Increase in demand for automation in customer service and rise in penetration of smartphone fuel the global intelligent virtual assistant market. On the other hand, inability of accurate responses impedes the growth to some extent. However, gesture recognition technology and multi-language support in IVAs are expected to create novel opportunities in the coming years.
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According to the report published by Allied Market Research, the global intelligent virtual assistant market was pegged at $3.44 billion in 2019 and is expected to hit $44.25 billion by 2027, registering a CAGR of 37.7% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Impact of Covid-19 on Intelligent Virtual Assistant Market:
- With the outbreak of the pandemic, the demand for software based on intelligent virtual assistant (IVA) has increased in the healthcare industry.
- At the same time, there’s been a decline in demand for the software from the automotive industry, which has given the global intelligent virtual assistant market a mixed impact.
Based on technology, the inorganic segment accounted for nearly half of the total market revenue in 2019, and is anticipated to rule the roost by 2027. The speech recognition segment, on the other hand, would portray the fastest CAGR of 42.0% throughout the forecast period.
Based on geography, North America garnered the major share in 2019, generating nearly two-fifths of the global market. At the same time, Asia-Pacific would showcase the fastest CAGR of 40.9% by 2027. The other two regions covered in the study include LAMEA and Europe.
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The key market players analyzed in the global intelligent virtual assistant market report include Amazon.com, Inc., Apple Inc., EGain Corporation, International Business Machines Corporation, Samsung Electronics Co., Ltd., IPsoft Inc., Alphabet Inc., Nuance Communications, Inc., Artificial Solutions, and Verint Systems Inc. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
The global intelligent virtual assistant market is analyzed across product, technology, industry vertical, and region. Based on product, the chatbots segment contributed to nearly three-fifths of the total market share in 2019, and is projected to lead the trail by 2027. Simultaneously, the smart speakers segment would exhibit the fastest CAGR of 40.3% from 2020 to 2027.
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.