Posted By TMR Research Insights
Posted on August 9, 2021
Intelligent Virtual Assistant Market: Overview
The global intelligent virtual assistant market is projected to reach US$ 50.9 Bn by 2030. The intelligent virtual assistant market is projected to expand at a CAGR of ~6% from 2020 to 2030.
Intelligent Virtual Assistant Market: Regional Outlook
The global intelligent virtual assistant market has been segmented in terms of technology, application, and end user. By technology, the market has been segmented into text-to-speech and speech recognition. In terms of application, the market has been segmented into websites, contact centers, and messenger Bots. Based on end user, the intelligent virtual assistant market has been segmented into large enterprises, small & medium enterprises, and individual users. Based on region, the global intelligent virtual assistant market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Initially, vendors across the ecosystem of intelligent virtual assistants were analyzed based on device and technology providers in the market.
North America is expected to dominate the intelligent virtual assistant market during the forecast period. Asia Pacific is expected to witness increasing growth of the intelligent virtual assistant market. The market in Europe, North America, and Middle East & Africa is also expected to expand rapidly during the forecast period.
The report provides in-depth segment analysis of the global intelligent virtual assistant market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the intelligent virtual assistant market.
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Voice Controlled Devices Bolster Uptake of Grocery Products via Virtual Shopping Baskets
Companies in the intelligent virtual assistant market are exploring lucrative opportunities in the retail sector. For instance, Amazon’s voice controlled device called Echo helps users to add items in their shopping list and read the news. Intelligent virtual assistant vendors are increasing efforts to develop voice-controlled devices that build a shopping order with simple voice commands. The simplification of adding grocery items to virtual shopping baskets is found to generate increased sales for online grocery shops. Thus, mobile app startups can collaborate with grocery shop franchises to develop apps with voice recognition to ease the shopping convenience of customers.
Vendors in the intelligent virtual assistant market are teaming up with software developers to enhance technological capabilities of existing voice-controlled devices.
Key Growth Drivers of Intelligent Virtual Assistant Market
- Data Explosion Creating Demand for Intelligent Virtual Assistant Software: The shift in organizations from analog to digital technologies has led to tremendous growth in the amount of organizational data. Within the next few years, more than a quarter of the global population is anticipated to be using wireless devices. Hence, the virtual assistant market is expected to show sustainable growth during the forecast period. More companies are storing their information on the Internet due to the high penetration of data. However, as the volume of data grows, traditional navigation search systems end up analyzing users’ interest in surfing company websites. This, in turn, leads to potential loss of customers for a company due to lag in the processing of traditional data processing and slow response.
- Increased Adoption of Multi-core Technologies in Connecting Devices: Speech recognition technology is used in a wide range of applications, from complex enterprise systems to industrial robotics. Speech recognition technology with features enabling search, discovery, capture, and analysis tools support organizations to gain insights about unstructured data, which is about 90% of the digital information (transcription, text, and voice recordings) in organizations. Penetration of speech recognition into various sectors, such as medicine, government, and consumer products and services
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