An 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: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” by IMARC Group estimates that the global intelligent virtual assistant market reached a value of around US$ 4 Billion in 2020. Looking forward, IMARC Group expects the global intelligent virtual assistant market to exhibit strong growth during the next five years.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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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 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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Key Market Segmentation:
Competitive Landscape With Key Players :
- Nuance Communications
- Samsung Electronics
- International Business Machines (IBM)
- Inbenta Technologies
Breakup by Application:
- Banking, Financial Services and Insurance (BFSI)
Breakup by Product:
- IVA Smart Speakers
Breakup by Type:
- Conversational AI Based
Breakup by Technology:
- Automatic Speech Recognition (ASR)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021- 2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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