Intelligent Virtual Assistant market is anticipated to reach over USD 21,523.6 million by 2026. In 2017, the BFSI segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
The growing need to improve customer service, streamline enterprise communication, and increase productivity has boosted the adoption of intelligent virtual assistants. The rising penetration of mobile devices, and integration of virtual assistants with smart home appliances further support the growth of this market. Additionally, the increasing demand of intelligent virtual assistants from small and medium enterprises has supported market growth over the years. Increasing investments by vendors in technological advancements coupled with growing need to improve customer experience would accelerate the adoption of intelligent virtual assistants. However, lack of awareness is expected to hinder market growth. Growing demand from emerging economies is expected to provide numerous growth opportunities in the coming years.
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The use of digital assistants and bots is expected to increase in the coming years. Computer programs in the form of bots simulate conversation with users through chat windows and voice calls. They have the ability to perform a number of different automated tasks such as scheduling meetings, managing finances, and others. They also assist in successful use of unified communication tools. These bots could be used as an automated attendant monitoring the interactions and offering instructions to users.
Intelligent virtual assistants are gradually replacing traditional interactive voice response systems. Use of intelligent virtual assistants is proving effective by enhancing customer and brand experience, and providing a consumer-friendly environment. The virtual assistants also offer a platform for convenient communication within businesses through voice, text, and other channels.
North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The presence of established telecom and cloud infrastructure in this region, and growing trend of BYOD drive the market growth in the region. The growing demand of mobile devices, and technological advancements further support market growth in the region. Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to growing demand of virtual assistant technologies in the developing countries of the region.
The end-users in intelligent virtual assistant market include healthcare, education, retail, BFSI, government, and others. In 2017, the BFSI segment accounted for the highest market share owing to increasing need to offer enhanced customer services, and improve productivity. The demand for intelligent virtual assistants has increased from organizations operating in this sector to improve workforce collaboration, client interaction, and reduce costs.
The well-known companies profiled in the report include Apple Inc., Microsoft Corporation, Google, Nuance Communications, IBM Corporation, Oracle Corporation, 7.ai., Speaktoit Inc., CodeBaby Corporation, Next IT Corporation, Intel Corporation, and Clara Labs among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
Table Of Contents – Major Key Points
1. Overview and Scope
1.1. Research goal & scope
1.2. Research assumptions
1.3. Research Methodology
1.3.1. Primary data sources
1.3.2. Secondary data sources
1.4. Key take-away
2. Executive Summary
2.1. Market Definition
2.2. Market Segmentation
3. Intelligent Virtual Assistants Market Insights
3.1. Intelligent Virtual Assistants – Industry snapshot
3.2. Intelligent Virtual Assistants – Ecosystem analysis
3.3. Intelligent Virtual Assistants Market Dynamics
3.3.1. Intelligent Virtual Assistants – Market Forces
22.214.171.124. Intelligent Virtual Assistants Market Driver Analysis
126.96.36.199. Intelligent Virtual Assistants Market Restraint/Challenges analysis
188.8.131.52. Intelligent Virtual Assistants Market Opportunity Analysis
3.3.2. Industry analysis – Porter’s five force
184.108.40.206. Bargaining power of supplier
220.127.116.11. Bargaining power of buyer
18.104.22.168. Threat of substitute
22.214.171.124. Threat of new entrant
126.96.36.199. Degree of competition
3.3.3. Intelligent Virtual Assistants Market PEST Analysis, 2017
3.3.4. Intelligent Virtual Assistants Market Value Chain Analysis
3.3.5. Intelligent Virtual Assistants Industry Trends
3.3.6. Competitive Ranking Analysis
4. Intelligent Virtual Assistants Market Size and Forecast, 2017-2026 by Technology
4.1. Key Findings
4.3. Speech Recognition
5. Intelligent Virtual Assistants Market Size and Forecast, 2017-2026 by Type
5.1. Key Findings
5.3. Conversational Ai-Based
6. Intelligent Virtual Assistants Market Size and Forecast, 2017-2026 by Service
6.1. Key Findings
6.2. Customer service
6.3. Marketing assistant
7. Intelligent Virtual Assistants Market Size and Forecast, 2017-2026 by End-User
7.1. Key Findings
7.7. IT & Telecom
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