Global Intelligent Virtual Assistant Market 2018-2023

Press Releases

Jul 23, 2018

DUBLIN, July 23, 2018 /PRNewswire/ —

The “Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” report has been added to ResearchAndMarkets.com’s offering.

The global intelligent virtual assistant reached a value of nearly US$ 1.7 Billion in 2017

An intelligent virtual assistant is a system with artificial intelligence (AI) which imitates human interaction in order to carry out particular tasks. This system is being increasingly used due to machine learning along with other advancements made in AI technologies. Intelligent virtual assistants have a large capacity to learn, reason and understand which are the three essential components required to emulate the problem-solving abilities of a customer service agent. They offer user interface with personal computers through various platforms which include SMS, messenger, internet coupled with others.

The growth of the global intelligent virtual assistant market is being primarily driven by the penetration of smartphones along with a rapid growth in the social media traffic which has led to a substantial rise in the consumer awareness about benefits offered by intelligent virtual assistants.

Additionally, a significant shift from analogue to digital technologies in organisations across the globe is propelling the demand for intelligent virtual assistants. Apart from this, a high demand for automation in services that offer customer support is another factor which is driving the growth of the market. Moreover, rising usage by young generation coupled with improved consumer experience are some of the other factors which are positively influencing the market growth.

Looking forward, the market value is projected to exceed US$ 9 Billion by 2023, expanding at a CAGR of 32% during 2018-2023.

Market Summary:

Based on product, the market has been segmented into chatbot and smart speakers. A chatbot is a computer programme that carries out a conversation through text or text based methods. Whereas, smart speakers are a type of wireless speakers and voice command devices which consist of a virtual assistant.
The market has been further segregated into different types of intelligent virtual assistant which include rule based and conversational AI based.
The intelligent virtual assistant is also available in various technologies such as text based, text-to-speech, automatic speech recognition (ASR), etc.
On the basis of end-Use, BFSI represents the largest segment owing to a high demand in automated customer support services. It is followed by travel, retail, government, education and other sectors.
Region-wise, the market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. Currently, North America dominates the market, holding the majority of the global share.