaris Market Research has segmented the Intelligent Virtual Assistant market report based on product, technology, application, and region:
Intelligent Virtual Assistant, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
Automatic Speech Recognition
Text-based
Text to Speech
Intelligent Virtual Assistant, Product Outlook (Revenue - USD Billion, 2019 - 2032)
Smart Speaker
Chatbot
Intelligent Virtual Assistant, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Automotive
BFSI
Consumer Electronics
Education
Healthcare
Travel & Hospitality
IT & Telecom
Retail
Others
Intelligent Virtual Assistant, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
E-commerce has been introduced in the retail sector to meet the growing demand for smart speaker-based technologies for home automation and digitization. Intelligent Virtual Assistants (IVAs) play a crucial role in assisting consumers in finding information and completing tasks with actionable advice. Furthermore, organizations can leverage the insights collected from IVAs to create and execute real-time marketing strategies. By integrating virtual assistants into their operations, several retail stores are broadening the scope of customer engagement and enhancing the overall shopping experience.
The advancement of speech technologies and voice recognition drives the industry’s growth. Smart speakers and chatbots can listen, comprehend and respond to various tasks, making them increasingly popular among consumers. These technologies can aid in making calls, shopping, setting reminders and alarms, offering advice, and more. It is expected that by 2022, the majority of the smart speaker market share will be dominated by Google Home and Amazon Alexa. Furthermore, chatbots are now widely accessible across several industries, including banking, retail, education, e-commerce, travel, and hospitality.
IVA is a valuable asset in optimizing human efforts to create efficient processes, offering benefits for all types of organizations. IVA applications has resulted in increased productivity, enhanced work quality, and reduced operational risks when scaling up. This has led to the adoption of IVA in various sectors, including retail, BFSI, healthcare, and automotive.
IVA service providers are implementing both organic and inorganic growth strategies by introducing new products, and forming partnerships and collaborations to drive the business. For example, Nuance Communication, Inc. collaborated with Athenahealth, Inc. in May 2022 to offer its nuance dragon ambient eXperience (DAX) ambient clinical intelligence solution through the Athenahealth, Inc. marketplace.
Intelligent Virtual Assistant Market Report Highlights
The automatic speech recognition technology segment is poised to witness the highest growth rate in the upcoming years due to the widespread adoption of smart speakers across multiple industries,
The smart speaker segment is anticipated to exhibit the highest compound annual growth rate (CAGR). Residential consumers predominantly utilize these devices to carry out daily tasks, and have gained considerable popularity in smart offices and automotive applications.
Asia Pacific region is expected to witness the fastest CAGR in the market due to the growth of China's retail and consumer electronics sectors.
The global key market players include Apple Inc., Microsoft Corporation, Google, Nuance Communications, IBM Corporation, Oracle Corporation, [24]7 Customer Inc., Speaktoit Inc., CodeBaby Corporation, Next IT Corporation, Intel Corporation, and Clara Labs
Polaris Market Research has segmented the Intelligent Virtual Assistant market report based on product, technology, application, and region:
Intelligent Virtual Assistant, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
Automatic Speech Recognition
Text-based
Text to Speech
Intelligent Virtual Assistant, Product Outlook (Revenue - USD Billion, 2019 - 2032)
Smart Speaker
Chatbot
Intelligent Virtual Assistant, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Automotive
BFSI
Consumer Electronics
Education
Healthcare
Travel & Hospitality
IT & Telecom
Retail
Others
Intelligent Virtual Assistant, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Table of Contents
118 Pages
- 1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
- 2.1. Market Highlights
- 3.1. Overview
- 3.1.1. Data Mining
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
- 4.1. Gout Therapeutics Market – Market Snapshot
- 4.2. Gout Therapeutics Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Rising Obesity and Metabolic Syndrome Prevalence
- 4.2.1.2. Strong Commercial and Insurance Coverage
- 4.2.2. Restraints and Challenges
- 4.2.2.1. High drug pricing and payer restrictions limit patient access and slow adoption of newer, more effective gout treatments across insurance plans.
- 4.3. Porter’s Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Gout Therapeutics Market Trends
- 4.6. Value Chain Analysis
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. U.S. Gout Therapeutics Market, by Drug Class, 2020-2034 (USD Billion)
- 5.3. NSAIDs
- 5.3.1. U.S. Gout Therapeutics Market, by NSAIDs, 2020-2034 (USD Billion)
- 5.4. Corticosteroids
- 5.4.1. U.S. Gout Therapeutics Market, by Corticosteroids, 2020-2034 (USD Billion)
- 5.5. Colchicine
- 5.5.1. U.S. Gout Therapeutics Market, by Colchicine, 2020-2034 (USD Billion)
- 5.6. Urate-Lowering Agents
- 5.6.1. U.S. Gout Therapeutics Market, by Urate-Lowering Agents, 2020-2034 (USD Billion)
- 5.7. Others
- 5.7.1. U.S. Gout Therapeutics Market, by Others, 2020-2034 (USD Billion)
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. U.S. Gout Therapeutics Market, by Disease Condition, 2020-2034 (USD Billion)
- 6.3. Acute Gout
- 6.3.1. U.S. Gout Therapeutics Market, by Acute Gout, 2020-2034 (USD Billion)
- 6.4. Chronic Gout
- 6.4.1. U.S. Gout Therapeutics Market, by Chronic Gout, 2020-2034 (USD Billion)
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. U.S. Gout Therapeutics Market, by Distribution Channel, 2020-2034 (USD Billion)
- 7.3. Hospital Pharmacy
- 7.3.1. U.S. Gout Therapeutics Market, by Hospital Pharmacy, 2020-2034 (USD Billion)
- 7.4. Retail Pharmacy
- 7.4.1. U.S. Gout Therapeutics Market, by Retail Pharmacy, 2020-2034 (USD Billion)
- 7.5. Online Pharmacy
- 7.5.1. U.S. Gout Therapeutics Market, by Online Pharmacy, 2020-2034 (USD Billion)
- 8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
- 8.2. Partnerships/Collaborations/Agreements/Exhibitions
- 9.1. Arrowhead Pharmaceuticals, Inc.
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
- 9.2. AstraZeneca
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
- 9.3. Eisai Co., Ltd.
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
- 9.4. GSK plc.
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
- 9.5. Merck & Co., Inc.
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
- 9.6. Novartis AG
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
- 9.7. Takeda Pharmaceutical Company Limited
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
- 9.8. Teijin Pharma Ltd.
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
- 9.9. Zydus Group
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
- 9.10. Regeneron Pharmaceuticals Inc.
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development
Pricing
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