$11.3 Bn Intelligent Virtual Assistant (IVA) Market to 2024 Key Player Microsoft, Nuance Communications, Samsung Electronics

Posted on 2019-05-20 by Mark Hub in Technology // 0 Comments

New York. USA, 2019-May-20 — /EPR Network/ — Over the years, the global intelligent virtual assistant market has been witnessing a tremendous growth. Some of the factors which are giving impetus to the market include strong penetration of smartphones and dependence on the internet, rapid increase in the influence of social media, etc.

Intelligent 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 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 of Intelligent Virtual Assistant (IVA). 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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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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