Intelligent Virtual Assistant Market By Regions, Production And Consumption By M

Posted by avinash on March 16th, 2020

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.

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

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:

  • Banking, Finance Services and Insurance

  • Consumer Electronics

  • IT & Telecom

  • Healthcare

  • Retail

  • Education

  • Automotive

  • Government

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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.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.



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Joined: February 19th, 2020
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