The global intelligent virtual assistant market size is projected to reach USD 45.1 billion by the year 2027, advancing at a CAGR of 34.0% during the forecast period, according to a new report by Grand View Research, Inc. Factors such as the growing use of smart speaker-based technologies in home automation and digitization of the retail sector have led to the implementation of conversational e-commerce features, which is a major driving factor for the market. Intelligent virtual assistants (IVAs) assist consumers in finding relevant information and perform tasks with actionable advice. Retail stores, such as Walmart, have implemented IVAs in their processes, adding a new dimension to their customer engagement, further enhancing the customer shopping experience. The continued developments being made in voice recognition and speech technologies over the past few years have heavily aided in market growth.
The use of intelligent virtual assistants by organizations is expected to bring down costs incurred due to customer service, which is expected to push the demand for technology in the coming years. This has been pointed out by Chatbots Magazine, which states that cost reduction of up to 30% through the integration of chatbots and virtual agents. Additionally, it is projected that more than 60% of the delivery of customer service engagements by 2023 will be done through digital and web self-serve channels, the number going up from 23% in 2019. The current outbreak of coronavirus has enhanced the application scope of virtual assistants, as they help consumers and professionals in understanding and responding to health information-seeking activities.
The IVA market is broadly segmented on the basis of product, technology, and application. In terms of product, the market has been segmented into chatbots and smart speakers. With regards to technology, the market covers automatic speech recognition, text-to-speech, and text-based methods. The application segment covers critical sectors such as BFSI, automotive, education, healthcare, consumer electronics, retail, IT and telecom, and travel and hospitality, among others. Some of the major companies involved in the development of the industry include Intel Corporation, Amazon.com Inc., Google Inc., Nuance Communications, Inc., Oracle Corporation, Apple Inc., Microsoft, eGain Corporation, Amazon, Verint, IBM Corporation, CodeBaby Corporation, MedRespond, Next IT Corporation, CSS Corporation, Welltok Inc., and True Image Interactive Inc.
Further key findings from the report suggest:
· IVA helps in achieving productivity, work quality, and has reduced the risk in scaling operations, which is a major driver for the market demand across the globe.
· The use of chatbots and smart speakers in applications such as calling, shopping, setting alarms and reminders, music streaming, and consulting, have led to high popularity in a very short span of time
· With regards to the product, the smart speaker segment is expected to emerge as the fastest-growing segment over the forecast period, advancing at 34.5% CAGR, aided by the rising adoption of devices such as Amazon Alexa and Google Home.
· The text to speech technology accounted for the largest market share in 2019 and is projected to generate revenue over USD 27.1 billion by 2027; on the other hand, the automatic speech recognition segment is anticipated to show the fastest industry growth through 2027.
· North America held the largest regional 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, aided by the presence of rapidly-growing economies such as India and China
· Major market players such as Amazon.com, Inc., Google Inc., IBM Corporation, Nuance Communications, and eGain Corporation indulge in strategies such as new product launches, geographic expansion, and mergers and acquisitions, in order to dominate the market.
· The COVID-19 pandemic presented an excellent opportunity to organizations to leverage their technologies for healthcare organizations. For example, the CDC utilized Microsoft’s Healthcare Bot service in March, creating a COVID-19 assessment chatbot that screens US citizens who may be unsure of seeking medical aid.
· In December 2020, Google Assistant-enabled devices, which include Nest Audio, Nest Hub, Nest Hub Max and Nest Mini, started receiving Apple Music, thus making it easier for iPhone owners with Google Assistant-centered smart homes to play their desired songs.
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Grand View Research has segmented the global intelligent virtual assistant market on the basis of product, technology, application, and region:
IVA Product Outlook (Revenue, USD Million, 2016 – 2027)
IVA Technology Outlook (Revenue, USD Million, 2016 – 2027)
Automatic Speech Recognition
Text to Speech
IVA Application Outlook (Revenue, USD Million, 2016 – 2027)
IT & Telecom
Travel & Hospitality
IVA Regional Outlook (Revenue, USD Million, 2016 – 2027)
Middle East & Africa
List of Key Players of Intelligent Virtual Assistant Market
• Intel Corporation
• Amazon.com Inc.
• Google Inc.
• Nuance Communications
• Oracle Corporation
• Apple Inc.
• eGain Corporation
• IBM Corporation
• CodeBaby Corporation
• Next IT Corporation
• CSS Corporation
• Welltok Inc.
• and True Image Interactive Inc.
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