Press Release

Intelligent Virtual Assistant Market: Users, Reimbursement Policy, Countries and Training Model Analysis 2019-2025

Global Intelligent Virtual Assistant market was valued at USD 1.20 Billion in 2016, and is projected to reach USD 19.9 billion by 2025, growing at a CAGR of 36% over the forecast period.
“Intelligent Virtual Assistant Market “, published by Xpodence Research, provides extensive insight and analysis of the Intelligent Virtual Assistant Market over the next eight years (2015-2025) and acts as a vital point of reference for operators or suppliers.

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An Intelligent Virtual Assistant is a smart system which performs tasks as per the users’ demand. It is a solution that simplifies user interaction with personal computers, smartphones, SMS, messenger and other interfaces. IVA systems use various interaction methods, which include text-to-text, speech-to-text, among others to assist users in executing their tasks, either for some useful purposes or for entertainment purpose. Apple’s Siri, Amazon Alexa, are few well-known intelligent virtual assistants.

Increasing penetration of smartphones and growing adoption of IVA devices and services by large enterprises is propelling the growth of the industry. Increasing demand for automation in offering the uninterrupted support services for customer and growing adoption in smart home systems which include music players, wireless connected thermostats, air conditioners and others is further projected to propel the industry growth. However, lack of accuracy in the system design and personalization option is expected to restrain the industry growth.

Key players: Overview of market leaders in IVA market by top manufacturers/players, with revenue (Billion USD) and market share for each manufacturer/player. The top players including Microsoft, Nuance Communications, Samsung Electronics, Alphabet, Apple, Amazon, International Business Machines (IBM), Facebook, Cognitive Code, Artificial Solutions, Mycroft Ai, among all the others.

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North America is estimated to be the dominant region in the global intelligent virtual assistant market and the growth is attributed to the increasing adoption of technological advancements by the companies in these regions. Major companies acting as the driving forces for the technology include Google and automobile manufacturers such as BMW, are investing heavily in IVAs.

The report includes –
Segmentation: Based on product segment, the report segregates the segment and delivers the revenue, growth rate, and market share, of each type,
• Chat-bots
• IVA Smart Speakers
• Smart Watches

On the basis on the technology, this report focuses on the status and outlook for major applications, market share and growth rate for each application, including
• Text Based
• Text-to-Speech
• Automatic Speech Recognition (ASR)
• Others

On the basis of type, the market has been segmented further, and displays growth rate and market share over the forecast period;
• Rule based IVA
• Conversational AI based IVA

On the basis on the service, this report focuses on the status and outlook for major applications, market share and growth rate for each application, including
• Customer Service
• Marketing Assistant

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On the basis on the vertical, this report focuses on the status and outlook for major applications, market share and growth rate for each application, including
• Consumer Electronics
• BFSI
• Healthcare
• Education
• Retail
• Travel and Hospitality
• Government
• Utilities
• Others

Geographic Segmentation: This report split global market into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America, with revenue (Billion USD), market share and growth rate of intelligent virtual assistant market for these regions, from 2015 to 2025 (forecast)
• North America: U.S., Rest of North America
• Europe: Germany, France, UK, rest of Europe
• Asia Pacific: China, Japan, India and Rest of Asia Pacific
• Middle East & Africa: GCC, North Africa, South Africa and Rest of MEA
• Latin America: Brazil and Rest of Latin America