Transparency Market Research

Intelligent Virtual Assistant Market to Mature from US$ 2.9 Bn in 2020 to US$ 50.9 Bn by the End of 2030

The global intelligent virtual assistant market is projected to reach US$ 50.9 Bn by 2030. The intelligent virtual assistant market is projected to expand at a CAGR of ~6% from 2020 to 2030.

 

Albany, NY -- (SBWIRE) -- 09/21/2020 -- Intelligent Virtual Assistant Market: Overview

The global intelligent virtual assistant market has been segmented in terms of technology, application, and end user. By technology, the market has been segmented into text-to-speech and speech recognition. In terms of application, the market has been segmented into websites, contact centers, and messenger Bots. Based on end user, the intelligent virtual assistant market has been segmented into large enterprises, small & medium enterprises, and individual users. Based on region, the global intelligent virtual assistant market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Initially, vendors across the ecosystem of intelligent virtual assistants were analyzed based on device and technology providers in the market.

Intelligent Virtual Assistant Market: Regional Outlook

North America is expected to dominate the intelligent virtual assistant market during the forecast period. Asia Pacific is expected to witness increasing growth of the intelligent virtual assistant market. The market in Europe, North America, and Middle East & Africa is also expected to expand rapidly during the forecast period.

The report provides in-depth segment analysis of the global intelligent virtual assistant market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the intelligent virtual assistant market.

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Intelligent Virtual Assistant Market: Competition Dynamics

The research study includes profiles of leading companies operating in the global intelligent virtual assistant market. Key players profiled in the report include Amazon Web Services, Anboto Group., Apple Inc., Artificial Solutions Ltd., Baidu , CodeBaby Corp., Creative Virtual Ltd., CX Company, eGain Communications Corp., Inbenta Technologies, IntelliResponse Systems Inc., Next IT Corporation, Nuance Communications Inc., Samsung Electronics, Sony Corporation, Speaktoit Inc., Uniphore Software Solutions Pvt. Ltd., Voicebox Technologies Corp, and VoiceVault Inc.

Key Growth Drivers of Intelligent Virtual Assistant Market

Data Explosion Creating Demand for Intelligent Virtual Assistant Software: The shift in organizations from analog to digital technologies has led to tremendous growth in the amount of organizational data. Within the next few years, more than a quarter of the global population is anticipated to be using wireless devices. Hence, the virtual assistant market is expected to show sustainable growth during the forecast period. More companies are storing their information on the Internet due to the high penetration of data. However, as the volume of data grows, traditional navigation search systems end up analyzing users' interest in surfing company websites. This, in turn, leads to potential loss of customers for a company due to lag in the processing of traditional data processing and slow response. Intelligent virtual assistants provide an efficient search engine platform, enabling users to find the information they are looking for. Hence, increase in the amount of available information is expected to drive the intelligent virtual assistant market. Usage of the Internet is expected to witness a rise from a moderate to high level halfway through the forecast period, due to the expected rise in consumer awareness and increased use of smartphones (iOS and Android). This will also lead to extensive adoption of virtual assistants.

Increased Adoption of Multi-core Technologies in Connecting Devices: Speech recognition technology is used in a wide range of applications, from complex enterprise systems to industrial robotics. Speech recognition technology with features enabling search, discovery, capture, and analysis tools support organizations to gain insights about unstructured data, which is about 90% of the digital information (transcription, text, and voice recordings) in organizations. Penetration of speech recognition into various sectors, such as medicine, government, and consumer products and services is leading to the growth of the language technology and the intelligent virtual assistant market. Innovative products and services in the market are integrating intelligence to the infrastructure, adding speech recognition technology for interactivity. It exploded in 2011 with usable software solutions for voice interface in phones. Nuance Communications sells a natural language product and intelligent virtual assistant with natural language processing. The software with embedded technology for speech recognition and text with platforms supporting communication are offering high growth opportunities in the market. This has led to growth of the intelligent virtual assistant market.

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Key Challenges Faced by Intelligent Virtual Assistant Market Players

Virtual assistants are built using a collection of technologies. The primary objective of a virtual assistant is to integrate various components such as fax, email, web chat, video, voice, and social feeds such as Facebook and Twitter. Customers usually look for a human-like experience, and ordinarily intelligent virtual assistants are too complex to use for businesses without adequate resources. The cost and complexity of the virtual assistant software is therefore high. With the increase in data usage, virtual assistance needs to save all the knowledge base, and maintenance of this huge database is a time intensive task. This results in steep maintenance costs for virtual assistants. The impact of the cost and complexity of software and the lack of skilled resources are expected to reduce from a high level in the short term to medium in the long term of the forecast period.

Global Intelligent Virtual Assistant Market: Segmentation

Intelligent Virtual Assistant Market, by Technology

Text-to-speech
Speech Recognition
Intelligent Virtual Assistant Market, by Application

Websites
Contact Centers
Messenger Bots
Intelligent Virtual Assistant Market, by End User

Large Enterprises
Small & Medium Enterprise
Individual Users
Intelligent Virtual Assistant Market, by Region

North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Russia
Spain
Rest of Europe
Asia Pacific
China
India
Japan
ASEAN
Rest of Asia Pacific
Middle East & Africa
Saudi Arabia
Kuwait
United Arab Emirates
Qatar
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

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