New York, NY, Jan. 25, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Intelligent Virtual Assistant Market by Technology (Text-to-Speech and Speech Recognition), by Application (Chatbots and Smart Speakers), by End-Use (Private and Commercial), and by Industry Vertical (Retail, BFSI, Automotive, Travel & Tourism, Government Sector, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018—2025”. According to the report, the global intelligent virtual assistant market accounted for USD 2.3 billion in 2018 and is expected to reach USD 19.6 billion globally by 2025, at a CAGR of 35.4% between 2019 and 2025.
The global intelligent virtual assistant market is likely to be driven by the increasing use of smart speakers for residential applications in the future. In addition, the rising investments in smart homes and the “Internet of Things” (IoT) technology are anticipated to further fuel the intelligent virtual assistant market considerably in the upcoming years. It was estimated that in the U.S., from 2014 to 2018, more than 10 million smart speakers were purchased for residential purposes. In 2018, the global sale of smart speakers was about 98 million units, which is expected to reach 164 million units in 2019. Various automotive players are focusing on introducing autonomous vehicles by 2025. The efficient functioning of these vehicles relies on artificial intelligence. Manufacturers are focusing on offering smart voice assistance to make autonomous driving more reliable.
Browse through 91 Tables & 30 Figures spread over 146 Pages and in-depth TOC on “Global Intelligent Virtual Assistant Market Size & Growth, 2018: Industry Segments, Trends Analysis & Forecast, 2025”.
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The increasing use of intelligent virtual assistant on social media platforms is anticipated to fuel the intelligent virtual assistant market over the estimated time span. Social media platforms, such as Facebook and Twitter, use an intelligent virtual assistant to track and monitor accounts, promote content, collect, store, and organize data in a presentable manner. Facebook is focusing on developing its own virtual assistant by acquiring various artificial intelligence (AI) start-ups. In 2017, Facebook acquired “Ozlo”, an AI startup.
By technology, the global intelligent virtual assistant market is bifurcated into text-to-speech and speech recognition. The speech recognition segment is likely to hold a significant share of the intelligent virtual assistant market in the future, owing to increasing investments made in artificial intelligence technology. Chatbots and smart speakers form the application segment for the intelligent virtual assistant market. Smart speakers are likely to grow notably in the future, owing to increasing product demand in developing economies, such as China and India. By end-use, the intelligent virtual assistant market is bifurcated into private and commercial domains. Retail, BFSI, automotive, travel and tourism, government sector, and others form the industry vertical of the global intelligent virtual assistant market. The automotive segment is anticipated to grow considerably in the future, due to the escalating demand for technology in autonomous vehicles.
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In terms of revenue, North America held a substantial share of the global intelligent virtual assistant market in 2018, due to the increasing adoption of smart home technology. Intelligent virtual assistance technology is used in smart speakers that are now a vital part to bridge the gap between users and other devices. The U.S. and Canada are proving to be the most lucrative nations for smart speakers in North America. The revenue generated from smart homes in the U.S. is likely to increase from USD 27 billion in 2019 to USD 44.7 billion in 2023. With rising investments in residential “Internet of Things” (IoT), the demand for intelligent virtual assistants is anticipated to rise from 2019 to 2025.
The European intelligent virtual assistant market is likely to be driven by the rising demand from the automotive sector. Germany and UK are projected to be the prime revenue contributors in this region. In 2017, it was estimated that the global automotive manufacturers invested about USD 80 billion on self-driving technologies. These investments are projected to rise in the next five years as various European automotive manufacturers, such as Volkswagen, Mercedes, and BMW, are planning to launch new autonomous vehicles. In 2017, one of Europe’s foremost car manufacturers, Daimler, announced its collaboration with Uber. According to this partnership, Daimler will provide Uber with autonomous cars over the coming years.
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The Asia Pacific intelligent virtual assistant market is expected to grow considerably over the forecast timeframe. This regional market encompasses developing nations, such as China and India, which have great potential for intelligent virtual assistance solutions. The rising demand for smart speakers is likely to fuel this regional market in the upcoming years. In the second quarter of 2018, the demand for smart speakers in India grew by 43%. During the same period, about 52% of smart speaker sales volume growth came from China. Considering the rising disposable income, these numbers are projected to rise over the upcoming years.
The Middle Eastern and African region has great potential in this market in the future, owing to the increasing technological demand from banks and other financial institutes. These institutes use chatbots to streamline their customer relationship management processes.
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Some key players of the global intelligent virtual assistant market include Microsoft Corporation, Alphabet Inc., Apple Inc., Nuance Communications Inc., Next IT Corporation, IBM Corporation, Amazon, Inc., eGain Communications Corp., Artificial Solutions Ltd., and Speaktoit Inc., among others.
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This report segments the global intelligent virtual assistant market into:
Global Intelligent Virtual Assistant Market: Technology Analysis
- Text-To-Speech
- Speech Recognition
Global Intelligent Virtual Assistant Market: Application Analysis
- Chatbots
- Smart Speakers
Global Intelligent Virtual Assistant Market: End-Use Analysis
- Private
- Commercial
Global Intelligent Virtual Assistant Market: Industry Vertical Analysis
- Retail
- BFSI
- Automotive
- Travel and Tourism
- Government Sector
- Others
Global Intelligent Virtual Assistant Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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