Intelligent virtual assistant refers to a software agent based on artificial intelligence, which helps in performing several tasks for an individual. In order to enhance the user interface, it emulates human interaction and is integrated with gadgets like smartphones, tablets, portable speakers, smart-watches, etc. As the majority of intelligent virtual assistants employ online resources for answering user’s queries, they do not work without an internet connection. Some of the widely used intelligent virtual assistants include Google Assistant, Apple’s Siri, Amazon Alexa and Microsoft Cortana. A new research report titled “Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024” by IMARC Group estimates that the global intelligent virtual assistant market was worth US$ 2.2 Billion in 2018. The report further anticipates the market to reach US$ 11.3 Billion by 2024, at a projected CAGR of 31% over the forecast period.
Global Intelligent Virtual Assistant Market Drivers/Constraints:
- Social media offers marketing platform to the developers for introducing intelligent virtual assistant amongst consumers. This coupled with a strong penetration of smartphones has propelled the market growth.
- Technological advancements have led to a significant shift from analogue to digital technologies in a number of organisations, thereby widening the market opportunities for intelligent virtual assistant.
- Other factors such as reduced cost of customer service operations and robust dependence on the internet have further resulted in increased usage of Intelligent virtual assistant among the younger generation.
- However, the voice recognition is yet to improve amongst several Intelligent virtual assistant technologies. Moreover, its initial price acts as one of the factors impeding the market growth.
On the basis of product, the market is classified as chatbots and IVA smart speakers. Chatbot is a computer programme which carries out conversations via textual means. On the other hand, smart speakers are wireless speakers which encompasses a virtual assistant, playing data as and when commanded.
At present, rule based exhibits a clear dominance in the global intelligent virtual assistant market. Rule based is followed by conversational Al Based.
On the basis of technology, the market is segmented as text based, text-to-speech, automatic speech recognition (ASR) and others.
Based on end-use, the report finds that BFSI currently represents the largest end-use segment of intelligent virtual assistant market. BFSI is followed by travel, retail, government, education and others.
On a geographical front, North America enjoys a top position in the global intelligent virtual assistant market, accounting for the biggest market share. North America is followed by Europe, Asia Pacific, Middle East and Africa.
The market is highly fragmented and surrounded by numerous small and large manufacturers who compete in terms of prices and quality. There is an rigid competition in the market which makes it hard for small players to survive. Some of the leading players operating in the market include:
- Nuance Communications
- Samsung Electronics
- International Business Machines (IBM)
- Inbenta Technologies
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