Virtual assistant

The global intelligent virtual assistant industry is expected to reach $40.9 billion by 2027

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Global Smart Virtual Assistant Market

Global Smart Virtual Assistant Market

Global Smart Virtual Assistant Market

Dublin, June 10, 2022 (GLOBE NEWSWIRE) — The “Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027” report has been added to from ResearchAndMarkets.com offer.

The global intelligent virtual assistant market reached a value of US$6.27 billion in 2021. Looking ahead, the publisher expects the market to reach US$40.95 billion by 2027 , with a CAGR of 37.61% in 2022-2027. Keeping in mind the uncertainties of COVID-19, we continuously monitor and assess the direct and indirect influence of the pandemic on different end-use sectors. This information is included in the report as a major market contributor.

An intelligent virtual assistant (IVA), also known as an intelligent personal assistant (IPA), is software that understands natural language voice commands and helps perform basic tasks. These tasks may include writing text messages, researching information on the Internet, finding hotels or restaurants, checking flight reservations, listening to music, playing games, adding events in a calendar and checking the status of smart home devices.

As a result, these assistants are integrated into most gadgets today, such as smartphones, smartwatches, tablets and portable speakers. Some of the most popular IVAs include Google Assistant, Apple’s Siri, Microsoft’s Cortana, and Amazon’s Alexa.

Growing investment in research and development (R&D) activities by some of the major players for the introduction of innovative products in the industry is enhancing the growth of the market.

For example, announced in May 2018, Google Duplex is a new project in which Google Assistant allows users to make reservations through a smartphone without any interaction on their part. Apart from this, the escalation in smartphone sales, along with the growing influence of social media platforms, has led to a substantial increase in consumer awareness of the benefits offered by IVAs across the globe.

In addition, high demand for customer support service automation is also driving the market growth. Additionally, the growing use of IVAs by the younger generation, coupled with the ever-improving consumer experience, is catalyzing their demand worldwide.

Key Market Segmentation:

The publisher provides analysis of key trends in each sub-segment of the global intelligent virtual assistant market, as well as forecasts at the global and regional level from 2022 to 2027. Our report has categorized the market based on application, product, type and technology.

Breakdown by application:

Breakdown by product:

  • Chatbots

  • IVA smart speakers

Chatbots are currently the most widely used product.

Breakdown by type:

  • Rules-based

  • Based on conversational AI

Intelligent virtual assistants based on conversational AI show a clear dominance in the market.

Breakdown by technology:

Text-to-speech technology currently accounts for the majority of the total market share.

Regional outlook:

  • North America

  • Europe

  • Asia Pacific

  • Middle East and Africa

  • Latin America

Geographically, North America ranks first.

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of key players operating in the industry.

Ssome of these players are:

  • Microsoft Corporation

  • Nuance Communications, Inc.

  • Samsung Electronics Co.Ltd.

  • Alphabet, Inc.

  • Apple Inc.

  • Amazon.com Inc.

  • International Business Machines (IBM) Corporation

  • Baidu, Inc.

  • BlackBerry Ltd.

  • Inbenta Technologies, Inc.

Answers to key questions in this report:

  • How has the global intelligent virtual assistant market behaved so far and how will it behave in the coming years?

  • What has been the impact of COVID-19 on the global intelligent virtual assistant market?

  • What are the key market regions?

  • What are the popular types in the market?

  • What are the leading products on the market?

  • What are the main application segments of the market?

  • What are the main technologies on the market?

  • What are the different stages in the value chain of the Global Intelligent Virtual Assistant Market?

  • What are the key driving factors and challenges in the Global Intelligent Virtual Assistant Market?

  • What is the structure of the global intelligent virtual assistant market and who are the key players?

  • How competitive is the global intelligent virtual assistant market?

Main topics covered:

1 Preface

2 Scope and methodology

3 Executive summary

4 Presentation
4.1 Overview
4.2 Key Industry Trends

5 Global Intelligent Virtual Assistant Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakdown by Product
5.5 Market Breakdown by Type
5.6 Market Breakdown by Technology
5.7 Market Breakdown by Application
5.8 Market Breakdown by Region
5.9 Market Forecast
5.10 SWOT analysis
5.10.1 Presentation
5.10.2 Strengths
5.10.3 Weaknesses
5.10.4 Opportunities
5.10.5 Threats
5.11 Value chain analysis
5.11.1 Presentation
5.11.2 Research and development
5.11.3 Inputs
5.11.4 Products and services
5.11.5 Marketing and distribution
5.11.6 End users
5.11.7 After-sales services
5.12 Analysis of the five forces of carriers
5.12.1 Presentation
5.12.2 Bargaining power of buyers
5.12.3 Bargaining power of suppliers
5.12.4 Degree of competition
5.12.5 Threat of new entrants
5.12.6 Threat of Substitutes

6 Market Breakdown by Product
6.1 Chatbots
6.1.1 Market trends
6.1.2 Market Forecast
6.2 IVA smart speakers
6.2.1 Market trends
6.2.2 Market Forecast

7 Market Breakdown by Type
7.1 Rule-based
7.1.1 Market trends
7.1.2 Market Forecast
7.2 Based on conversational AI
7.2.1 Market trends
7.2.2 Market Forecast

8 Market Breakdown by Technology
8.1 Text-based
8.1.1 Market trends
8.1.2 Market Forecast
8.2 Text-to-speech
8.2.1 Market trends
8.2.2 Market Forecast
8.3 Automatic Speech Recognition (ASR)
8.3.1 Market trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market trends
8.4.2 Market Forecast

9 Market Breakdown by Application
9.1 Banking, Financial Services and Insurance (BFSI)
9.1.1 Market trends
9.1.2 Market Forecast
9.2 Travel
9.2.1 Market trends
9.2.2 Market Forecast
9.3 Retail
9.3.1 Market trends
9.3.2 Market Forecast
9.4 Government
9.4.1 Market trends
9.4.2 Market Forecast
9.5 Education
9.5.1 Market trends
9.5.2 Market Forecast
9.6 Others
9.6.1 Market trends
9.6.2 Market Forecast

10 Market Breakdown by Region

11 Competitive Landscape
11.1 Market structure
11.2 Key Players
11.3 Profiles of Key Players
11.3.1 Microsoft Corporation
11.3.2 Nuance Communications, Inc.
11.3.3 Samsung Electronics Co.Ltd.
11.3.4 Alphabet, Inc.
11.3.5 Apple, Inc.
11.3.6 Amazon.com Inc.
11.3.7 International Business Machines (IBM) Corporation
11.3.8 Baidu, Inc.
11.3.9 BlackBerry Ltd.
11.3.10 Inbenta Technologies, Inc.

For more information on this report, visit https://www.researchandmarkets.com/r/v3qefl

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