IMARC Group’s latest research report, titled “Intelligent Virtual Assistant Market Analysis: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios. The global intelligent virtual assistant market reached a value of US$ 6.27 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 40.95 Billion by 2027, exhibiting at a CAGR of 37.61% during 2022-2027. An intelligent virtual assistant, or IVA, is a software solution that uses integrated information technology, enabling them to understand, reason, and learn. An IVA system uses multiple interaction methods, including text-to-speech, text-to-text, speech-to-text, and speech-to-speech, coupled with dynamic analysis, machine learning and deep neural networks that emulate a customer service agent’s ability to respond to repetitive queries. As a result, it is extensively used to stimulate or provide responses similar to human interactions and perform specific tasks.
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Important Attribute and highlights of the Report:
- Detailed analysis of the global market share
- Market Segmentation by Type, Technology, Application,
- Historical, current, and projected size of the market in terms of volume and value
- Latest industry trends and developments
- Competitive Landscape for Intelligent Virtual Assistant Market
- Strategies of major players and product offerings
The global intelligent virtual assistant market is primarily driven by substantial growth in the end-use industries, especially automotive, healthcare and information technology. The increasing adoption of IVA across commercial sectors for reducing workforce cost, enhancing customer query response, and lowering setup cost acts as a significant growth-inducing factor. Furthermore, the increasing integration of advanced features with IVAs attract a larger customer base, thereby complementing the market growth. Furthermore, rapid digitization and extensive research and development (R&D) activities are providing an impetus to market growth.
Key Players Included in Global Intelligent Virtual Assistant Market Research Report:
- Microsoft Corporation
- Nuance Communications
- Samsung Electronics Co. Ltd
- Alphabet, Inc
- Apple, Inc
- Amazon.com Inc
- International Business Machines (IBM) Corporation
- Baidu, Inc
- BlackBerry Ltd
- Inbenta Technologies, Inc
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COVID-19 Impact Overview:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Key Market Segmentation:
Breakup by Application:
- Banking, Financial Services and Insurance (BFSI)
- Travel
- Retail
- Government
- Education
- Others
Breakup by Product:
- Chatbots
- IVA Smart Speakers
Breakup by Type:
- Rule-Based
- Conversational AI Based
Breakup by Technology:
- Text-Based
- Text-to-speech
- Automatic Speech Recognition (ASR)
Regional Insights:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
TOC for the Intelligent Virtual Assistant Market Research Report:
- Preface
- Scope and Methodology
- Executive Summary
- Introduction
- Global Intelligent Virtual Assistant Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
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