Mar 04, 2020 (Business Arrival via Comtex) -- The latest market reportpublished by Credence Research, Inc. "Intelligent Virtual Assistant (IVA)Market - Growth, Future Prospects, and Competitive Analysis, 2019 - 2027" the intelligent virtualassistant market was valued at US$ 2.65 Bn in 2018 expanding at a CAGR of 40.9%throughout the forecast period from 2019 to 2027.
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"Rising adoption ofsmartphone devices and integration of virtual assistant will spur revenuegrowth during the forecast period"
Integration of artificialintelligence and Internet of Things (IoT) coupled with demand for automation byvarious end-use industries including BFSI, and Education among others andincreasing adoption of smartphone devices are factors bolstering theintelligent virtual assistant (IVA) market growth. In the past decade, consumerproduct brands have adopted intelligent virtual assistants to assist theircustomers. The BFSI sector especially has been one of the early adopters ofthis technology. Additionally, growing demand for self-service options andincreased focus to improve customer experience across professional services arefactors influencing the market demand of intelligent virtual assistant market.
Browse Full Report Originally Published by Credence Research at https://www.Credenceresearch.Com/report/intelligent-virtual-assistant-iva-market
The rising demand and adoption ofsmart speakers including Amazon Echo, and Google Home Mini among others forsmart home systems across the globe are factors further propelling the growthof the market. In addition, the declining cost of hardware and theinfrastructure costs associated with deployment of intelligent virtualassistant have come down, this in turn is enabling organizations to integratethis artificial intelligence technology and develop solutions catering to theirrequirements.
? In February 2019, Amazon.ComInc., launched an initiative, which allows user to access its Alexa,Microsoft's Cortana and numerous other virtual assistants' services from asingle device. However, it will not support Alphabets Inc's Google assistant,Apple Inc's Siri and Bixby of Samsung Electronics.
Key Market Movements
? Globally, the intelligentvirtual assistant (IVA) market is expanding at a CAGR of 40.9% during theperiod from 2019 to 2027.? Text-to-speech segment anticipated to lead the intelligent virtual assistantmarket contributing more than 60% of revenue share. This can be associated withnumerous application of the technology, which benefits customers, andorganizations among others.? In addition, automatic speech recognition segment anticipated to displayremarkable growth during the forecast period. Owing to, increasing adoption ofsmartphones and interaction with its application and benefits offered such ashand free computing, translation features, voice recognition and control amongothers.? North America holds the largest market share and dominates the intelligentvirtual assistant market in terms of revenue contributing more than 35% ofmarket share. Owing to consumer's inclination towards digital technology, earlyadoption of artificial intelligence and robust banking sector among others.? Asia Pacific region anticipated to expand at the highest CAGR throughout theforecast period. Owing to the increasing consumer electronics sector incountries such as China, and India among others.
List of Companies Covered:
? Amazon.Com Inc.? Microsoft Corporation? Nuance Communications Inc.? Apple Inc.? Google Inc.? Oracle Corporation? IBM Corporation? Samsung Electronics? Baidu? Inbenta Technologies
Access Free Sample Copy of Research Report: https://www.Credenceresearch.Com/sample-request/60200
Table of Content
1. Preface1.1. Report Description1.1.1. Purpose of the Report1.1.2. Target Audience1.1.3. USP and Key Product1.2. Research Scope1.3. Research Methodology1.3.1. Phase I - Secondary Research1.3.2. Phase II - Primary Research1.3.3. Phase III - Expert Panel Review1.3.4. Approach Adopted184.108.40.206. Top-Down Approach220.127.116.11. Bottom-Up Approach1.3.5. Assumptions1.4. Market Segmentation
2. Executive Summary2.1. Market Snapshot: Global Intelligent Virtual Assistant (IVA) Market2.2. Global IVA Market, by Product, 2018 (US$ Bn)2.3. Global IVA Market, by Technology, 2018 (US$ Bn)2.4. Global IVA Market, by Application, 2018 (US$ Bn)2.5. Global IVA Market, by Geography, 2018 (US$ Bn)
3. Market Dynamics3.1. Introduction3.1.1. Global IVA Market Value, 2017-2027, (US$ Bn)3.2. Market Dynamics3.2.1. Market Drivers3.2.2. Market Restraints3.3. Attractive Investment Proposition, by Geography, 20183.4. Market Positioning of Key Players, 20183.4.1. Major Strategies Adopted by Key Players
4. Global Intelligent Virtual Assistant (IVA) Market, byProduct, 2017-2027 (US$ Bn)4.1. Overview4.2. Chatbots4.3. Smartspeakers
5. Global Intelligent Virtual Assistant (IVA) Market, byTechnology, 2017-2027 (US$ Bn)5.1. Overview5.2. Text-to-speech5.3. Text based5.4. Automatic Speech Recognition
6. Global Intelligent Virtual Assistant (IVA) Market, by Application,2017-2027 (US$ Bn)6.1. Overview6.2. BFSI6.3. Consumer Electronics6.4. Healthcare6.5. Automotive6.6. Retail6.7. Education6.8. Others (Government, Travel & Hospitality, etc.)
7. Global Intelligent Virtual Assistant (IVA) Market Analysis,by Geography, 2017-2027 (US$ Bn)
Browse the full report at https://www.Credenceresearch.Com/report/intelligent-virtual-assistant-iva-market
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About Credence Research(Original Publisher)
Credence Research is a worldwide market research and counseling firm thatserves driving organizations, governments, non-legislative associations, andnot-for-benefits. We offer our customers some assistance with making enduringenhancements to their execution and understand their most imperativeobjectives. Over almost a century, we've manufactured a firm extraordinarilyprepared to this task.
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