Intelligent Virtual Assistant Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

The global Intelligent Virtual Assistant market size is expected to be worth around US$ 45.2 billion by 2028, according to a new report by Vision Research Reports.

The global Intelligent Virtual Assistant market size was valued at US$ 3.8 billion in 2020 and is anticipated to grow at a CAGR of 34.01% during forecast period 2021 to 2028.

Growth Factors

The growing use of smart speaker-based technologies for home automation and digitization in the retail sector has led to the implementation of conversational e-commerce is the major driving factor of the market. Intelligent virtual assistants (IVAs) help consumers to find relevant information and perform tasks with actionable advice. The inputs received from IVAs assist the organizations in designing and developing various marketing strategies and implementing those in real-time. Many retail stores have implemented IVAs in their processes, adding a new dimension to their customer engagement, further enhancing the customer shopping experience. For instance, Walmart customers can shop for groceries just by talking to the intelligent virtual assistant in their smartphones. Development in voice recognition and speech technologies has been the driving factor behind the proliferating growth of the market.

Chatbots and smart speakers listen, recognize, and respond to the individuals' requirements and assist them in various tasks. Thus, the devices are gaining popularity among the consumers for a variety of functions such as calling, shopping, reminders, setting the alarm, music streaming, and consulting. Amazon Alexa and Google Home accounted for a majority of the intelligent virtual assistant (IVA) market share of the smart speaker segment in 2019. Chatbot has enabled ease of accessibility in banking, retail, education, e-commerce, travel, and hospitality sectors.

Report Highlights

The smart speaker segment is expected to grow at the fastest rate of 34.5% over the forecast period. The residential consumers mainly use smart speakers for day to day tasks. In addition, there has been a notable demand for the adoption of smart speakers in smart offices and automotive applications. For instance, Alexa (Amazon) can be used for turning lights on/off, controlling smart appliances such as HVAC systems and music systems, streaming music, and setting alarms and reminders. The increasing need for a convenient lifestyle has led to the wide adoption of smart speakers and is anticipated to drive the intelligent virtual assistant (IVA) market in the coming years.

Chatbot has broad adoption in banking and insurance sectors, retail industry, and educational portals. They help to access the required information and facilitate the end-users with ease of operation. Chatbot has gained market attraction and had the highest adoption in the healthcare industry. With the help of text/speech/audio, these bots help physicians, nurses, patients, and their families at various levels of life.

Automotive is emerging as one of the fastest growing segment in the IVA market, which is expected to witness continuous growth over the future. Integration of intelligent virtual assistant with the infotainment system contributes towards delivering personalized content as well as improves the comfort and convenience. Several companies such as Daimler, BMW, and Hyundai have integrated voice enable infotainment systems into their vehicles. In January 2020, Amazon launched Echo Auto, a voice assistant device that contributes towards enhances driving experience. Several companies are investing in developing the advanced intelligent virtual assistant for the automotive platform to tap the full potential of the segment.

Automatic speech recognition technology is expected to grow at the fastest rate of 35.6% over the forecast period owing to the wide adoption of smart speakers in various sectors. Smart speakers recognize the speech and respond to the speech generated by the consumers in a predefined manner. Rising adoption of mobile computing technology across the world is expected to boost the demand for automatic speech recognition segment. 

The text-to-speech recognition segment was valued at USD 2.2 billion in 2019 and is expected to expand at a steady CAGR, owing to versatile application of the technology that benefits businesses, consumers, educational institutes, and personal users. Furthermore, it allows content owners to respond to different needs and desires of users and the way they interact with the content.

North America is held the largest share of the overall IVA market in 2019. Changing BYOD trends have led to the emergence of remote working. Working remotely provides flexibility to the employees and allows the usage of an intelligent virtual assistant to speed up the work allotted. This further drives the overall work efficiency and productivity. Similarly, the healthcare industry within the region has recognized the benefits of intelligent virtual assistants and is focusing towards improving the efficiency of healthcare systems.

 the market is expected to grow at the fastest rate over the forecast period owing to the growing retail and consumer electronics sectors in China. The development of AI-powered intelligent virtual assistants for professional conversation has exhibited that they are highly effective in providing services and performing business functions such as appointment scheduling, consulting, across various industries. 

Key Players

Intel Corporation; Amazon.com Inc.; Google Inc.; Nuance Communications, Inc.; Oracle Corporation; Apple Inc.; Microsoft; eGain Corporation; Amazon; Verint; IBM Corporation; CodeBaby Corporation; MedRespond; Next IT Corporation; CSS Corporation; Welltok Inc.; and True Image Interactive Inc. are the key players of the IVA market. 

Market Segmentation

The Intelligent Virtual Assistant market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Intelligent Virtual Assistant market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Intelligent Virtual Assistant market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Intelligent Virtual Assistant market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Intelligent Virtual Assistant market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Intelligent Virtual Assistant capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Intelligent Virtual Assistant by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Intelligent Virtual Assistant market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Intelligent Virtual Assistant market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Intelligent Virtual Assistant market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Intelligent Virtual Assistant industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Intelligent Virtual Assistant market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Intelligent Virtual Assistant market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Intelligent Virtual Assistant market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Intelligent Virtual Assistant market. These factors have benefited the growth of the global market for Intelligent Virtual Assistant. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Intelligent Virtual Assistant. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Intelligent Virtual Assistant are as follows:

• Historic Year: 2017-2020
• Base Year: 2020
• Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.