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.
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:
Breakup by Product:
Chatbots currently represent the most widely used product.
Breakup by Type:
Rule-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:
Key Questions Answered in This Report:
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