Product Code: SR0322A161_Report
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. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
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.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global intelligent virtual assistant market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on application, product, type and technology.
Breakup by Application:
- Banking, Financial Services and Insurance (BFSI)
- Travel
- Retail
- Government
- Education
- Others
Breakup by Product:
- Chatbots
- IVA Smart Speakers
- Chatbots currently represent the most widely used product.
Breakup by Type:
- Rule-Based
- Conversational AI Based
- Conversational AI Based intelligent virtual assistants exhibit a clear dominance in the market.
Breakup by Technology:
- Text-Based
- Text-to-Speech
- Automatic Speech Recognition (ASR)
- Others
- Text-to-speech technology currently accounts for the majority of the total market share.
Regional Insights:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- On the geographical front, North America enjoys the leading position.
Competitive Landscape:
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:
- Microsoft Corporation
- Nuance Communications, Inc.
- Samsung Electronics Co. Ltd.
- Alphabet, Inc.
- Apple, Inc.
- Amazon.com Inc.
- International Business Machines (IBM) Corporation
- Baidu, Inc.
- BlackBerry Ltd.
Inbenta Technologies, Inc. Key Questions Answered in This Report:
- How has the global intelligent virtual assistant market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global intelligent virtual assistant market?
- What are the key regions in the market?
- Which are the popular types in the market?
- Which are the key products in the market?
- What are the key application segments in the market?
- What are the major technologies in the market?
- What are the various stages in the value chain of the global intelligent virtual assistant market?
- What are the key driving factors and challenges in the global intelligent virtual assistant market?
- What is the structure of the global intelligent virtual assistant market and who are the key players?
- What is the degree of competition in the global intelligent virtual assistant market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Intelligent Virtual Assistant Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Breakup by Product
- 5.5 Market Breakup by Type
- 5.6 Market Breakup by Technology
- 5.7 Market Breakup by Application
- 5.8 Market Breakup by Region
- 5.9 Market Forecast
- 5.10 SWOT Analysis
- 5.10.1 Overview
- 5.10.2 Strengths
- 5.10.3 Weaknesses
- 5.10.4 Opportunities
- 5.10.5 Threats
- 5.11 Value Chain Analysis
- 5.11.1 Overview
- 5.11.2 Research and Development
- 5.11.3 Inputs
- 5.11.4 Products and Services
- 5.11.5 Marketing and Distribution
- 5.11.6 End Users
- 5.11.7 Post Sales Services
- 5.12 Porters Five Forces Analysis
- 5.12.1 Overview
- 5.12.2 Bargaining Power of Buyers
- 5.12.3 Bargaining Power of Suppliers
- 5.12.4 Degree of Competition
- 5.12.5 Threat of New Entrants
- 5.12.6 Threat of Substitutes
6 Market Breakup by Product
- 6.1 Chatbots
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 IVA Smart Speakers
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
7 Market Breakup by Type
- 7.1 Rule-Based
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Conversational AI Based
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Technology
- 8.1 Text-Based
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Text-To-Speech
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Automatic Speech Recognition (ASR)
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Others
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
9 Market Breakup by Application
- 9.1 Banking, Financial Services and Insurance (BFSI)
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Travel
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Retail
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
- 9.4 Government
- 9.4.1 Market Trends
- 9.4.2 Market Forecast
- 9.5 Education
- 9.5.1 Market Trends
- 9.5.2 Market Forecast
- 9.6 Others
- 9.6.1 Market Trends
- 9.6.2 Market Forecast
10 Market Breakup by Region
- 10.1 North America
- 10.1.1 Market Trends
- 10.1.2 Market Forecast
- 10.2 Europe
- 10.2.1 Market Trends
- 10.2.2 Market Forecast
- 10.3 Asia Pacific
- 10.3.1 Market Trends
- 10.3.2 Market Forecast
- 10.4 Middle East and Africa
- 10.4.1 Market Trends
- 10.4.2 Market Forecast
- 10.5 Latin America
- 10.5.1 Market Trends
- 10.5.2 Market Forecast
11 Competitive Landscape
- 11.1 Market Structure
- 11.2 Key Players
- 11.3 Profiles of Key Players
- 11.3.1 Microsoft Corporation
- 11.3.2 Nuance Communications, Inc.
- 11.3.3 Samsung Electronics Co. Ltd.
- 11.3.4 Alphabet, Inc.
- 11.3.5 Apple, Inc.
- 11.3.6 Amazon.com Inc.
- 11.3.7 International Business Machines (IBM) Corporation
- 11.3.8 Baidu, Inc.
- 11.3.9 BlackBerry Ltd.
- 11.3.10 Inbenta Technologies, Inc.
List of Figures
- Figure 1: Global: Intelligent Virtual Assistant Market: Major Drivers and Challenges
- Figure 2: Global: Intelligent Virtual Assistant Market: Sales Value (in Billion US$), 2016-2021
- Figure 3: Global: Intelligent Virtual Assistant Market: Breakup by Product (in %), 2021
- Figure 4: Global: Intelligent Virtual Assistant Market: Breakup by Type (in %), 2021
- Figure 5: Global: Intelligent Virtual Assistant Market: Breakup by Technology (in %), 2021
- Figure 6: Global: Intelligent Virtual Assistant Market: Breakup by Application (in %), 2021
- Figure 7: Global: Intelligent Virtual Assistant Market: Breakup by Region (in %), 2021
- Figure 8: Global: Intelligent Virtual Assistant Market Forecast: Sales Value (in Billion US$), 2022-2027
- Figure 9: Global: Intelligent Virtual Assistant Industry: SWOT Analysis
- Figure 10: Global: Intelligent Virtual Assistant Industry: Value Chain Analysis
- Figure 11: Global: Intelligent Virtual Assistant Industry: Porter's Five Forces Analysis
- Figure 12: Global: Intelligent Virtual Assistant (Chatbots) Market: Sales Value (in Million US$), 2016 & 2021
- Figure 13: Global: Intelligent Virtual Assistant (Chatbots) Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 14: Global: Intelligent Virtual Assistant (IVA Smart Speakers) Market: Sales Value (in Million US$), 2016 & 2021
- Figure 15: Global: Intelligent Virtual Assistant (IVA Smart Speakers) Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 16: Global: Intelligent Virtual Assistant (Rule-Based) Market: Sales Value (in Million US$), 2016 & 2021
- Figure 17: Global: Intelligent Virtual Assistant (Rule-Based) Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 18: Global: Intelligent Virtual Assistant (Conversational AI Based) Market: Sales Value (in Million US$), 2016 & 2021
- Figure 19: Global: Intelligent Virtual Assistant (Conversational AI Based) Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 20: Global: Intelligent Virtual Assistant (Text-Based) Market: Sales Value (in Million US$), 2016 & 2021
- Figure 21: Global: Intelligent Virtual Assistant (Text-Based) Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 22: Global: Intelligent Virtual Assistant (Text-To-Speech) Market: Sales Value (in Million US$), 2016 & 2021
- Figure 23: Global: Intelligent Virtual Assistant (Text-To-Speech) Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 24: Global: Intelligent Virtual Assistant (Automatic Speech Recognition- ASR) Market: Sales Value (in Million US$), 2016 & 2021
- Figure 25: Global: Intelligent Virtual Assistant (Automatic Speech Recognition- ASR) Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 26: Global: Intelligent Virtual Assistant (Other Technologies) Market: Sales Value (in Million US$), 2016 & 2021
- Figure 27: Global: Intelligent Virtual Assistant (Other Technologies) Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 28: Global: Intelligent Virtual Assistant (Applications in BFSI Sector) Market: Sales Value (in Million US$), 2016 & 2021
- Figure 29: Global: Intelligent Virtual Assistant (Applications in BFSI Sector) Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 30: Global: Intelligent Virtual Assistant (Applications in Travel Industry) Market: Sales Value (in Million US$), 2016 & 2021
- Figure 31: Global: Intelligent Virtual Assistant (Applications in Travel Industry) Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 32: Global: Intelligent Virtual Assistant (Applications in Retail Sector) Market: Sales Value (in Million US$), 2016 & 2021
- Figure 33: Global: Intelligent Virtual Assistant (Applications in Retail Sector) Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 34: Global: Intelligent Virtual Assistant (Applications in Government Sector) Market: Sales Value (in Million US$), 2016 & 2021
- Figure 35: Global: Intelligent Virtual Assistant (Applications in Government Sector) Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 36: Global: Intelligent Virtual Assistant (Applications in Education Sector) Market: Sales Value (in Million US$), 2016 & 2021
- Figure 37: Global: Intelligent Virtual Assistant (Applications in Education Sector) Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 38: Global: Intelligent Virtual Assistant (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
- Figure 39: Global: Intelligent Virtual Assistant (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 40: North America: Intelligent Virtual Assistant Market: Sales Value (in Million US$), 2016 & 2021
- Figure 41: North America: Intelligent Virtual Assistant Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 42: Europe: Intelligent Virtual Assistant Market: Sales Value (in Million US$), 2016 & 2021
- Figure 43: Europe: Intelligent Virtual Assistant Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 44: Asia Pacific: Intelligent Virtual Assistant Market: Sales Value (in Million US$), 2016 & 2021
- Figure 45: Asia Pacific: Intelligent Virtual Assistant Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 46: Middle East and Africa: Intelligent Virtual Assistant Market: Sales Value (in Million US$), 2016 & 2021
- Figure 47: Middle East and Africa: Intelligent Virtual Assistant Market Forecast: Sales Value (in Million US$), 2022-2027
- Figure 48: Latin America: Intelligent Virtual Assistant Market: Sales Value (in Million US$), 2016 & 2021
- Figure 49: Latin America: Intelligent Virtual Assistant Market Forecast: Sales Value (in Million US$), 2022-2027
List of Tables
- Table 1: Global: Intelligent Virtual Assistant Market: Key Industry Highlights, 2021 and 2027
- Table 2: Global: Intelligent Virtual Assistant Market Forecast: Breakup by Product (in Million US$), 2022-2027
- Table 3: Global: Intelligent Virtual Assistant Market Forecast: Breakup by Type (in Million US$), 2022-2027
- Table 4: Global: Intelligent Virtual Assistant Market Forecast: Breakup by Technology (in Million US$), 2022-2027
- Table 5: Global: Intelligent Virtual Assistant Market Forecast: Breakup by Application (in Million US$), 2022-2027
- Table 6: Global: Intelligent Virtual Assistant Market Forecast: Breakup by Region (in Million US$), 2022-2027
- Table 7: Global: Intelligent Virtual Assistant Market: Competitive Structure
- Table 8: Global: Intelligent Virtual Assistant Market: Key Players