The global intelligent virtual assistant market size is expected to reach USD 45.1 billion by 2027, expanding at a CAGR of 34.0%, according to a new report by Grand View Research, Inc. 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.
IVA assists in simplifying human efforts in making processes efficient, which is highly beneficial for all organizations. The IVA implementation has resulted in achieving productivity, work quality, and has reduced the risk in scaling operations. Thus, there has been an increased adoption of the device across several applications, including retail, BFSI, healthcare, automotive, consumer electronics, IT and Telecom, education, and travel and hospitality. IVA providers are engaged in executing organic and inorganic growth strategies such as new product launch, expansion, collaboration, and partnership. For instance, in 2018, Transcom and Creative Virtual entered into a partnership to provide virtual agents and chatbot solutions in the artificial intelligence domain.
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Further key findings from the report suggest:
The smart speakers product segment emerged as the fastest growing segment over the forecast period
Text to speech technology emerged as the largest segment in 2019 and is estimated to generate revenue over USD 27.1 billion by 2027
North America held the largest revenue share in the intelligent virtual assistant market in 2019, whereas Asia Pacific is anticipated to witness the highest CAGR of 35.3% over the forecast period
Key players include Amazon.com, Inc.; Google Inc.; IBM Corporation; Nuance Communications; eGain Corporation. The players accounted for the majority share of the overall market in 2019.
Grand View Research has segmented the global intelligent virtual assistant market on the basis of product, technology, application, and region:
IVA Product Outlook (Revenue, USD Million, 2016 - 2027)
IVA Technology Outlook (Revenue, USD Million, 2016 - 2027)
Automatic Speech Recognition
Text to Speech
IVA Application Outlook (Revenue, USD Million, 2016 - 2027)
IT & Telecom
Travel & Hospitality
IVA Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
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