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Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024

The global intelligent virtual assistant market reached a value of US$ 2.2 Billion in 2018. An intelligent virtual assistant (IVA), also known as intelligent personal assistant (IPA), is a software that understands natural language voice commands and aids in completing basic tasks. These tasks can include drafting text messages, searching for information on the internet, finding hotels or restaurants, checking flight reservations, listening to the music, playing games, adding events in a calendar and checking the status of smart home devices. Owing to this, these assistants are nowadays integrated into most gadgets, such as smartphones, smartwatches, tablets and portable speakers. Some of the most popular IVAs include Google Assistant, Apple’s Siri, Microsoft’s Cortana and Amazon’s Alexa.

Intelligent Virtual Assistant Market Report

The increasing investment in research and development activities (R&D) by some of the leading players for introducing innovative products in the industry is strengthening the market growth. For instance, announced in May 2018, Google Duplex is a new project wherein Google Assistant allows users to make reservations via a smartphone without any interaction from their end. Apart from this, the escalating sales of smartphones, along with the rising influence of social media platforms, have led to a substantial rise in consumer awareness about the benefits offered by IVAs worldwide. Besides this, the high demand for automation in services that provide customer support is also impelling the market growth. Furthermore, the rising usage of IVAs by the young generation, coupled with the consistently improving consumer experience, is catalyzing their demand around the world. Looking forward, IMARC Group expects the market value to reach US$ 11.3 Billion by 2024, at a CAGR of 31% during 2019-2024.

Breakup by Application:

  • Banking, Financial Services and Insurance (BFSI)
  • Travel
  • Retail
  • Government
  • Education
  • Others

Breakup by Product:

  • Chatbots
  • IVA Smart Speakers

Chatbots currently represent the most widely used product.

Breakup by Type:

  • Rule-Based
  • Conversational AI Based

Rule-based intelligent virtual assistants exhibit a clear dominance in the market.

Breakup by Technology:

  • Text-Based
  • Text-to-speech
  • Automatic Speech Recognition (ASR)
  • Others

Text-to-speech technology currently accounts for the majority of the total market share.

Regional Insights:

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

On the geographical front, North America enjoys the leading position.

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are:

  • Microsoft Corporation
  • Nuance Communications, Inc.
  • Samsung Electronics Co. Ltd.
  • Alphabet, Inc.
  • Apple, Inc.
  • Amazon.com Inc.
  • International Business Machines (IBM) Corporation
  • Baidu, Inc.
  • BlackBerry Ltd.
  • Inbenta Technologies, Inc.

 

Key Questions Answered in This Report:

  • How has the global intelligent virtual assistant market performed so far and how will it perform in the coming years?
  • What are the key regions in the market?
  • Which are the popular types in the market?
  • Which are the key products in the market?
  • What are the key application segments in the market?
  • What are the major technologies in the market?
  • What are the various stages in the value chain of the global intelligent virtual assistant market?
  • What are the key driving factors and challenges in the global intelligent virtual assistant market?
  • What is the structure of the global intelligent virtual assistant market and who are the key players?
  • What is the degree of competition in the global intelligent virtual assistant market?

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Intelligent Virtual Assistant Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Market Breakup by Product
    5.4    Market Breakup by Type
    5.5    Market Breakup by Technology
    5.6    Market Breakup by Application
    5.7    Market Breakup by Region
    5.8    Market Forecast
    5.9    SWOT Analysis
        5.9.1    Overview
        5.9.2    Strengths
        5.9.3    Weaknesses
        5.9.4    Opportunities
        5.9.5    Threats
    5.10    Value Chain Analysis
        5.10.1    Overview
        5.10.2    Research and Development
        5.10.3    Inputs
        5.10.4    Products and Services
        5.10.5    Marketing and Distribution
        5.10.6    End Users
        5.10.7    Post Sales Services
    5.11    Porters Five Forces Analysis
        5.11.1    Overview
        5.11.2    Bargaining Power of Buyers
        5.11.3    Bargaining Power of Suppliers
        5.11.4    Degree of Competition
        5.11.5    Threat of New Entrants
        5.11.6    Threat of Substitutes
6    Market Breakup by Product
    6.1    Chatbots
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    IVA Smart Speakers
        6.2.1 Market Trends
        6.2.2 Market Forecast
7    Market Breakup by Type
    7.1    Rule Based
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Conversational AI Based
        7.2.1 Market Trends
        7.2.2 Market Forecast
8    Market Breakup by Technology
    8.1    Text Based
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Text-To-Speech
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Automatic Speech Recognition (ASR)
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Others
        8.4.1 Market Trends
        8.4.2 Market Forecast
9    Market Breakup by Application
    9.1    BFSI
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Travel
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Retail
        9.3.1 Market Trends
        9.3.2 Market Forecast
    9.4    Government
        9.4.1 Market Trends
        9.4.2 Market Forecast
    9.5    Education
        9.5.1 Market Trends
        9.5.2 Market Forecast
    9.6    Others
        9.6.1 Market Trends
        9.6.2 Market Forecast
10    Market Breakup by Region
    10.1    North America
        10.1.1 Market Trends
        10.1.2 Market Forecast
    10.2    Europe
        10.2.1 Market Trends
        10.2.2 Market Forecast
    10.3    Asia Pacific
        10.3.1 Market Trends
        10.3.2 Market Forecast
    10.4    Middle East and Africa
        10.4.1 Market Trends
        10.4.2 Market Forecast
    10.5    Latin America
        10.5.1 Market Trends
        10.5.2 Market Forecast
11    Competitive Landscape
    11.1    Market Structure
    11.2    Key Players
    11.3    Profiles of Key Players
        11.3.1    Microsoft
        11.3.2    Nuance Communications 
        11.3.3    Samsung Electronics 
        11.3.4    Alphabet
        11.3.5    Apple
        11.3.6    Amazon 
        11.3.7    International Business Machines (IBM) 
        11.3.8    Baidu
        11.3.9    Blackberry 
        11.3.10    Inbenta Technologies

List of Figures

Figure 1: Global: Intelligent Virtual Assistant Market: Major Drivers and Challenges
Figure 2: Global: Intelligent Virtual Assistant Market: Sales Value (in Billion US$), 2011-2018
Figure 3: Global: Intelligent Virtual Assistant Market: Breakup by Product (in %), 2018
Figure 4: Global: Intelligent Virtual Assistant Market: Breakup by Type (in %), 2018
Figure 5: Global: Intelligent Virtual Assistant Market: Breakup by Technology (in %), 2018
Figure 6: Global: Intelligent Virtual Assistant Market: Breakup by Application (in %), 2018
Figure 7: Global: Intelligent Virtual Assistant Market: Breakup by Region (in %), 2018
Figure 8: Global: Intelligent Virtual Assistant Market Forecast: Sales Value (in Billion US$), 2019-2024
Figure 9: Global: Intelligent Virtual Assistant Industry: SWOT Analysis
Figure 10: Global: Intelligent Virtual Assistant Industry: Value Chain Analysis
Figure 11: Global: Intelligent Virtual Assistant Industry: Porter’s Five Forces Analysis
Figure 12: Global: Intelligent Virtual Assistant (Chatbots) Market: Sales Value (in Million US$), 2011 & 2018
Figure 13: Global: Intelligent Virtual Assistant (Chatbots) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 14: Global: Intelligent Virtual Assistant (IVA Smart Speakers) Market: Sales Value (in Million US$), 2011 & 2018
Figure 15: Global: Intelligent Virtual Assistant (IVA Smart Speakers) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 16: Global: Intelligent Virtual Assistant (Rule Based) Market: Sales Value (in Million US$), 2011 & 2018
Figure 17: Global: Intelligent Virtual Assistant (Rule Based) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 18: Global: Intelligent Virtual Assistant (Conversational AI Based) Market: Sales Value (in Million US$), 2011 & 2018
Figure 19: Global: Intelligent Virtual Assistant (Conversational AI Based) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 20: Global: Intelligent Virtual Assistant (Text Based) Market: Sales Value (in Million US$), 2011 & 2018
Figure 21: Global: Intelligent Virtual Assistant (Text Based) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 22: Global: Intelligent Virtual Assistant (Text-To-Speech) Market: Sales Value (in Million US$), 2011 & 2018
Figure 23: Global: Intelligent Virtual Assistant (Text-To-Speech) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 24: Global: Intelligent Virtual Assistant (Automatic Speech Recognition- ASR) Market: Sales Value (in Million US$), 2011 & 2018
Figure 25: Global: Intelligent Virtual Assistant (Automatic Speech Recognition- ASR) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 26: Global: Intelligent Virtual Assistant (Other Technologies) Market: Sales Value (in Million US$), 2011 & 2018
Figure 27: Global: Intelligent Virtual Assistant (Other Technologies) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 28: Global: Intelligent Virtual Assistant (Applications in BFSI Sector) Market: Sales Value (in Million US$), 2011 & 2018
Figure 29: Global: Intelligent Virtual Assistant (Applications in BFSI Sector) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 30: Global: Intelligent Virtual Assistant (Applications in Travel Industry) Market: Sales Value (in Million US$), 2011 & 2018
Figure 31: Global: Intelligent Virtual Assistant (Applications in Travel Industry) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 32: Global: Intelligent Virtual Assistant (Applications in Retail Sector) Market: Sales Value (in Million US$), 2011 & 2018
Figure 33: Global: Intelligent Virtual Assistant (Applications in Retail Sector) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 34: Global: Intelligent Virtual Assistant (Applications in Government Sector) Market: Sales Value (in Million US$), 2011 & 2018
Figure 35: Global: Intelligent Virtual Assistant (Applications in Government Sector) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 36: Global: Intelligent Virtual Assistant (Applications in Education Sector) Market: Sales Value (in Million US$), 2011 & 2018
Figure 37: Global: Intelligent Virtual Assistant (Applications in Education Sector) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 38: Global: Intelligent Virtual Assistant (Other Applications) Market: Sales Value (in Million US$), 2011 & 2018
Figure 39: Global: Intelligent Virtual Assistant (Other Applications) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 40: North America: Intelligent Virtual Assistant Market: Sales Value (in Million US$), 2011 & 2018
Figure 41: North America: Intelligent Virtual Assistant Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 42: Europe: Intelligent Virtual Assistant Market: Sales Value (in Million US$), 2011 & 2018
Figure 43: Europe: Intelligent Virtual Assistant Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 44: Asia Pacific: Intelligent Virtual Assistant Market: Sales Value (in Million US$), 2011 & 2018
Figure 45: Asia Pacific: Intelligent Virtual Assistant Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 46: Middle East and Africa: Intelligent Virtual Assistant Market: Sales Value (in Million US$), 2011 & 2018
Figure 47: Middle East and Africa: Intelligent Virtual Assistant Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 48: Latin America: Intelligent Virtual Assistant Market: Sales Value (in Million US$), 2011 & 2018
Figure 49: Latin America: Intelligent Virtual Assistant Market Forecast: Sales Value (in Million US$), 2019-2024

List of Tables

Table 1: Global: Intelligent Virtual Assistant Market: Key Industry Highlights, 2018 and 2024
Table 2: Global: Intelligent Virtual Assistant Market Forecast: Breakup by Product (in Million US$), 2019-2024
Table 3: Global: Intelligent Virtual Assistant Market Forecast: Breakup by Type (in Million US$), 2019-2024
Table 4: Global: Intelligent Virtual Assistant Market Forecast: Breakup by Technology (in Million US$), 2019-2024
Table 5: Global: Intelligent Virtual Assistant Market Forecast: Breakup by Application (in Million US$), 2019-2024
Table 6: Global: Intelligent Virtual Assistant Market Forecast: Breakup by Region (in Million US$), 2019-2024
Table 7: Global: Intelligent Virtual Assistant Market: Competitive Structure
Table 8: Global: Intelligent Virtual Assistant Market: Key Players

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