Intelligent Virtual Assistant Market to Witness Mounting Growth in Approaching Time

Stratview Research has published a new report titled “Intelligent Virtual Assistant Market” which is segmented By Product (Chatbot, Smart Speakers), By Technology (Automatic Speech Recognition, Text to Speech, Text-based), By End-Use (BFSI, Consumer Electronics, Automotive, Healthcare, Education, Retail, IT & Telecom, Travel & Hospitality, Others) and Region. As per the study, the market is projected to grow from USD 5.8 billion in 2020 to USD 25.7 billion by 2026 at a CAGR of over 28.9% during the forecast period.

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Report Highlights

This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It provides thorough analysis of the market segments which include products, applications, and competitor analysis.

The market is bifurcated into various segments. Below given is the segment-wise analysis -

Based on product - The intelligent virtual assistant market has been bifurcated into chatbot and smart speakers. Under these, the chatbot segment held a significant market share in 2020. Chatbot has widespread adoption in the BFSI, retail, and educational sectors. They enable to access the required information and facilitate the end-users with ease of operation, thereby boosts the segment growth.

Which Region is expected to remain the largest market?

By region, the North America market held the highest market share of more than 42% in 2020 and is projected to grow at a healthy CAGR in the coming years. The changing BYOD trends have resulted in an emergence of working remotely. Working remotely offers flexibility to the employees and enables the usage of a virtual assistant to speed up the work allotted, further bolsters the regional market growth during the review period.

Who are the Key Players in the Market?

This report provides market intelligence in the most comprehensive way. It also provides critical insights into the key players active in the market, that will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key players activen in the Intelligent Virtual Assistant Market:

• Avaamo Inc. (US)
• EdgeVerve Systems Limited (An Infosys Company) (India)
• SMOOCH.ai (Canada)
• Inbenta Technologies Inc. (US)
• Creative Virtual Ltd (UK)
• Serviceaide Inc. (US)
• Ipsoft Inc. (US)
• Kore.ai Inc. (US)
• IBM Corporation (US)
• Amazon.com (US).

Key questions answered by the report

• What is the projected CAGR for revenue from the Intelligent Virtual Assistant Market during the forecast period?
• What would be the market be valued at by 2027?
• What is a major driving factor for growth of the market?
• Which region accounted for largest revenue share in the Intelligent Virtual Assistant Market?
• Which are the major market players?

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Stratview Research is a global market research firm, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with insightful market data to aid strategic decision making. These exclusive reports are the result of exclusive research methodology and are available for key industries such as chemicals, composites, advanced materials, technology, renewable energy, and more.

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