Kenneth Research released a report on Intelligent Virtual Assistant Market consisting of detailed analysis of the market and industry insights over the forecast period of 2022-2031. The latest trends and business opportunities in the market are discussed in the report on the basis of analysis of the market value and calculation of the CAGR during the forecast period. The market is anticipated to grow at a significant CAGR over the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis 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) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst 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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As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017. In this sector, the ICT services account for the major share as it is predicted to be ten times larger than the share held by ICT manufacturing. ICT services consist of computer programming, consultancy and related activities which held about 49.1% share while the telecommunications activities held around 30.3% share in the segment in 2017. These factors are estimated to impact the market growth in a positive manner in the next few years.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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,
• Chat-bots
• 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
• Text-to-Speech
• Automatic Speech Recognition (ASR)
• Others
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
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
• BFSI
• Healthcare
• Education
• Retail
• Travel and Hospitality
• Government
• Utilities
• Others
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 –
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Intelligent Virtual Assistant Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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