Intelligent Virtual Assistant Market Global Industry Research Report 2017 of 141 pages explores Global Intelligent Virtual Assistant Market reaching $17.72 billion by 2023. Report provides Intelligent Virtual Assistant Market Size, Share, Manufacturers, Statistics, Opportunities and Industry Forecast to 2023. The global Intelligent Virtual Assistant market is estimated to grow at a CAGR of 38.82% between 2017 and 2023.
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An Intelligent Virtual Assistant is an artificial intelligence system that emulates human interaction to perform particular tasks, like customer service. Intelligent Virtual Assistant Company analysed in report are Alphabet (US), Amazon (US), Apple (US), Nuance Communications (US), IBM (US), Microsoft (US), Samsung Electronics (South Korea), Inbenta Technologies (US), Baidu (China), and Blackberry (US).
“The Intelligent Virtual Assistant market is estimated to witness significant growth between 2017 and 2023”
Key factors driving the growth of the Intelligent Virtual Assistant include IVA market can be attributed to the growing application of IVA in automated customer support services and smart home systems. The lack of accuracy in chatbots is the main restraining factor for the IVA market.
“The market of automatic speech recognition held the highest market share in 2016”
The automatic speech recognition (ASR)-based IVAs held the highest market share in 2016.
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Automatic speech recognition (ASR) is used in smart speakers. ASR-based IVAs are growing in terms of usage because of the increasing demand for smart speakers in home automation systems especially in North America and Europe.
The smart home appliances are driving the demand for smart speakers in the market.
“Consumer Electronics sector accounted for the highest market share in 2016”
The Consumer electronics sector accounted for the highest market share among BFSI, healthcare, education, retail, government, utilities, travel and hospitality, and others. Smart speakers are highly in demand for smart home appliances such as wireless-connected thermostats, refrigerators, washing machines, and others.
Smart speakers are used in controlling such devices; hence, consumer electronics held the highest share of the market in 2016.
North America accounted for the largest share of the overall IVA market in 2016 due to the early availability and, thus, the increasing adoption of IVA smart speakers. APAC and RoW are the fastest-growing IVA markets.
This is mainly because of the presence of the countries such as China and India where technological adoption is happening at a very high rate. Therefore, this region is also expected to continue its growth at the highest rate from 2017 to 2023.
Research Coverage: The research includes the segmentation of IVAs on the basis of product, user interface, type, and industry. By product, IVAs are segmented as chatbots and IVA smart speakers.
By user interface, IVAS are segmented as text based, text-to-speech based, automatic speech recognition (ASR), and others. IVAs are segmented by type as rule based and conversational AI based.
IVAs are used in industries such as consumer electronics, BFSI, healthcare, education, retail, government, utilities, travel and hospitality, and others. It also includes major drivers, restraints, opportunities, and challenges for the IVA market.
Opportunities in the market have been defined for stakeholders, along with the details of the competitive landscape for the market leaders. Strategic profiling of the key players in the IVA market has been done, and the players’ market rankings and core competencies have been comprehensively analyzed.
There is an Illustrative competitive leadership mapping of 25 global companies in the report.
From an insight perspective, this research report has focused on various levels of analysis—market ranking of top players, value chain analysis, company profiles that discuss basic views on the competitive landscape, emerging and high-growth segments of the Intelligent Virtual Assistant market, high-growth regions, and market dynamics—such as drivers, restraints, opportunities, and challenges.
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