IMARC Group’s latest research report, titled “Intelligent Virtual Assistant Market Demand 2022: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast Till 2027,” offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
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. An intelligent virtual assistant, or IVA, is a software solution that uses integrated information technology, enabling them to understand, reason, and learn. An IVA system uses multiple interaction methods, including text-to-speech, text-to-text, speech-to-text, and speech-to-speech, coupled with dynamic analysis, machine learning and deep neural networks that emulate a customer service agent’s ability to respond to repetitive queries. As a result, it is extensively used to stimulate or provide responses similar to human interactions and perform specific tasks.
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Important Attribute and highlights of the Report:
- Detailed analysis of the global market share
- Market Segmentation by Type, Technology, Application,
- Historical, current, and projected size of the market in terms of volume and value
- Latest industry trends and developments
- Competitive Landscape for Intelligent Virtual Assistant Market
- Strategies of major players and product offerings
Global Industry Trends:
The global intelligent virtual assistant market is primarily driven by substantial growth in the end-use industries, especially automotive, healthcare and information technology. The increasing adoption of IVA across commercial sectors for reducing workforce cost, enhancing customer query response, and lowering setup cost acts as a significant growth-inducing factor. Furthermore, the increasing integration of advanced features with IVAs attract a larger customer base, thereby complementing the market growth. Furthermore, rapid digitization and extensive research and development (R&D) activities are providing an impetus to market growth.
Key Players Included in Global Intelligent Virtual Assistant Market Research Report:
- Microsoft Corporation
- Nuance Communications
- Samsung Electronics Co. Ltd
- Alphabet, Inc
- Apple, Inc
- Amazon.com Inc
- International Business Machines (IBM) Corporation
- Baidu, Inc
- BlackBerry Ltd
- Inbenta Technologies, Inc
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COVID-19 Impact Overview:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Key Market Segmentation:
Breakup by Application:
- Banking, Financial Services and Insurance (BFSI)
- Travel
- Retail
- Government
- Education
- Others
Breakup by Product:
- Chatbots
- IVA Smart Speakers
Breakup by Type:
- Rule-Based
- Conversational AI Based
Breakup by Technology:
- Text-Based
- Text-to-speech
- Automatic Speech Recognition (ASR)
Regional Insights:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
TOC for the Intelligent Virtual Assistant Market Research Report:
- Preface
- Scope and Methodology
- Executive Summary
- Introduction
- Global Intelligent Virtual Assistant Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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