Worldwide intelligent virtual assistant market is foreseen to accumulate over US $21,523.6 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the report, the burgeoning need for improving customer services, streamlining enterprise communication, and augmenting productivity, has amplified the adoption of intelligent virtual assistants across the globe. The increasing penetration of mobile devices, coupled with the incorporation of virtual assistants with smart home appliances, further promotes market expansion. Furthermore, the surging demand by small and medium enterprises, as well as rising demand from the developing economies, are likely to bestow the global market with enormous growth prospects in the ensuing years. While on one hand, the lack of awareness is hampering market development, on the other hand, growing investments by vendors in technological enhancements and the burgeoning need for customer experience enhancement are expected to boost the adoption of intelligent virtual assistants.
In the forthcoming years, the application of digital assistants and bots is slated to grow significantly. Bots can perform various automated tasks such as managing finances, scheduling meetings, etc., and can deploy communication tools in an appropriate way. These bots can also be used as automated attendants which can offer instructions to customers.
Market experts claim that these intelligent virtual assistants are gradually replacing the traditional interactive voice responsive systems, plus, their use is turning out to be quite effective as they enhance both customer and brand experience and provides a consumer-friendly environment.
The technology backdrop of the market can be bifurcated into speech recognition, text-based, text-to-speech-based and others. Based on the services outlook, the global intelligent virtual assistant market is fragmented into customer services and marketing assistant.
The broad end-user landscape of the global market encompasses the healthcare, retail, government, BFSI, education, and other sectors. As reported, the BFSI end-user segment led the global market during the year 2017, in terms of revenue. This can be attributed to the escalating for augmenting customer services and enhancing productivity. BFSI companies use intelligent virtual assistants to develop workforce collaboration, improve client interaction, and decrease costs incurred.
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From the geographical point of view, North America generated the highest revenue in the worldwide market during the year 2017 and is slated to become the leading contributor to the global market revenue over the estimated timeframe. Market growth in the region is stimulated by the rising trend of BYOD and the presence of an established telecom & cloud infrastructure. The increasing demand for mobile devices, combined with technological developments, further supplements the North American market growth.
Also, based on the findings of the report, the Asia Pacific region is anticipated to develop at the highest CAGR over the forecast timeline, by virtue of the ascending demand for virtual assistant technologies in the evolving countries.
The latest report entails a comprehensive analysis of the global intelligent virtual assistant market drivers, challenges, and opportunities, in addition to the current market scenario & future trends. A brief overview of the existing industry trends, Porter's five forces, PEST analysis, value chain, regional landscape, competitive ranking analysis, and competitive vistas has also been included in the report.
The key players operating in the intelligent virtual assistant market include Google, Apple Inc., CodeBaby Corporation, Microsoft Corporation, IBM Corporation, Intel Corporation, Nuance Communications, Clara Labs, Speaktoit Inc., Oracle Corporation, and Next IT Corporation. In a bid to expand their product portfolio, global reach, and suffice the growing consumer requirements, these companies are collaborating with other market leaders and launching new products.