According to a study conducted by Grand View Research, Inc.,The global intelligent virtual assistants market size is expected to reach USD 25.63 billion by 2025 and is expected to register a CAGR of 40.4% over the forecast period (2019 – 2025). Rising demand for automation in service industries and integration of artificial intelligence (AI) and Internet of Things (IoT) along with increasing use of smartphones is expected to propel the growth of the market. Automation technologies such as Robotic Process Automation (RPA) and AI are increasingly in demand in the healthcare sector, which is also expected to drive the growth of the market.
Retail, automotive, hospitality, media, travel, and entertainment industries have high usage of modern technology products particularly smart speakers and chatbots. Consumer product brands are also increasingly adopting intelligent virtual assistants. Furthermore, continuous innovations and advancements with virtual assistant products developed for healthcare clients using Natural Language Processing (NLP) and AI are anticipated to enhance the customer experience, thus fueling the market growth.
Growing penetration of tablets and smartphones has resulted in high growth in mobile banking, which is a major differentiator in consumer services. Banks benefit from virtual agents by automating routine services and round the clock services resulting in increased consumer satisfaction and reduction in inbound calls. This is expected to positively influence and boost the BFSI sector.
Intelligent virtual assistant technology offers features such as understanding different languages, conversing in natural language, and responding in voice or text. The technology offers experiences and personalized services and can also be configured to give information on promotions and offers, thus reducing the need of support team, ensure customer satisfaction, and help build image of the brand. It also helps organizations improve customer service functions such as front desk activities, meeting reminders, etc. They can also be used to generate frequently asked questions and to determine the level of consumer satisfaction based on the responses.
Based on region, North America market accounted for the largest market share in 2018. Growing number of mobile and wireless subscribers is anticipated to fuel the demand from individual users. Increased usage of cloud-based tools due to technological advancements has resulted in increased usage of MS Office Online and Skype, which is expected to offer huge opportunity for the market growth. Asia Pacific is anticipated to be the fastest growing market owing to consumer electronics sectors in developing countries like China.
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The intelligent virtual assistants can be configured to give information by leveraging the virtual assistant solutions. Major leading companies in the intelligent virtual assistant market include Oracle Corporation; Nuance Communications, Inc.; Apple Inc.; eGain Corporation; Microsoft; Amazon; IBM Corporation; Verint; Google Inc.; MedRespond; CodeBaby Corporation; Next IT Corporation; Welltok Inc.; True Image Interactive Inc.; and CSS Corporation.
The IVAs provide assistance to individuals and businesses. They include products such as Chatbots and smart speakers that listen and recognize requirements of the individuals and assist them in various tasks. The virtual assistants can carry out a range of tasks, including training, scheduling appointments, and many other individual as well as business activities.
The IVA market is expected to grow aggressively over the forecast period, owing to the rising adoption across several applications including BFSI, healthcare, and automotive, among others. Development in in speech and voice recognition technologies such as Apple’s Siri and Amazons’ Alexa, has been the driving factor behind the proliferating growth of the intelligent virtual assistant market. Organizations across all vertical segments have been benefiting from virtual assistant technology. Large enterprises have widely adopted the technology and are becoming the primary point of engagement with an enterprise.
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Emerging countries such as India will contribute immensely to the region growth with the increasing penetration of virtual assistants across BFSI segment. For example, in 2016, DBS Bank in India unveiled digibank – an AI-based virtual assistant – which is India’s first mobile-only bank in Mumbai. It is a paperless, signature-less, and branchless bank from DBS which will help customers operate digitally with in-built features such as biometrics and Artificial Intelligence (AI).
Further key findings from the report suggest:
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Smart speakers is anticipated to emerge as the fastest growing product segment over the forecast period
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Text to speech technology emerged as the largest segment in 2018 and is estimated to generate revenue over USD 15.37 billion by 2025
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North America held the largest share in the intelligent virtual assistants market in 2018. Booming healthcare industry after the emergence of AI and IoT is driving the growth
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Key players include Apple Inc.; Oracle Corporation; CSS Corporation; WellTok Inc.; CodeBaby Corporation; eGain Corporation; MedRespond; Microsoft; Next IT Corporation; Nuance Communications, Inc.; and True Image Interactive Inc.
Grand View Research has segmented the global Intelligent Virtual Assistant (IVA) market on the basis of product, technology, application, and region:
Intelligent Virtual Assistant (IVA) Product Outlook (Revenue, USD Million, 2015 – 2025)
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Chatbots
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Smart Speakers
Intelligent Virtual Assistant (IVA) Technology Outlook (Revenue, USD Million, 2015 – 2025)
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Automatic Speech Recognition
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Text to Speech
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Text based
Intelligent Virtual Assistant (IVA)Application Outlook (Revenue, USD Million, 2015 – 2025)
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BFSI
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Consumer Electronics
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Automotive
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Healthcare
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Education
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Retail
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Government
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Travel & Hospitality
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Others
Intelligent Virtual Assistant (IVA) Regional Outlook (Revenue, USD Million, 2015 – 2025)
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North America
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U.S.
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Canada
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Europe
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U.K.
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Germany
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Asia Pacific
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China
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India
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Japan
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Latin America
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Brazil
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Mexico
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Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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