Global Intelligent Virtual Assistant Market Expected to Grow at High CAGR by 2025

Published On : Dec 2019

Vision Research Reports announces the acquisition and availability of a fresh business and commerce study, titled “Global Intelligent Virtual Assistant Market Size, Status and Forecast 2025.” Developed by a group of professional and experienced research analysts, this 101-page report aspires to serve as a reliable business tool for its targeted audiences such as IVA module designers and manufacturers, startup companies, government and other regulatory bodies, and raw material suppliers.

The report begins with an overview of the current scenario of the market for intelligent virtual assistant, explores every key dynamic such as drivers, restraints, opportunities, and trends, segments the market on the basis of technology, application, and end users, evaluates the potential of various regions, and finishes off with a featured section on competitive landscape. In this section, a number of companies have been profiled for their technological expertise, product portfolio, geographical presence, and overall shares in the market for intelligent virtual assistant.

As per the projections of the report, the demand in the global intelligent virtual assistant market will increment at a phenomenal CAGR during the forecast period of 2018 to 2025. Some of the key factors fueling the demand in the intelligent virtual assistant market are demand for automation in customer service, integration of speaker-based virtual assistants and smart home appliances, and increasing adoption of chatbots as a result of the availability of low-cost software modules for chatbot design.

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On the other hand, factors such as the lack of accuracy in chatbot, limited research of IVA smart speakers in emerging economies owing to lack of awareness and cost factors, and complexity of system integration are expected to obstructing the optimum prosperity of the global intelligent virtual assistant market. Nevertheless, advent of gesture recognition technology and availability in multi-language support are expected to open new revenue avenues for the vendors of this market in the near future.

Technology-wise, the report segments the market for intelligent virtual assistant into text-to-speech recognition, and speed recognition, which is further sub-segmented into speech recognition systems and natural language processing (NLP). Application-wise, the market has been bifurcated into contact centers, websites, and messenger bots. End-use classification has been done into individual user, small and medium enterprises (SMEs), and large enterprises.

Geographically, the report picks out North America as the most lucrative region, which accounted for 40% of the total demand in 2015 and is expected to remain highly profitable throughout the forecast period. Presence a large pool of multinational companies in the country of the U.S. and high adoptability rate of new technology are the primary driver of the North America intelligent assistant market.

The report also detects a highly fragmented competitive landscape, owing to the presence of a large number of players. That being said, top four companies, viz. IntelliResponse Systems, Nuance Communication Inc., Creative Virtual Ltd., and Next IT Corporation, managed to reserve nearly 32% of the total shares and are expected to further gain ground with product innovation.

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