In a recent published report, Kenneth Research has updated the Intelligent Virtual Assistant Market report for for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Intelligent Virtual Assistant Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
In this report, the Global Intelligent Virtual Assistant market was valued at USD 1.20 Billion in 2016, and is projected to reach USD 19.9 billion by 2025, growing at a CAGR of 36% over the forecast period.
“Intelligent Virtual Assistant Market “, published by Xpodence Research, provides extensive insight and analysis of the Intelligent Virtual Assistant Market over the next eight years (2015-2025) and acts as a vital point of reference for operators or suppliers.
An Intelligent Virtual Assistant is a smart system which performs tasks as per the users’ demand. It is a solution that simplifies user interaction with personal computers, smartphones, SMS, messenger and other interfaces. IVA systems use various interaction methods, which include text-to-text, speech-to-text, among others to assist users in executing their tasks, either for some useful purposes or for entertainment purpose. Apple’s Siri, Amazon Alexa, are few well-known intelligent virtual assistants.
Increasing penetration of smartphones and growing adoption of IVA devices and services by large enterprises is propelling the growth of the industry. Increasing demand for automation in offering the uninterrupted support services for customer and growing adoption in smart home systems which include music players, wireless connected thermostats, air conditioners and others is further projected to propel the industry growth. However, lack of accuracy in the system design and personalization option is expected to restrain the industry growth.
North America is estimated to be the dominant region in the global intelligent virtual assistant market and the growth is attributed to the increasing adoption of technological advancements by the companies in these regions. Major companies acting as the driving forces for the technology include Google and automobile manufacturers such as BMW, are investing heavily in IVAs.
The report includes –
Segmentation: Based on product segment, the report segregates the segment and delivers the revenue, growth rate, and market share, of each type,
• IVA Smart Speakers
• Smart Watches
On the basis on the technology, this report focuses on the status and outlook for major applications, market share and growth rate for each application, including
• Text Based
• Automatic Speech Recognition (ASR)
On the basis of type, the market has been segmented further, and displays growth rate and market share over the forecast period;
• Rule based IVA
• Conversational AI based IVA
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On the basis on the service, this report focuses on the status and outlook for major applications, market share and growth rate for each application, including
• Customer Service
• Marketing Assistant
On the basis on the vertical, this report focuses on the status and outlook for major applications, market share and growth rate for each application, including
• Consumer Electronics
• Travel and Hospitality
Geographic Segmentation: This report split global market into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America, with revenue (Billion USD), market share and growth rate of intelligent virtual assistant market for these regions, from 2015 to 2025 (forecast)
• North America: U.S., Rest of North America
• Europe: Germany, France, UK, rest of Europe
• Asia Pacific: China, Japan, India and Rest of Asia Pacific
• Middle East & Africa: GCC, North Africa, South Africa and Rest of MEA
• Latin America: Brazil and Rest of Latin America
Key players: Overview of market leaders in IVA market by top manufacturers/players, with revenue (Billion USD) and market share for each manufacturer/player. The top players including Microsoft, Nuance Communications, Samsung Electronics, Alphabet, Apple, Amazon, International Business Machines (IBM), Facebook, Cognitive Code, Artificial Solutions, Mycroft Ai, among all the others. report includes –
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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