Global Intelligent Virtual Assistant Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

MarketResearch.biz, in its upcoming report titled, “Global Intelligent Virtual Assistant Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027”, offers in-depth insights, revenue details, and other vital information regarding the global intelligent virtual assistant market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report also offers insightful and detailed information regarding the various key players operating in the global intelligent virtual assistant market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global intelligent virtual assistant market report has been segmented on the basis of technology, application, end-user, and region. The global intelligent virtual assistant market was valued at US$ XXX.X million in 2016, and is expected to reach US$ X.X billion over the forecast period at a CAGR of XX.X%.

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Intelligent virtual assistant is an artificial intelligence system that simplifies user interaction with mobile devices or PC, through internet, messenger, and other communication medium/interfaces by using interaction methods such as text-to-text, text-to-speech, speech-to-text, and speech-to-speech to assist users in performing respective tasks.

Major factors driving growth of the global intelligent virtual assistant market are development in speech and voice recognition technologies, rising number of smartphone users, and increasing penetration of high speed internet. In addition, brands striving to provide improved and effective customer experience, interaction, and services have further boosted demand for intelligent virtual assistant technology. Rising adoption in sectors such as healthcare, BFSI, and retail are further fueling growth of the global intelligent virtual assistant market. Furthermore, features such as cost effectiveness, 24*7 customer support, lifelike avatars & bots, interaction in natural/regional language, and ability to recognize different languages and respond to it are some other factors propelling growth of the global intelligent virtual assistant market.

Major factor hampering growth of the global intelligent virtual assistant market is difficulty in integrating knowledge bases of enterprises and intelligent virtual assistant systems. In addition, lack of awareness about features of IVA and knowledge on how to use it are some other factors expected to hamper growth of the global intelligent virtual assistant market.

Entrepreneurs are outsourcing IVAs which are being used as virtual call centers and for marketing campaigns including email, blog and social media promotion so that they can focus on their key competency.  In addition, rising demand for cloud based IVAs is current trend in the market. Moreover, assistant-as-app services is expected to present potential opportunities for mobile applications segment during the forecast period.

North America dominates the global intelligent virtual assistance market and is expected to maintain its dominance during the forecast period owing to rising adoption of cloud based IVAs by various enterprises to improve customer relationship management and to enhance their relationship with clients. The market in Europe is expected to witness moderate growth during the forecast period. Whereas, the market in Asia Pacific is projected to witness significant growth and is expected to register a CAGR of XX.X% during the forecast period.

Market Segmentation

Global intelligent virtual assistant market segmentation by technology:

• Text-to-speech
• Speech recognition

Global intelligent virtual assistant market segmentation by application:

• Banking
• Financial services and insurance (BFSI)
• Healthcare
• Automotive
• e-Commerce
• Aerospace
• IT

Global intelligent virtual assistant market segmentation by end-user:

• Small & medium enterprises (SME)
• Large enterprises

Global intelligent virtual assistant market segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

• Nuance Communications Inc.
• Anboto Group
• [24]7
• Apple Inc.
• Google Inc.
• CX Company
• eGain Corporation
• ViClone Corporation
• InteliWISE S.A.
• Microsoft Corporation