Intelligent Virtual Assistant Market Estimated to Exceed US 11.3 Billion Globally By 2024
by Rahul Rastogi Market Research AnalystIntelligent virtual assistant refers to a software agent based on artificial
intelligence, which helps in performing several tasks for an individual. In
order to enhance the user interface, it emulates human interaction and is
integrated with gadgets like smartphones, tablets, portable speakers,
smart-watches, etc. As the majority of intelligent virtual assistants employ
online resources for answering user’s queries, they do not work without an
internet connection. Some of the widely used intelligent virtual assistants
include Google Assistant, Apple’s Siri, Amazon Alexa and Microsoft Cortana. A
new research report titled “Intelligent
Virtual Assistant Market Report: Global Industry Trends, Share, Size, Growth,
Opportunity and Forecast 2019-2024” by IMARC Group estimates
that the global
intelligent virtual assistant market was worth US$ 2.2 Billion
in 2018. The report further anticipates the market size of intelligent virtual
assistant to
cross US$ 11.3 Billion by 2024, at a projected CAGR of 31% over the forecast period.
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Global
Intelligent Virtual Assistant Market Drivers/Constraints:
- Social
media offers marketing platform to the developers for introducing
intelligent virtual assistant amongst consumers. This coupled with a
strong penetration of smartphones has propelled the intelligent virtual
assistant market growth.
- Technological advancements have led to a significant shift from analogue to digital technologies in a number of organisations, thereby widening the market opportunities for intelligent virtual assistant.
- Other
factors such as reduced cost of customer service operations and robust
dependence on the internet have further resulted in increased usage of
Intelligent virtual assistant among the younger generation.
- However,
the voice recognition is yet to improve amongst several Intelligent
virtual assistant technologies. Moreover, its initial price acts as one of
the factors impeding the market growth.
Product Insights:
On the basis of product, the market is classified as chatbots and IVA smart
speakers. Chatbot is a computer programme which carries out conversations via
textual means. On the other hand, smart speakers are wireless speakers which
encompasses a virtual assistant, playing data as and when commanded.
Type Insights:
At present, rule based exhibits a clear dominance in the global intelligent
virtual assistant market. Rule based is followed by conversational Al
Based.
Technology Insights:
On the basis of technology, the market is segmented as text based,
text-to-speech, automatic speech recognition (ASR) and others.
End-Use Insights:
Based on end-use, the report finds that BFSI currently represents the
largest end-use segment of intelligent virtual assistant market. BFSI is
followed by travel, retail, government, education and others.
Regional Insights:
On a geographical front, North America enjoys a top position in the global
intelligent virtual assistant market, accounting for the biggest market share.
North America is followed by Europe, Asia Pacific, Middle East and Africa.
Competitive Landscape:
The market is highly fragmented and surrounded by numerous small and large
manufacturers who compete in terms of prices and quality. There is an rigid
competition in the market which makes it hard for small players to survive.
Some of the leading players operating in the market include:
- Microsoft
- Nuance
Communications
- Samsung
Electronics
- Alphabet
- Apple
- Amazon
- International
Business Machines (IBM)
- Baidu
- Blackberry
- Inbenta
Technologies
Browse Full Report with TOC
& List of Figure: https://www.imarcgroup.com/intelligent-virtual-assistant-market
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Created on May 24th 2019 04:35. Viewed 460 times.