Intelligent Virtual Assistant Market Analysis Report By Product, By Technology, By Application, By Region And Segment Forecasts From 2021 To 2028

Synopsis

With reference to the report published, the global intelligent virtual assistant market was prized by USD 5.82 billion in 2020. It is estimated to witness a 28.5% CAGR from 2021 to 2028.

Drivers

An Intelligent Virtual Assistant (IVA) is proficient for fulfilling an extensive variety of customer service responsibilities like the simplicity to find the way, present information regarding the product, help clients in paying bills, in addition, to complete handing over otherwise conclude forms, and point difficulty questions to the human representative, in customer service. These factors are encouraging banking as well as financial organizations, globally, to incorporate virtual assistants, initiating the enlargement of the industry.

The necessity for the enhanced effectiveness through service-centered companies, along with the incorporation of Artificial Intelligence (AI) capable virtual assistants, between a variety of gadgets like smartphones, tablets, computers, and others is expected to increase the enlargement of the intelligent virtual assistant market.

Effect of Covid-19

By the extension of the Covid-19 pandemic, a variety of marketing organizations, fiscal associations, as well as grocery outlets have initialized the complete realization of the conversational AI tools and intelligent virtual assistants, to improve customer service during the calamity. Businesses confront challenges, in the midst of the epidemic in supporting and are ready to seek novel technical opportunities like virtual assistants.

Moreover, internet virtual assistants have helped different industry verticals during this hard period. A number of global public health organizations and medicinal insurance companies have installed chatbots to help patients/users in giving correct advice, regarding coronavirus.

Technology Insight

In 2020, the text to speech sector held a 59.7% revenue share and led the intelligent virtual assistant market. Due to the extensive implementation of smart speakers, in a variety of subdivisions, automatic speech recognition technology is anticipated to increase by the highest 30.0% CAGR, during the forecast period.

As a result of the multipurpose function of the technology, this benefit to the personal user, consumers, educational institutes, and businesses, the text-to-speech detection sector is projected to increase by a stable CAGR.

Product Insight

The chatbot sector held a 68.9% revenue share and in terms of size, led the IVA market, in 2020. The smart speaker sector is likely to enlarge by the highest 29.0% CAGR, during the forecast period. The rising necessity for a suitable way of life has caused the extensive acceptance of smart speakers and is expected to impel the enlargement of the sector, during the near future.

Educational and retail industry portals, banking & insurance segment, has extensively accepted the chatbots. They assist to get the necessary information and help the end-users by the simplicity of the process. Chatbot has increased appeal in the market and had maximum acceptance in the healthcare sector. The rising figure of the social media stages and the necessity to comprehend customer activities are the factors, expected to impel the enlargement of the division, during the near future.

Application Insight

The consumer electronics sector held a revenue share of 18.5% and in terms of size, led the market, in 2020. In the IVA market, automotive is rising like one of the highest increasing sections. It is estimated to observe incessant development, during the upcoming period.

Amazon introduced a voice assistant appliance called Echo Auto. It adds to the enhancement of the driving experience, in January 2020. Numerous companies are spending on developing the sophisticated virtual assistant for the automobile sector, to utilize the complete prospective of the sector.

In the healthcare sector, virtual assistant facilitates communication and connectivity between the patients and the providers. This is causing the rising demand, through the sector. This presents incessant follow-up of the patients’ situation by means of their smartphones and acquires information via their voices.

Regional Insight

In 2020, North America held 43.94% revenue share and in terms of size, dominated the global intelligent virtual assistant market. The altering BYOD movements have made possible the materialization of distantly working. This type of work offers a suppleness to human resources and permits the handling of a virtual assistant to accelerate the chosen work.

Additionally, this powers the general work effectiveness along with the output. Likewise, the North American healthcare business has accepted the benefits of intelligent virtual assistants and is concentrating on increasing the effectiveness of healthcare organizations.

The American Medical Association of Medical Colleges has expected a deficit of 40,000 general practitioners, accordingly, the usage of IVAs in healthcare activities is anticipated to complete the scarcity and provide a dependable and competent way out for the fitness check.

Due to the rising consumer electronics and retail segments in China, Asia Pacific is anticipated to increase by the highest CAGR, during the forecast period. The progress of AI-powered intelligent virtual assistants for the proficient talk has shown that they are extremely efficient in giving services plus carrying out business roles like consulting, setting up appointments, through diverse industries.

Companies

The major companies of the market concentrate on the modernization, presentation of innovative products as well as business development. The companies have launched virtual assistance in tablets, smartphones, desktops along other handy gadgets. The companies have taken up the most important policies, such as joint ventures and the promotion of innovative products.

Some of the companies for the intelligent virtual assistant market are:

    • Welltok, Inc.
    • True Image Interactive, Inc.
    • Nuance Communications, Inc.
    • Med Respond
    • Kognito
    • Google Inc.
    • Code Baby Corporation
    • CSS Corp.
    • Baidu, Inc.
    • Amazon.com, Inc.
    • Verint
    • Oracle Corporation
    • Next IT Corp.
    • Microsoft Corporation
    • IBM Corporation
    • eGain Corporation
    • Creative Virtual
    • Clara Labs
    • Apple Inc.
    • [24]7 Customer Inc.

 Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For this study, Million Insights has segmented the global intelligent virtual assistant market report based on product, technology, application, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2028)
    • Chatbot
    • Smart Speakers

• Technology Outlook (Revenue, USD Million, 2017 - 2028)
    • Automatic Speech Recognition
    • Text to Speech
    • Text-based

• Application Outlook (Revenue, USD Million, 2017 - 2028)
    • BFSI
    • Consumer Electronics
    • Automotive
    • Healthcare
    • Education
    • Retail
    • IT & Telecom
    • Travel & Hospitality
    • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2028)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
    • The Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa