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Market Research Report

Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023

Published by IMARC Services Private Limited Product code 662770
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Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
Published: June 7, 2018 Content info: 75 Pages
Description

An intelligent virtual assistant is a system with artificial intelligence (AI) which imitates human interaction in order to carry out particular tasks. This system is being increasingly used due to machine learning along with other advancements made in AI technologies. Intelligent virtual assistants have a large capacity to learn, reason and understand which are the three essential components required to emulate the problem-solving abilities of a customer service agent. They offer user interface with personal computers through various platforms which include SMS, messenger, internet coupled with others. According to the latest report by IMARC Group, titled "Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023", the global intelligent virtual assistant reached a value of nearly US$ 1.7 Billion in 2017.

The growth of the global intelligent virtual assistant market is being primarily driven by the penetration of smartphones along with a rapid growth in the social media traffic which has led to a substantial rise in the consumer awareness about benefits offered by intelligent virtual assistants. Additionally, a significant shift from analogue to digital technologies in organisations across the globe is propelling the demand for intelligent virtual assistants. Apart from this, a high demand for automation in services that offer customer support is another factor which is driving the growth of the market. Moreover, rising usage by young generation coupled with improved consumer experience are some of the other factors which are positively influencing the market growth. Looking forward, the market value is projected to exceed US$ 9 Billion by 2023, expanding at a CAGR of 32% during 2018-2023.

Market Summary:

  • Based on product, the market has been segmented into chatbot and smart speakers. A chatbot is a computer programme that carries out a conversation through text or text based methods. Whereas, smart speakers are a type of wireless speakers and voice command devices which consist of a virtual assistant.
  • The market has been further segregated into different types of intelligent virtual assistant which include rule based and conversational AI based.
  • The intelligent virtual assistant is also available in various technologies such as text based, text-to-speech, automatic speech recognition (ASR), etc.
  • On the basis of end-Use, BFSI represents the largest segment owing to a high demand in automated customer support services. It is followed by travel, retail, government, education and other sectors.
  • Region-wise, the market has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. Currently, North America dominates the market, holding the majority of the global share.
  • The competitive landscape of the market has also been examined with some of the key players being Microsoft, Nuance Communications, Samsung Electronics, Alphabet, Apple, Amazon, International Business Machines (IBM), Baidu, Blackberry and Inbenta Technologies.
  • This report provides a deep insight into the global intelligent virtual assistant market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the intelligent virtual assistant market in any manner.

Key Questions Answered in This Report:

  • How has the global intelligent virtual assistant market performed so far and how will it perform in the coming years?
  • What are the key regions in the global intelligent virtual assistant market?
  • Which are the popular products in the global intelligent virtual assistant market?
  • What are the different technologies in the global intelligent virtual assistant market?
  • What are the key end-use segments in the global intelligent virtual assistant market?
  • What are the major types in the global intelligent virtual assistant market?
  • What are the various stages in the value chain of the global intelligent virtual assistant market?
  • What are the key driving factors and challenges in the global intelligent virtual assistant market?
  • What is the structure of the global intelligent virtual assistant market and who are the key players?
  • What is the degree of competition in the global intelligent virtual assistant market?
Table of Contents
Product Code: SR1018D96_Report

Table of Contents

1 Preface

2 Scope and Methodology

  • 2.1 Objectives of the Study
  • 2.2 Stakeholders
  • 2.3 Data Sources
    • 2.3.1 Primary Sources
    • 2.3.2 Secondary Sources
  • 2.4 Market Estimation
    • 2.4.1 Bottom-Up Approach
    • 2.4.2 Top-Down Approach
  • 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

  • 4.1 Overview
  • 4.2 Key Industry Trends

5 Global Intelligent Virtual Assistant Market

  • 5.1 Market Overview
  • 5.2 Market Performance
  • 5.3 Price Analysis
    • 5.3.1 Price Indicators
    • 5.3.2 Price Structure
    • 5.3.3 Margin Analysis
  • 5.4 Market Breakup by Product
  • 5.5 Market Breakup by Type
  • 5.6 Market Breakup by Technology
  • 5.7 Market Breakup by End-Use
  • 5.8 Market Breakup by Region
  • 5.9 Market Forecast
  • 5.10 SWOT Analysis
    • 5.10.1 Overview
    • 5.10.2 Strengths
    • 5.10.3 Weaknesses
    • 5.10.4 Opportunities
    • 5.10.5 Threats
  • 5.11 Value Chain Analysis
    • 5.11.1 Overview
    • 5.11.2 Research and Development
    • 5.11.3 Inputs
    • 5.11.4 Products and Services
    • 5.11.5 Marketing and Distribution
    • 5.11.6 End Users
    • 5.11.7 Post Sales Service
  • 5.12 Porters Five Forces Analysis
    • 5.12.1 Overview
    • 5.12.2 Bargaining Power of Buyers
    • 5.12.3 Bargaining Power of Suppliers
    • 5.12.4 Degree of Competition
    • 5.12.5 Threat of New Entrants
    • 5.12.6 Threat of Substitutes

6 Market Breakup by Product

  • 6.1 Chatbots
  • 6.2 IVA Smart Speakers

7 Market Breakup by Type

  • 7.1 Rule Based
  • 7.2 Conversational AI Based

8 Market Breakup by Technology

  • 8.1 Text Based
  • 8.2 Text-To-Speech
  • 8.3 Automatic Speech Recognition (ASR)
  • 8.4 Others

9 Market Breakup by End-Use

  • 9.1 BFSI
  • 9.2 Travel
  • 9.3 Retail
  • 9.4 Government
  • 9.5 Education
  • 9.6 Others

10 Market Breakup by Region

  • 10.1 North America
  • 10.2 Europe
  • 10.3 Asia Pacific
  • 10.4 Middle East and Africa
  • 10.5 Latin America

11 Competitive Landscape

  • 11.1 Market Structure
  • 11.2 Key Players
  • 11.3 Profiles of Key Players
    • 11.3.1 Microsoft
    • 11.3.2 Nuance Communications
    • 11.3.3 Samsung Electronics
    • 11.3.4 Alphabet
    • 11.3.5 Apple
    • 11.3.6 Amazon
    • 11.3.7 International Business Machines (IBM)
    • 11.3.8 Baidu
    • 11.3.9 Blackberry
    • 11.3.10 Inbenta Technologies

List of Figures

  • Figure 1: Global: Intelligent Virtual Assistant Market: Major Drivers and Challenges
  • Figure 2: Global: Intelligent Virtual Assistant Market: Sales Value (in Billion US$), 2010-2017
  • Figure 3: Global: Intelligent Virtual Assistant Market: Breakup by Product (in
  • Figure 4: Global: Intelligent Virtual Assistant Market: Breakup by Type (in
  • Figure 5: Global: Intelligent Virtual Assistant Market: Breakup by Technology (in %), 2017
  • Figure 6: Global: Intelligent Virtual Assistant Market: Breakup by End-Use (in %), 2017
  • Figure 7: Global: Intelligent Virtual Assistant Market: Breakup by Region (in %), 2017
  • Figure 8: Global: Intelligent Virtual Assistant Market Forecast: Sales Value (in Billion US$), 2018-2023
  • Figure 9: Global: Intelligent Virtual Assistant Industry: SWOT Analysis
  • Figure 10: Global: Intelligent Virtual Assistant Industry: Value Chain Analysis
  • Figure 11: Global: Intelligent Virtual Assistant Industry: Porter's Five Forces Analysis
  • Figure 12: Global: Intelligent Virtual Assistant (Chatbots) Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 13: Global: Intelligent Virtual Assistant (IVA Smart Speakers) Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 14: Global: Intelligent Virtual Assistant (Rule Based) Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 15: Global: Intelligent Virtual Assistant (Conversational AI Based) Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 16: Global: Intelligent Virtual Assistant (Text Based) Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 17: Global: Intelligent Virtual Assistant (Text-To-Speech) Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 18: Global: Intelligent Virtual Assistant (Automatic Speech Recognition) Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 19: Global: Intelligent Virtual Assistant (Other Technologies) Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 20: Global: Intelligent Virtual Assistant (BFSI) Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 21: Global: Intelligent Virtual Assistant (Travel) Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 22: Global: Intelligent Virtual Assistant (Retail) Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 23: Global: Intelligent Virtual Assistant (Government) Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 24: Global: Intelligent Virtual Assistant (Education) Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 25: Global: Intelligent Virtual Assistant (Others) Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 26: North America: Intelligent Virtual Assistant Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 27: Europe: Intelligent Virtual Assistant Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 28: Asia Pacific: Intelligent Virtual Assistant Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 29: Middle East and Africa: Intelligent Virtual Assistant Market: Sales Value (in Million US$), 2010, 2017 & 2023
  • Figure 30: Latin America: Intelligent Virtual Assistant Market: Sales Value (in Million US$), 2010, 2017 & 2023

List of Tables

  • Table 1: Global: Intelligent Virtual Assistant Market: Key Industry Highlights, 2017 and 2023
  • Table 2: Global: Intelligent Virtual Assistant Market Forecast: Breakup by Product (in Million US$), 2018-2023
  • Table 3: Global: Intelligent Virtual Assistant Market Forecast: Breakup by Type (in Million US$), 2018-2023
  • Table 4: Global: Intelligent Virtual Assistant Market Forecast: Breakup by Technology (in Million US$), 2018-2023
  • Table 5: Global: Intelligent Virtual Assistant Market Forecast: Breakup by End-Use (in Million US$), 2018-2023
  • Table 6: Global: Intelligent Virtual Assistant Market Forecast: Breakup by Region (in Million US$), 2018-2023
  • Table 7: Global: Intelligent Virtual Assistant Market Structure
  • Table 8: Global: Intelligent Virtual Assistant Market: Key Players
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