Global Intelligent Virtual Assistant Market Research Report and Forecast

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Global Intelligent Virtual

Assistant Market Research

Report and Forecast

2021-2026

Author: Elena Anderson,

Marketing Manager |

IMARC Group

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Report Description

About

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Report Description

Report Description and Highlights

Global Intelligent Virtual Assistant Market Outlook 2026:

According to IMARC Group research report titled “Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2011-2026” by IMARC Group estimates that the global intelligent virtual assistant Market reached a value of around US$ 4 Billion in 2020.

The report further anticipates the market to reach US$ 11.3 Billion by 2024, at a projected CAGR of 31% over the forecast period.

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.

Request for a free sample report: https://www.imarcgroup.com/intelligent-virtual-assistant-market/requestsample

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Report Description

Report Description and Highlights

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 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.

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Market Summary:

Breakup by Product Type:

• Chatbots

• 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.

Breakup by Type: • Rule based

• Conversational Al Based.

At present, rule based exhibits a clear dominance in the global intelligent virtual assistant market.

On account of these factors, the market is expected to witness robust growth during the forecast period (2021-2026).

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Breakup by Technology: • Text based • Text-to-speech

• Automatic speech recognition (ASR)

Text-to-speech technology currently accounts for the majority of the total market share. Breakup by End-Use:

• BFSI • Travel • Retail

• government

• education and others Breakup by Region:

• North America • Europe

• Asia Pacific • Latin America

• Middle East and Africa

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Competitive Landscape With Keyplayer: • Microsoft • Nuance Communications • Samsung Electronics • Alphabet • Apple • Amazon

• International Business Machines (IBM) • Baidu

• Blackberry

• Inbenta Technologies

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.

View Report TOC, Figures and Tables: https://www.imarcgroup.com/intelligent-virtual-assistant-market

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A partial List of our Clients

We are the trusted business partners to theworld's leading corporates, governments, and institutions

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A partial List of our Clients

We are the trusted business partners to theworld's leading corporates, governments, and institutions

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Report Description

Report Description and Highlights

This Publication and all it’s contents unless otherwise mentioned are copyrighted in the name of International Market Analysis Research and Consulting (IMARC). No part of this publication may be reproduced, repackaged, redistributed or resold in whole or in any part. The publication may also not be used in any form or by and means graphic electronic or mechanical, including photocopying, recording, taping or by information storage or retrieval, or by any other form, without the express consent of International Market Analysis Research and Consulting (IMARC).

Disclaimer: All contents and data of this publication, including forecasts, data analysis and opinion have been

based on information and sources believed to be accurate and reliable at the time of publishing. International Market Analysis Research and Consulting makes no representation of warranty of any kind as to the accuracy or completeness of any Information provided. IMARC accepts no liability whatsoever for any loss or damage resulting from opinion, errors or inaccuracies if any found this publication.

IMARC, IMARC Group and Global Therapy Insight Series are registered trademarks of International Market Analysis Research and Consulting. All other trademarks used in this publication are registered trademarks of their respective companies.

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