The global intelligent virtual assistants market size is expected to reach USD 25.63 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 40.4% during the forecast period. Increasing smart homes, usage of smartphones coupled with growing demand for home assistance and automation in customer service sectors is projected to drive the demand for IVA.
The IVAs provide assistance to individuals and businesses. They include products such as Chatbots and smart speakers that listen and recognize requirements of the individuals and assist them in various tasks. The virtual assistants can carry out a range of tasks, including training, scheduling appointments, and many other individual as well as business activities.
The IVA market is expected to grow aggressively over the forecast period, owing to the rising adoption across several applications including BFSI, healthcare, and automotive, among others. Development in in speech and voice recognition technologies such as Apple’s Siri and Amazons’ Alexa, has been the driving factor behind the proliferating growth of the intelligent virtual assistant market. Organizations across all vertical segments have been benefiting from virtual assistant technology. Large enterprises have widely adopted the technology and are becoming the primary point of engagement with an enterprise.
Emerging countries such as India will contribute immensely to the region growth with the increasing penetration of virtual assistants across BFSI segment. For example, in 2016, DBS Bank in India unveiled digibank - an AI-based virtual assistant - which is India’s first mobile-only bank in Mumbai. It is a paperless, signature-less, and branchless bank from DBS which will help customers operate digitally with in-built features such as biometrics and Artificial Intelligence (AI).
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Further key findings from the report suggest:
Smart speakers is anticipated to emerge as the fastest growing product segment over the forecast period
Text to speech technology emerged as the largest segment in 2018 and is estimated to generate revenue over USD 15.37 billion by 2025
North America held the largest share in the intelligent virtual assistants market in 2018. Booming healthcare industry after the emergence of AI and IoT is driving the growth
Key players include Apple Inc.; Oracle Corporation; CSS Corporation; WellTok Inc.; CodeBaby Corporation; eGain Corporation; MedRespond; Microsoft; Next IT Corporation; Nuance Communications, Inc.; and True Image Interactive Inc.
Grand View Research has segmented the global Intelligent Virtual Assistant (IVA) market on the basis of product, technology, application, and region:
Intelligent Virtual Assistant (IVA) Product Outlook (Revenue, USD Million, 2015 - 2025)
Intelligent Virtual Assistant (IVA) Technology Outlook (Revenue, USD Million, 2015 - 2025)
Automatic Speech Recognition
Text to Speech
Intelligent Virtual Assistant (IVA)Application Outlook (Revenue, USD Million, 2015 - 2025)
Travel & Hospitality
Intelligent Virtual Assistant (IVA) Regional Outlook (Revenue, USD Million, 2015 - 2025)
Middle East & Africa
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