Intelligent Virtual Assistant Market by Product, Type, Industry, and by Geography – Opportunities & Forecast 2016-2021
Global Intelligent Virtual Assistant Market by Product (Chatbot, IVA Smart Speakers), Type (Rule-Based, Conversational AI-Based), Industry (Consumer Electronics, BFSI, Healthcare, Education, Retail, Government, Utilities, Travel and Hospitality and Others) and by Geography – Opportunities & Forecast 2016-2021
Intelligent Virtual Assistant Market is projected to reach USD 7,455 million by 2021, exhibiting a CAGR of 28.1% during forecast period.
The global intelligent virtual assistant market has witnessed a substantial growth in recent years. The rise in the adoption rate of low-cost chatbots software modules, growing need for automation in customer service and marketing areas as well as increase in integration of intelligent virtual assistant smart speakers with smart home appliances are the key factors fuelling the growth of the global intelligent virtual assistant market. The growing demand for intelligent virtual assistants capable of providing multi-lingual support as well as recognizing gestures will further propel the growth of the intelligent virtual assistant market during the forecast period.
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The consumer electronics industry segment was estimated to dominate the intelligent virtual assistant market in 2016. The rise in demand of intelligent virtual assistant in home automation systems is the key factor propelling the growth of the consumer electronics market. Also, BFSI sector was the second most dominant industry segment in the intelligent virtual assistant market in 2016.
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North America region was estimated to dominate the intelligent virtual assistant market in 2016 owing to rise in the adoption rate of intelligent virtual assistant technologies by industries such as consumer electronics, BFSI, healthcare, education, retail, government, utilities, travel and hospitality. On the other hand, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to factor such as the increasing adoption of chatbots for providing effective customer service to people of emerging economies of the Asia-Pacific such as China and India.
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This research report on intelligent virtual assistant market provides in-depth analysis of the global intelligent virtual assistant market based on product, type, industry and major geographies for the period from 2016 to 2021. The report highlights the major market drivers pushing the growth and challenges faced by market participants. The research report provides market size and forecast for intelligent virtual assistant market. The report also analyses the competitive landscape and the major player and their strategies in 2016. The competitive landscape section of the report also captures and highlights the recent development in the market.
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Key questions this research would answer:
• Is the intelligent virtual assistant market growing? How long will it continue to grow and at what rate?
• What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
• What are the regional revenue and forecast breakdowns? What are the regional hotspots for growth in the intelligent virtual assistant market?
• What are the various industry application segments and how they are poised to grow?
The global intelligent virtual assistant market is segmented on the basis of product, type, industry and geography:
Market Segmentation
Global Intelligent Virtual Assistant Market by Product
• Chatbot
• IVA Smart Speakers
Global Intelligent Virtual Assistant Market by Type
• Rule-Based
• Conversational AI-Based
Global Intelligent Virtual Assistant Market by Industry
• Consumer Electronics
• BFSI
• Healthcare
• Education
• Retail
• Government
• Utilities
• Travel & Hospitality
• Others
Global Intelligent Virtual Assistant Market by Region
• North America
• Europe
• Asia-Pacific
• RoW
Global Intelligent Virtual Assistant Market Competitive Landscape
• Major Players and their Key Strategies
• New product launches
• Mergers and acquisitions
• Collaborations, partnerships, agreements and joint venture
Frequently Asked Question About This Report
Intelligent Virtual Assistant Market [ICT09A-00-0719]
The rise in the adoption rate of low-cost chatbots software modules, growing need for automation in customer service and marketing areas as well as increase in integration of intelligent virtual assistant smart speakers with smart home appliances are the key factors fuelling the growth of the intelligent virtual assistant market.
The North America region was estimated to dominate the intelligent virtual assistant market owing to rise in the adoption rate of intelligent virtual assistant technologies by industries such as consumer electronics, BFSI, healthcare, education, retail, government, utilities, travel and hospitality.
The leading player of Intelligent Virtual Assistant Market are Apple, Alphabet, Amazon, Microsoft, Baidu, Samsung Electronics, IBM, Blackberry, Inbenta Technologies, Nuance Communications.
The growth rate of Intelligent Virtual Assistant Market during 2016-2021 is 28.1%.
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