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Intelligent Virtual Assistant Market - Global Industry
Insights, Opportunity Analysis, 2017 – 2025
Intelligent virtual assistant is a software application working in conjunction with
next-generation technologies to enable easy interaction between computer system and human.
Several platforms are used such as the internet, SMS, and messenger along with that various
interaction methods such as text-to-speech, text-to-text, speech-to-text, and speech-to-speech.
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High adoption of mobile devices is one of the key factors accelerating the growth of global
intelligent virtual assistant market. Mobile phone devices increases the access of virtual
assistant integrated platforms such as smart speaker (Amazon Echo, Google Home, and
Apple HomePod), instant messaging app (Whatsapp and Facebook messenger), and other
apps (Google Allo). These enables real-time communication through SMS, voice calls or
video chat, and provides real-time information for weather forecast, on demand video, TV
shows, entertainment and sports, and online shopping. For instance, according to Coherent
Market Insights’ analysis, in 2016, over 68% of global population is already using mobile
phones. According to Coherent Market Insights, as of 2015, there are around 2.6 billion
smartphone subscribers globally. According to Coherent Market Insights’ analysis, in 2017,
over 55% of traffic on LinkedIn is estimated to be generated using mobile phones and over
80% of revenue on Twitter is generated through mobile advertising. Mobile advertising
consists of SMS & MMS advertising, mobile web, mobile video & television, and several
online advertising channels, which are highly being used, in turn boosting global market
growth.
Moreover, integration of advanced technologies such as smart park assist in vehicles, virtual
reality in retail and increasing dependence on internet and broadband connection such as, 2G,
3G, and 4G Long-Term Evolution (LTE) wireless networks is another factor responsible for
overall market growth. According to Internet World Stats, in June 2017, total Internet users
was reported to be 3.88 billion among global population of 7.52 billion. These cellular
networks enables connectivity and communications to exchange real-time information, data,
and online transactions. These factors are projected to propel growth of the global intelligent
virtual assistant market growth during forecast period.
However, system integration complexities and lack of accuracy are some of the major factors
expected to restrain the growth of intelligent virtual assistant market globally by 2025.
Intelligent Virtual Assistant Market Taxonomy
On the basis of technology, the global intelligent virtual assistant market is segmented
into:
● Text Recognition
● Speech recognition
● Text-to-speech recognition
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On the basis of service, the global intelligent virtual assistant market is segmented into:
● Customer Service
● Marketing Assistant
On the basis of end-user industry, the global Intelligent Virtual Assistant market is
segmented into:
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Banking, Finance Services and Insurance
Consumer Electronics
IT & Telecom
Healthcare
Retail
Education
Automotive
Government
Intelligent Virtual Assistant Market: Regional Insights
The global intelligent virtual assistant market has been segmented on the basis of regions into
North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa. The
market for intelligent virtual assistant in Asia Pacific is expected to account largest share by
2025. This growth is attributed to increased demand for mobile devices. In Asia Pacific,
emerging economies such as India and China are manufacturing hubs for consumer electronic
products, including smartphones, home appliances, and televisions. For instance, according to
National Bureau of Statistics in China, by the end of 2016, China reported around 1,528.56
million mobile phone subscribers. Low manufacturing cost in China, Taiwan, and Malaysia is
also expected to boost the growth of the regional intelligent virtual assistant market.
Intelligent Virtual Assistant Market: Competitive Background
Major players operating in the global intelligent virtual assistant market include Microsoft
Corporation, IBM Corporation, Intel Corporation, Apple Inc., Artificial Solutions, Next IT
Corporation, Oracle Corporation, Amazon, Samsung Electronics, Blackberry, Synthetix Ltd.,
and Nuance Communications.
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Self-Healing Grid Market, report categorizes the report by Component, End Use and Region. It provides information about - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017–2025

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