DUBLIN--(BUSINESS WIRE)--The "Intelligent Virtual Assistant Market Size, Share & Trends Analysis Report by Product (Chatbot, Smart Speakers), by Technology, by Application (BFSI, Healthcare, Education), by Region, and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global intelligent virtual assistant market size is expected to reach USD 45.1 billion by 2027, expanding at a CAGR of 34.0%. The growing use of smart speaker-based technologies for home automation and digitization in the retail sector has led to the implementation of conversational e-commerce is the major driving factor of the market. Intelligent virtual assistants (IVAs) help consumers to find relevant information and perform tasks with actionable advice. The inputs received from IVAs assist the organizations in designing and developing various marketing strategies and implementing those in real-time. Many retail stores have implemented IVAs in their processes, adding a new dimension to their customer engagement, further enhancing the customer shopping experience.
Chatbots and smart speakers listen, recognize, and respond to the individuals' requirements and assist them in various tasks. Thus, the devices are gaining popularity among the consumers for a variety of functions such as calling, shopping, reminders, setting the alarm, music streaming, and consulting. Amazon Alexa and Google Home accounted for a majority of the intelligent virtual assistant (IVA) market share of the smart speaker segment in 2019. Chatbot has enabled ease of accessibility in banking, retail, education, e-commerce, travel, and hospitality sectors.
IVA assists in simplifying human efforts in making processes efficient, which is highly beneficial for all organizations. The IVA implementation has resulted in achieving productivity, work quality, and has reduced the risk in scaling operations. Thus, there has been an increased adoption of the device across several applications, including retail, BFSI, healthcare, automotive, consumer electronics, IT and Telecom, education, and travel and hospitality. IVA providers are engaged in executing organic and inorganic growth strategies such as new product launch, expansion, collaboration, and partnership. For instance, in 2018, Transcom and Creative Virtual entered into a partnership to provide virtual agents and chatbot solutions in the artificial intelligence domain.
Companies Mentioned
- [24]7 Customer Inc.
- Amazon.com, Inc.
- Apple Inc.
- Baidu, Inc.
- Clara Labs
- CSS Corp.
- Creative Virtual
- CodeBaby Corporation
- eGain Corporation
- Google Inc.
- IBM Corporation
- Kognito
- Microsoft Corporation
- MedRespond
- Next IT Corp.
- Nuance Communications, Inc.
- Oracle Corporation
- True Image Interactive, Inc.
- Verint
- Welltok, Inc.
Further key findings from the report suggest:
- The smart speakers product segment emerged as the fastest growing segment over the forecast period
- Text to speech technology emerged as the largest segment in 2019 and is estimated to generate revenue over USD 27.1 billion by 2027
- North America held the largest revenue share in the intelligent virtual assistant market in 2019, whereas Asia Pacific is anticipated to witness the highest CAGR of 35.3% over the forecast period
-
Key players include Amazon.com, Inc.; Google Inc.; IBM Corporation; Nuance Communications; eGain Corporation. The players accounted for the majority share of the overall market in 2019.
Key Topics Covered:
1 Methodology and Scope
2 Executive Summary
3 Intelligent Virtual Assistant Market Variables, Trends, & Scope
3.1 Market Lineage Outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Industry Value Chain Analysis
3.4. Market Dynamics
3.4.1 Market Driver Analysis
3.4.1.1 Growing adoption of IoT
3.4.1.2 Demand for automation in service based sector
3.4.1.3 Rising integration of AI in healthcare
3.4.1.4 Increasing adoption of smart speakers with smart home appliances
3.4.2 Industry Challenges
3.4.2.1 Lack of awareness
3.5 Market Analysis Tools
3.5.1 Industry Analysis-PORTERs
3.5.2 PEST Analysis
3.6 Intelligent Virtual Assistant Competitive Insights
3.6.1 Key Company Analysis, 2019
3.6.2 Major Deals & Strategic Alliances Outlook
4 Intelligent Virtual Assistant Market: Product Segment Analysis
4.1 Chatbot
4.2 Smart Speakers
5 Intelligent Virtual Assistant Market: Technology Segment Analysis
5.1 Automatic Speech Recognition
5.2 Text to Speech
5.3 Text based
6 Intelligent Virtual Assistant Market: Application Segment Analysis
6.1 BFSI
6.2 Consumer Electronics
6.3 Automotive
6.4 Healthcare
6.5 Education
6.6 Retail
6.7 IT & Telecom
6.8 Travel & Hospitality
6.9 Others
7 Intelligent Virtual Assistant Market: Regional Segment Analysis
7.1 North America
7.2 Europe
7.3 Asia Pacific
7.4 Latin America
7.5 Middle East and Africa
8 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/nlhe3p.
