Intelligent Virtual Assistant Market: Information by Product (Chatbots, Smart Speakers) Technology (Text-Based, Text-to-Speech) End-User, Industry Vertical, and Region — Forecast Till 2029

Mar 05, 2020   Global Statistics Representing Intelligent Virtual Assistant Market Scenario An intelligent virtual assistant is an artificial intelligence system that enables human interaction with a PC or smartphone through the internet, SMS, messenger, and other interfaces to perform particular tasks, such as customer service. An intelligent virtual assistant is extensively used in a variety of applications across the industries. The intelligent virtual assistant technology is superseding traditional inter...
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Global Statistics Representing Intelligent Virtual Assistant Market Scenario

An intelligent virtual assistant is an artificial intelligence system that enables human interaction with a PC or smartphone through the internet, SMS, messenger, and other interfaces to perform particular tasks, such as customer service. An intelligent virtual assistant is extensively used in a variety of applications across the industries.

The intelligent virtual assistant technology is superseding traditional interactive voice response systems. It is improving customer and brand experience with a consumer-friendly approach. The technology, on the other hand, is empowering the next generation multichannel experience that allows consumers to seamlessly and conveniently communicate with business across voice, text, and other channels.

Substantial investment in intelligent virtual assistant technology by the large companies is anticipated to drive the market growth during the forecast period, 2020-2029. Giant companies such as google to automobile manufacturers BMW are investing a great deal of amount in intelligent virtual assistants. For instance, in September 2018, BMW introduced the Intelligent Personal Assistant Communication System that will help the drivers to communicate with vehicles.

Smart Speakers Can Control Devices and Applications Using Voice-Based Commands

The smart speaker segment is expected to grow at the highest CAGR during the forecast period due to the integration of smart speakers with an advanced automation system that controls devices and appliances such as HVAC, smart thermostats, and security systems. Most popular smart speakers and virtual assistants are Alexa, Genie AI, Siri, and DureOS, among others.

Automatic Speech Recognition — the Indispensable Feature of Cutting-Edge Products 

The automatic speech recognition (ASR) segment is anticipated to grow at the highest rate due to its extensive deployment in smart speakers. Several technology companies are becoming aware of automatic speech recognition’s potential and are working toward making voice recognition as a standard for many products. For instance, Amazon, Microsoft, Google, Apple, and Facebook are already offering the feature on a gamut of devices through services like Google Home, Amazon Echo, and Siri.

Retail Sector — the Largest Shareholder Among all Sectors

Among the industry verticals, the retail segment is anticipated to hold the largest market share during the forecast period, 2020-2029. Many companies are entering into a collaboration with tech giants to enhance the customer experience; for instance, in the year 2017, Target Corporation announced a partnership with Google to enable shoppers to shop and buy products with the help of a virtual assistant. Increasing deployment of intelligent virtual assistant in the retail sector is foreseen to boost market growth. For instance, as per the Accenture report 2018, more than 20% of retailers deployed artificial intelligence in the retail stores. An intelligent virtual assistant helps the retailers to deliver a better, more relevant, personalized, and enhanced experience. Google and Walmart announced the first voice-shopping partnership in August 2017. Further, in April 2019, these two companies announced a partnership, allowing Walmart shoppers to order groceries for pickup and home delivery via Google Assistant.

According to Nuance Communications, Inc. survey, “why organization relies on virtual assistance” reveals that:

  • 44% of shoppers prefer to use chatbots rather than speak to a live agent
  • 90% of consumers expect a consistent experience across channels

Widespread Popularity of Alexa Across U.S.

North America is likely to hold the largest share in the intelligent virtual assistant market and continue the dominance during the forecast period, 2020-2029. This is primarily attributed to the presence of many large companies in the region. Furthermore, Amazon’s virtual assistant “Alexa” is a very popular voice-based virtual assistant widely integrated into home appliances, smart devices, and cars in the U.S.

Surging Demand for Voice Assistants in Germany

Europe is anticipated to grow at a significant growth rate in the intelligent virtual assistant market. Germany is foreseen to dominate the European Intelligent Virtual Assistant Market. Germany's Federal Association for Information Technology, Bitkom, published a study in 2018 showing the widespread popularity and acceptance of voice assistants across Germany. It revealed that more than 13% of Germans (one in eight) already owned and used a voice-based virtual assistant, be it Amazon Echo, Google Home, or HomePod by Apple. In Europe, the government recently set out a 10-year plan for the NHS, in which it pledged to boost investment in artificial intelligence (AI). Therefore, playing a critical role in the European intelligent virtual assistant market growth.

South Korea and China — Spearheads of Intelligent Virtual Assistant Technology in Asia-Pacific

Asia-Pacific is expected to grow at the highest CAGR during the forecast period, 2020-2029, where South Korea and China are two notable countries flourishing the development of intelligent virtual assistant technology. The growth is primarily driven by the integration of intelligent virtual assistants in the smartphones and tablets in the region. Furthermore, at CES 2018, South Korean electronics mogul LG announced a partnership with Google, enabling customers to communicate with televisions via Google Assistant. On the other hand, the Indian travel portal, Yatra, recently introduced a personalized voice assistant called Yuva (Yatra Universal Virtual Assistant).

Technological Developments Fostering Market Growth in the Middle East and Latin America

Middle East region is expected to grow at a considerable growth rate in the intelligent virtual assistant market during the forecast period, 2020-2029.  For instance, the Middle East bank Emirates NBD is piloting an intelligent virtual assistant with selected customers. It is planning to launch it soon. In Latin America, the intelligent virtual assistant market is foreseen to grow at a healthy growth rate, owing to the technological developments in the region. In January 2019, the Central Bank of Brazil launched a web application called “Din assists”, which uses artificial intelligence and machine learning to provide guided conversations.

Our Report Covers

  • Historical inferences, findings and analysis of the market from 2017-2019
  • Projections and performance forecast analysis for the future from 2020 to 2029
  • Production and consumption point of view (POV) analysis
  • Market drivers, restraint and opportunity analysis, to define market dynamics covering industry, regulatory, innovation, technological & pricing trends
  • Comprehensive competitive landscape mapping with recent development covering market leadership, competency, sustainability, and prospects

Key Market Players

Some of the notable players of the intelligent virtual assistant market are Alphabet, Amazon, Apple, Nuance Communications, IBM, Microsoft, Samsung Electronics, Inbenta Technologies, Baidu, and Blackberry.

Intelligent Virtual Assistant Market Segmentation

By Product

  • Chatbots
  • Smart Speakers

By Technology

  • Text-Based
  • Text-to-Speech
  • Automatic Speech Recognition (ASR)
  • Voice Recognition

By End-User

  • Individual Users
  • SMEs
  • Large Enterprises

By Industry Vertical

  • Government
  • Healthcare
  • Retail
  • BFSI
  • Transportation
  • Media and Entertainment
  • Hospitality
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East

Frequently Asked Questions (FAQs)

Alphabet, Amazon, Apple, Nuance Communications, IBM, Microsoft, Samsung Electronics, Inbenta Technologies, Baidu, and Blackberry are the top players in Intelligent Virtual Assistant Market.
Automatic Speech Recognition Segment is expected to be the leading segment in Intelligent Virtual Assistant Market during the forecast period.
North America is expected to hold the highest market share in Intelligent Virtual Assistant Market.
Improving customer and brand experience with a consumer-friendly approach are the key factors expected to drive Intelligent Virtual Assistant Market during the forecast period.
Basically choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.

Global Statistics Representing Intelligent Virtual Assistant Market Scenario

An intelligent virtual assistant is an artificial intelligence system that enables human interaction with a PC or smartphone through the internet, SMS, messenger, and other interfaces to perform particular tasks, such as customer service. An intelligent virtual assistant is extensively used in a variety of applications across the industries.

The intelligent virtual assistant technology is superseding traditional interactive voice response systems. It is improving customer and brand experience with a consumer-friendly approach. The technology, on the other hand, is empowering the next generation multichannel experience that allows consumers to seamlessly and conveniently communicate with business across voice, text, and other channels.

Substantial investment in intelligent virtual assistant technology by the large companies is anticipated to drive the market growth during the forecast period, 2020-2029. Giant companies such as google to automobile manufacturers BMW are investing a great deal of amount in intelligent virtual assistants. For instance, in September 2018, BMW introduced the Intelligent Personal Assistant Communication System that will help the drivers to communicate with vehicles.

Smart Speakers Can Control Devices and Applications Using Voice-Based Commands

The smart speaker segment is expected to grow at the highest CAGR during the forecast period due to the integration of smart speakers with an advanced automation system that controls devices and appliances such as HVAC, smart thermostats, and security systems. Most popular smart speakers and virtual assistants are Alexa, Genie AI, Siri, and DureOS, among others.

Automatic Speech Recognition — the Indispensable Feature of Cutting-Edge Products 

The automatic speech recognition (ASR) segment is anticipated to grow at the highest rate due to its extensive deployment in smart speakers. Several technology companies are becoming aware of automatic speech recognition’s potential and are working toward making voice recognition as a standard for many products. For instance, Amazon, Microsoft, Google, Apple, and Facebook are already offering the feature on a gamut of devices through services like Google Home, Amazon Echo, and Siri.

Retail Sector — the Largest Shareholder Among all Sectors

Among the industry verticals, the retail segment is anticipated to hold the largest market share during the forecast period, 2020-2029. Many companies are entering into a collaboration with tech giants to enhance the customer experience; for instance, in the year 2017, Target Corporation announced a partnership with Google to enable shoppers to shop and buy products with the help of a virtual assistant. Increasing deployment of intelligent virtual assistant in the retail sector is foreseen to boost market growth. For instance, as per the Accenture report 2018, more than 20% of retailers deployed artificial intelligence in the retail stores. An intelligent virtual assistant helps the retailers to deliver a better, more relevant, personalized, and enhanced experience. Google and Walmart announced the first voice-shopping partnership in August 2017. Further, in April 2019, these two companies announced a partnership, allowing Walmart shoppers to order groceries for pickup and home delivery via Google Assistant.

According to Nuance Communications, Inc. survey, “why organization relies on virtual assistance” reveals that:

  • 44% of shoppers prefer to use chatbots rather than speak to a live agent
  • 90% of consumers expect a consistent experience across channels

Widespread Popularity of Alexa Across U.S.

North America is likely to hold the largest share in the intelligent virtual assistant market and continue the dominance during the forecast period, 2020-2029. This is primarily attributed to the presence of many large companies in the region. Furthermore, Amazon’s virtual assistant “Alexa” is a very popular voice-based virtual assistant widely integrated into home appliances, smart devices, and cars in the U.S.

Surging Demand for Voice Assistants in Germany

Europe is anticipated to grow at a significant growth rate in the intelligent virtual assistant market. Germany is foreseen to dominate the European Intelligent Virtual Assistant Market. Germany's Federal Association for Information Technology, Bitkom, published a study in 2018 showing the widespread popularity and acceptance of voice assistants across Germany. It revealed that more than 13% of Germans (one in eight) already owned and used a voice-based virtual assistant, be it Amazon Echo, Google Home, or HomePod by Apple. In Europe, the government recently set out a 10-year plan for the NHS, in which it pledged to boost investment in artificial intelligence (AI). Therefore, playing a critical role in the European intelligent virtual assistant market growth.

South Korea and China — Spearheads of Intelligent Virtual Assistant Technology in Asia-Pacific

Asia-Pacific is expected to grow at the highest CAGR during the forecast period, 2020-2029, where South Korea and China are two notable countries flourishing the development of intelligent virtual assistant technology. The growth is primarily driven by the integration of intelligent virtual assistants in the smartphones and tablets in the region. Furthermore, at CES 2018, South Korean electronics mogul LG announced a partnership with Google, enabling customers to communicate with televisions via Google Assistant. On the other hand, the Indian travel portal, Yatra, recently introduced a personalized voice assistant called Yuva (Yatra Universal Virtual Assistant).

Technological Developments Fostering Market Growth in the Middle East and Latin America

Middle East region is expected to grow at a considerable growth rate in the intelligent virtual assistant market during the forecast period, 2020-2029.  For instance, the Middle East bank Emirates NBD is piloting an intelligent virtual assistant with selected customers. It is planning to launch it soon. In Latin America, the intelligent virtual assistant market is foreseen to grow at a healthy growth rate, owing to the technological developments in the region. In January 2019, the Central Bank of Brazil launched a web application called “Din assists”, which uses artificial intelligence and machine learning to provide guided conversations.

Our Report Covers

  • Historical inferences, findings and analysis of the market from 2017-2019
  • Projections and performance forecast analysis for the future from 2020 to 2029
  • Production and consumption point of view (POV) analysis
  • Market drivers, restraint and opportunity analysis, to define market dynamics covering industry, regulatory, innovation, technological & pricing trends
  • Comprehensive competitive landscape mapping with recent development covering market leadership, competency, sustainability, and prospects

Key Market Players

Some of the notable players of the intelligent virtual assistant market are Alphabet, Amazon, Apple, Nuance Communications, IBM, Microsoft, Samsung Electronics, Inbenta Technologies, Baidu, and Blackberry.

Intelligent Virtual Assistant Market Segmentation

By Product

  • Chatbots
  • Smart Speakers

By Technology

  • Text-Based
  • Text-to-Speech
  • Automatic Speech Recognition (ASR)
  • Voice Recognition

By End-User

  • Individual Users
  • SMEs
  • Large Enterprises

By Industry Vertical

  • Government
  • Healthcare
  • Retail
  • BFSI
  • Transportation
  • Media and Entertainment
  • Hospitality
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East

Frequently Asked Questions (FAQs)

Alphabet, Amazon, Apple, Nuance Communications, IBM, Microsoft, Samsung Electronics, Inbenta Technologies, Baidu, and Blackberry are the top players in Intelligent Virtual Assistant Market.
Automatic Speech Recognition Segment is expected to be the leading segment in Intelligent Virtual Assistant Market during the forecast period.
North America is expected to hold the highest market share in Intelligent Virtual Assistant Market.
Improving customer and brand experience with a consumer-friendly approach are the key factors expected to drive Intelligent Virtual Assistant Market during the forecast period.
Basically choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.