The “Global Intelligent Virtual Assistant Market by Technology (Automatic Speech Recognition, Text-to-Speech and Text based) and by End-Users/Application (Retail, BFSI, Automotive, Travel and Tourism, Government Sector and Others) Global Market Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2014 – 2026″ report has been added to ProficientMarket.com’s offering.
According to the report, global intelligent virtual assistant market in 2018 stood at USD 1.32 billion and is expected to reach USD 17.28 billion by 2026 growing at a CAGR of 38.2% from 2019 to 2026.
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Intelligent virtual assistant is a next generation software solution that mainly facilitates user interaction with PC, through internet, SMS, messenger and other interfaces. IVA systems use different interaction methods such as text-to-text, speech-to-text, text-to-speech, and speech-to-speech, among others to assist users in executing their respective tasks. Also, the global intelligent virtual assistant market has exhibited notable growth in the recent past. However, it is poised to demonstrate an even more robust growth trend during the forecast period. Currently, enterprises are concentrating on adopting cost-effective methodologies to provide effective and efficient customer services. Intelligent virtual assistant is a cost-effective technology, which generally help multiple customers to gain access to a service, quickly and effectively. Additionally, it leads to an instant response from the system improved data collection, and reduction in the dependency on manual customer support for any queries. Therefore, IVA solutions are being implemented across various organizations which include banks, E-retailers, and healthcare among others. Apart from that, IVA facilitates user interaction with smartphones and other devices such as in-car infotainment system, PCs as well as laptops to access any kind of required information like payment procedures, doctor availability and appointments, navigation, and news and entertainment among others. The major application is use of intelligent virtual assistants in customer service or sales support. Some of the most popular IVAs include Google Assistant, Apple’s Siri, Microsoft’s Cortana and Amazon’s Alexa.
Global Intelligent Virtual Assistant Market Key Players: The research study includes profiles of leading companies operating in the global intelligent virtual assistant market. Key players profiled in the report include:
International Business Machines (IBM)
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Drivers for the Global Intelligent Virtual Assistant Market: According to current market condition, growing adoption of the technology in smartphones, highly developed features provided by intelligent virtual assistant, growing adoption of smartphones and technological advancements have boosted the growth of the global intelligent virtual assistant market. Growing IT infrastructure development and continuous technological advancements are fueling the growth of the global virtual assistant market. Rising adoption of the intelligent virtual assistant by various end-user such as BFSI, automotive, healthcare, and retails is expected to drive the growth of the market. Moreover, the adoption of various innovative technologies, continuous technological advancements heavy investments in cloud computing and big data is some of the major factors augmenting the market growth.
Opportunities for the Global Intelligent Virtual Assistant Market: Growing demand from emerging economies, and increasing adoption by small and medium enterprises are factors expected to provide numerous growth opportunities in the coming years. Various technical innovations and advancements in this field are expected to boost the development of the market in coming years. Also, the increasing deployment of intelligent virtual assistant has picked up a quick pace in the retail industry, which is probably going to create promising development openings over the forecast period. Additionally, increasing expansion of multi-language platforms and rising need for easy availability of healthcare service in the region is escalating the demand for intelligent virtual assistant which further fueling the growth of the overall market. All these mention factors are expected to provide numerous growth opportunities in the coming years for global intelligent virtual assistant market.
Restrains for the Global Intelligent Virtual Assistant Market: IVA generally offers various application across industries. For instance, round the clock customer support, quick response, effective data collection and data analysis. Additionally, IVA has its huge application in smartphones for easy access of information. IVA enables voice recognition technology that reads human speech and give results accordingly. However, currently various end-users are not well aware about the beneficial features of IVA. Therefore, lack of awareness among users may limit market growth to a certain extent over the forecast period.
Region Wise, Global Intelligent Virtual Assistant Market Analysis: The market is bifurcated into North America, Europe, Asia-Pacific and LAMEA (Latin America Middle East and Africa). North America are so far the major adopters of intelligent virtual assistant technology, contributing the highest to the overall intelligent virtual assistant market share. The enterprises in the region are increasingly adopting this technology to enhance their customer engagement along with reduced cost of operation. North America region is followed by Asia pacific and Europe.
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Global Intelligent Virtual Assistant Market: Technology analysis
Automatic Speech Recognition
The speech recognition segment is likely to hold a significant share of the intelligent virtual assistant market in the future, owing to increasing investments made in artificial intelligence technology.
Global Intelligent Virtual Assistant Market: Application analysis
Travel and Tourism
The demand of global intelligent virtual assistant market is highest from BFSI. The adoption of the IVA technology in the BFSI sector is mainly due to benefits offered by the technology such as quickly finding answers to queries and reducing the response time. The technology responds to customer queries while making transfers and paying bills, hence enabling customers to gain service and reduce the call waiting time.
Global Intelligent Virtual Assistant Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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