Intelligent Virtual Assistant Market Report in PPT: Companies, Trends, Future Details for Business

Global Intelligent Virtual Assistant Market Research Report and Forecast 20212026

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Author: Elena Anderson, Marketing Manager | Copyright © IMARC Service Pvt Ltd. All Rights Reserved IMARC Group

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Report Description

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Report Description and Highlights

Report Description

Global Intelligent Virtual Assistant Market Outlook 2026: According to IMARC Group research report titled “ Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Foreca st 2011-2026” by IMARC Group estimates that the global intelligent virtual assistant Market reached a value of around US$ 4 Billion in 2020.

The report further anticipates the market to reach US$ 11.3 Billion by 2024, at a projected CAGR of 31% over the forecast period.

Intelligent virtual assistant refers to a software agent based on artificial intelligence, which helps in performing several tasks for an individual. In order to enhance the user interface, it emulates human interaction and is integrated with gadgets like smartphones, tablets, portable speakers, smart-watches, etc.

As the majority of intelligent virtual assistants employ online resources for answering user’s queries, they do not work without an internet connection. Some of the widely used intelligent virtual assistants include Google Assistant, Apple’s Siri, Amazon Alexa and Microsoft Cortana.

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Report Description and Highlights

Report Description

Global Intelligent Virtual Assistant Market Drivers/Constraints: Social media offers marketing platform to the developers for introducing intelligent virtual assistant amongst consumers. This coupled with a strong penetration of smartphones has propelled the market growth.

Technological advancements have led to a significant shift from analogue to digital technologies in a number of organisations, thereby widening the market opportunities for intelligent virtual assistant.

Other factors such as reduced cost of customer service operations and robust dependence on the internet have further resulted in increased usage of Intelligent virtual assistant among the younger generation.

However, the voice recognition is yet to improve amongst several Intelligent virtual assistant technologies. Moreover, its initial price acts as one of the factors impeding the market growth.

Report Description Report Description and Highlights Market Summary: Breakup by Product Type: • Chatbots • IVA smart speakers Chatbot is a computer programme which carries out conversations via textual means. On the other hand, smart speakers are wireless speakers which encompasses a virtual assistant, playing data as and when commanded.

Breakup by Type: • Rule based • Conversational Al Based.

At present, rule based exhibits a clear dominance in the global intelligent virtual assistant market.

On account of these factors, the market is expected to witness robust growth during the forecast period (2021-2026).

Report Description Report Description and Highlights Breakup by Technology: • Text based • Text-to-speech • Automatic speech recognition (ASR) Text-to-speech technology currently accounts for the majority of the total market share.

Breakup by End-Use: • BFSI • Travel • Retail • government • education and others Breakup by Region: • North America • Europe • Asia Pacific • Latin America • Middle East and Africa

Report Description and Highlights

Report Description

Competitive Landscape With Keyplayer: • Microsoft • Nuance Communications • Samsung Electronics • Alphabet • Apple • Amazon • International Business Machines (IBM) • Baidu • Blackberry • Inbenta Technologies The market is highly fragmented and surrounded by numerous small and large manufacturers who compete in terms of prices and quality. There is an rigid competition in the market which makes it hard for small players to survive.

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of Clients leading corporates, governments, and ourPartial ClientsListworld's institutions

Report Description and Highlights

Report Description

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Disclaimer: All contents and data of this publication, including forecasts, data analysis and opinion have been based on information and sources believed to be accurate and reliable at the time of publishing. International Market Analysis Research and Consulting makes no representation of warranty of any kind as to the accuracy or completeness of any Information provided. IMARC accepts no liability whatsoever for any loss or damage resulting from opinion, errors or inaccuracies if any found this publication.

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