The global Intelligent Virtual Assistant market was valued at USD 2,469.9 million in 2019 and is anticipated to grow at a CAGR of 36.6% during the forecast period. An intelligent virtual assistant is an artificial intelligence system, which performs specific tasks such as customer service by emulating human interaction. Intelligent virtual assistants are used for diverse applications across various industries. A major application is personal assistant through which it assists consumers with various personal tasks, or offers an intuitive interface for connected cars and homes. Another major application is use of intelligent virtual assistants in customer service or sales support. Some of the most famous intelligent virtual assistants available in the market include Apple’s Siri and Microsoft’s Cortana, which are delivered through these companies’ operating systems and mobile platforms. A natural language company, Nuance, has also developed its own intelligent virtual assistant for customer service, and is named Nina.
The growing need for automation in customer service, and integration of virtual assistants with smart home appliances drive the growth of the market. The increasing need to streamline enterprise communication to improve productivity further supports market growth. The growing penetration of mobile devices, and cost effectiveness of virtual assistants is expected to support market growth during the forecast period. Other factors driving the market include technological advancements, increasing need for effective customer management, growing demand for mobility, and increasing requirement to improve workforce productivity. However, lack of awareness is expected to hinder market growth. Growing demand from emerging economies, and increasing adoption by small and medium enterprises are factors expected to provide numerous growth opportunities in the coming years.
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The global intelligent virtual assistants market is segmented on the basis of technology, type, service, end-user, and region. Based on technology, the market is segmented into text-based, speech recognition, text-to-speech-based, and others. On the basis of type, the market is segmented into rule-based, and conversational AI-based. The service segment is divided into customer service, and marketing assistant. The end-user segment is categorized into healthcare, education, retail, BFSI, government, and others. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. North America accounted for the largest share in the Global Intelligent Virtual Assistants market in 2019.
The leading players in the market include Apple Inc., Microsoft Corporation, Google, Nuance Communications, IBM Corporation, Oracle Corporation, 7.ai., Speaktoit Inc., CodeBaby Corporation, Next IT Corporation, Intel Corporation, and Clara Labs among others. These leading players in the market are introducing innovative products in the market to cater to the consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.