BANGALORE, India, April 12, 2021 /PRNewswire/ -- The Intelligent Virtual Assistant (IVA) Market is segmented by Product (Chatbots and Smart Speakers), Technology (Text-to-Speech, Speech Recognition, and Text-Based), Industry Vertical (BFSI, IT & Telecommunications, Defense & Government, Retail, Healthcare, Travelling & Hospitality, Automotive, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2020 – 2027. This report is published on Valuates Reports in the Enterprise Technology Category.
The intelligent virtual assistant market size was valued at USD 3,442 Billion in 2019, and is projected to reach USD 44,255 Million by 2027, growing at a CAGR of 37.7% from 2020 to 2027.
Major factors driving the growth of Intelligent Virtual Assistant Market size are:
IVA Increases company revenue by reducing the efforts in customer handling. It eliminates infrastructure setup costs and reduced manpower cost of enterprises. It also reduces live chat volume, offers quick response, and saves time.
IVA efficiently collects customer feedback and contact details thereby, helping organizations improve the customer and company communication.
Increase in demand for effective customer engagement by enterprises & growth in smartphone penetration has helped in growing the IVA market.
TRENDS INFLUENCING THE INTELLIGENT VIRTUAL ASSISTANT (IVA) MARKET SIZE
The demand for exceptional customer service is expected to drive the IVA market size. Fast response, better data collection, and less reliance on customer service are only a few of the advantages of using an intelligent virtual assistant. An intelligent virtual assistant provides a digital avatar that can interact in multiple languages.
By reducing customer handling efforts, an intelligent virtual assistant improves company revenue. Due to continuous advancements in Artificial intelligence technologies, Intelligent virtual assistants (IVAs) are becoming more human-like that can read/listen, understand, and react to online customer queries dynamically. By providing better customer query responses, IVA automatically contributes to lower manpower costs for businesses.
Another major growth driver of the global intelligent virtual assistant market size is the increase in smartphone penetration. With the growing popularity of smartphones, manufacturers are attempting to incorporate advanced and exclusive features into their products in order to attract more customers. IVA-enabled applications and improved performance are among the standout features. When opposed to older technology, intelligent virtual assistance provides convenience as well as other benefits such as voice recognition, natural language understanding, and affordability.
Increased research and development to incorporate gesture recognition technology into intelligent virtual assistants are expected to create substantial revenue growth opportunities for market players.
Based on region, North America is expected to hold the largest market share during the forecast period due to a number of major players providing intelligent virtual assistant solutions. On the other hand, the Asia-Pacific region is expected to grow at a faster rate in the coming years, owing to rising smartphone adoption and consumer demand for speech recognition technology in the region.
Based on technology, Text-to-Speech is projected as one of the most significant segments. This is due to the versatile application of the technology that benefits businesses, consumers, educational institutes, and personal users.
Based on product, chatbots are projected as one of the most lucrative segments. Chatbots are widely used in the banking and insurance industries, as well as the retail industry and educational portals. Furthermore, in the healthcare sector, chatbots have gained a lot of momentum and have the highest acceptance rate.
Based on verticals, BFSI is expected to hold the largest market share due to its increased adoption and IT investment. However, the most lucrative segments during the forecast period are automotive and healthcare, and this pattern is expected to continue throughout the forecast period.
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- Intelligent Virtual Assistants (IVA) Software Market is segmented by Type Conversational AI Based, Rule Based, by Application Government, Retail and eCommerce, BFSI, Healthcare and Life Sciences, Transportation and Logistics, Manufacturing, Telecom and IT and by various regions.
- Advanced Virtual Assistants Market Segment by Type Mobile, PC, by Application General Virtual Assistance, Content Writing, SEO & Digital Marketing, Social Media, Audio & Video Editor, Web Developer and by various regions.
- Automotive Virtual Assistant Market is Segment by Type Embedded, Via Smartphone Integration, Device-to-car, by Application Passenger Vehicle, Commercial Vehicle and by various regions.
- Text-based Intelligent Virtual Assistant Market Segment by Type Chatbots, IVA Smart Speakers, by Application Consumer Electronics, BFSI, Healthcare, Education, Retail, Government, Travel and Hospitality, Utilities and by various regions.
- The Global Chatbots Market size to grow from USD 2.28593 Billion in 2018 to USD 9.172.49 Billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.95%.
- The global smart speaker market size was valued at USD 4,358 Million in 2017, and is projected to reach USD 23,317 Million by 2025, registering a CAGR of 23.4% from 2018 to 2025.
- Text-to-Speech Market is segmented by Type English, French, German, Italian, Korean, by Application Automotive and transportation, Healthcare, Consumer Electronics, Finance, Education, Retail, Enterprise and by various regions.
- The global speech recognition market size was valued at USD 6.39 Billion in 2018, and is projected to reach USD 29.28 Billion by 2026, registering a CAGR of 19.9% from 2019 to 2026.
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