Intelligent Virtual Assistant Market – By Technology (Automatic Speech Recognition, Text to Speech, and Text Based), By Product (Chat bot and Smart Speakers), By Application (BFSI, Consumer Electronics, Automotive, Healthcare, Education, Retail, IT & Telecom, Travel & Hospitality, and Others), By End User (Small and Medium Businesses, Large enterprises, and Individual users), By Region – Global Opportunity Analysis and Industry Forecast, 2020-2030

Intelligent Virtual Assistant Market size was valued to be more than USD 4718.98 billion in 2020 and it is expected that the revenue will reach USD 110719.2  billion by 2030. The anticipated growth will be CAGR of 37.10% during 2020- 2030.An intelligent virtual assistant is a software integrated into modern devices which has high performance, energy-efficient, and cost-saving features for an individual and organizations use. This software is enabled into the devices as per their requirements like for an individual use, this software can be embedded in the smartphones, whereas for an organizational point of view they can be clubbed with AI to make the machines work. Implementation of intelligent virtual assistants (IVA) within the organizations can lead to increase in productivity and cost-saving. These IVA enabled devices can perform the tasks more precisely, in a shorter duration of time and can achieve productivity by providing quality work.  In day to day activity we have been using this software in our smartphones simply by a click, like speech-to-text, text-to-speech, and speech-to-speech, and others.

Market Segmentation:

The global intelligent virtual assistant market is segmented by technology into automatic speech recognition, text to speech and text-based. By product type, the market is categorized into chat bot and smart speakers. By application, the market is classified into BFSI, consumer electronics, automotive, healthcare, education, retail, IT & Telecom, travel & hospitality, and others. By end-user the market is organized into small and medium businesses, large enterprises, and individual users. By region, the global intelligent virtual assistant market is described into North America, Asia- Pacific, Europe and RoW.

Market Dynamics and Factors:

Owing to the introduction of intelligent virtual assistants, it has been noticed that the customer experience has grown better and individuals are easily adopting the technology in their day to day life. By the use of intelligent virtual assistants, the direct interaction like a call to call services has reduced and AI-enabled chat bots can now answer the questions of customers. This process has to lead to an increase in customer satisfaction and this growing popularity is driving the intelligent virtual assistant market growth. However, the high cost of devices and lack of skilled professionals are restraints in the market growth. Also, due to the rapid growth of technologies like Internet of Thing (IoT) has prompted the intelligent virtual assistant market growth. However, there has been always the issue of security and due to the rise in the data privacy cases and its demand, it can be consider as a major constraint for the intelligent virtual assistant market growth. 

Geographic Scenario

North America accounted the largest intelligent virtual assistant market share in terms of revenue which valued at USD 3 billion in 2019 and is expected to reach USD 5 billion by 2025. North America population has seen major technology advancement and are more inclined towards AI-based services, once of such service is intelligent virtual assistants, owing to this the text to speech devices technology has gained more importance and is widely used technology among the people. Text to speech technology itself is expected to grow by CAGR of 30% or more during the forecasted period. Asia Pacific market is expected to grow in future due to the increase in demand for electronics and medical devices. Introduction of intelligent virtual assistants among the organizations has also boosted up the intelligent virtual assistant market demand. The LAMEA region is also expected to show a rise in the intelligent virtual assistant market sales in coming year owing to an increase in demand for AI-based products and due to its ease of use. The purchasing power of this region will also boost up in a few years. Overall, good growth can be seen in future due to the rise in demand for security-enabled handheld devices due to post Covid-19 situation.

Competitive Scenario:

The key players in the global intelligent virtual assistant industry are Intel Corporation Amazon.com Inc., Google Inc., Oracle Corporation, Apple Inc., Microsoft, Amazon, IBM Corporation, CodeBaby Corporation, MedRespond, Next IT Corporation, CSS Corporation, and Welltok Inc.

Intelligent Virtual Assistant Market Report Scope