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The global intelligent virtual assistant market reached a value of US$ 6.27 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 40.95 Billion by 2027, exhibiting at a CAGR of 37.61% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
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.
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global intelligent virtual assistant market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on application, product, type and technology.
Breakup by Application:
Breakup by Product:
Chatbots currently represent the most widely used product.
Breakup by Type:
Conversational AI Based intelligent virtual assistants exhibit a clear dominance in the market.
Breakup by Technology:
Text-to-speech technology currently accounts for the majority of the total market share.
On the geographical front, North America enjoys the leading position.
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:
|Base Year of the Analysis||2021|
|Segment Coverage||Product, Type, Technology, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Companies Covered||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. and Inbenta Technologies, Inc.|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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