A virtual assistant is an intelligent system that supports users whenever users seek information. Intelligent virtual assistant offer wide range of customer services such as providing product information, assist in paying bills, handle query related to human agents and many others. These services propel banking and financial institutions to integrate virtual assistant. Intelligent virtual assistant can perform various functions for verticals such as retail, banking, automotive and others. In addition, they provide better conversational responses in order to increase user’s experience. Conventional online self-service channels such as FAQs and searches uses a combination of phrases and keywords to respond to customer queries. With the introduction of Apple’s Siri, a speech-enabled virtual assistant, the new prototype of speaking naturally with technology is being increasingly adopted by electronic goods manufacturers.

Market Dynamics

 Growing adoption of internet virtual assistant (IVA) devices and services by large enterprises and increasing penetration of smartphones is expected to drive market growth during forecast period. For instance, according to Coherent Market Insights, in China, the penetration of smartphone increased from 676.5 million in 2017 to 782.3 million in 2020. This is attributed to increased demand for automation in order to offer uninterrupted support services for customers and growing adoption of smart home systems such as music players, air conditioners, wireless connected thermostats and others. Intelligent virtual assistant enhanced smart home and security solutions. For instance, in March 2018, Amazon Inc., have acquired Ring Inc., a U.S. based company who provide solution related to home security with wide range of security cameras and doorbells. Through this acquisition, Ring assist Amazon Inc., in the integration of video based technologies into home security products.

Growing emphasis on improving alignment between customers is expected to propel the global intelligent virtual market growth over the forecast period. The major challenge faced by customers who interact with the website of an organization is the inability to find answer to queries. However, organizations are more focused on delivering their core capabilities with little focus on answering customer questions online and guiding them to right products. Virtual assistant helps the organization to serve customers by providing alternative way to interact. According to survey conducted by PayPal around 22% of shoppers abandon their shopping carts due to inability to find answers to common support issues during purchasing. Thus, these factors are expected to propel the global intelligent virtual market growth over the forecast period.

Market Taxonomy

This report segments the global intelligent virtual assistant market on the basis of Technology, end users and region. On the basis of technology, the global intelligent virtual assistant market is segmented into Text-to-speech and Speech recognition and natural language understanding. On the basis of end user, the global intelligent virtual assistant market is segmented into Individual users, small and medium enterprise and large enterprise. On the basis of region, the global intelligent virtual assistant market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

Key features of the study:

• This report provides an in-depth analysis of the global intelligent virtual assistant market and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
• It profiles leading players in the global intelligent virtual assistant market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
• Key companies covered in the global intelligent virtual assistant market are NextIT Corp., eGain Communications Corp., Creative Virtual Ltd., Artificial Solutions Ltd., Creative Virtual Ltd., SpeakToit Inc., Anboto Group., IntelliResponse Systems Inc., Nuance Communications Inc., Five9 Inc., and CodeBaby Corp.
• The market players are focusing on strategic collaborations to innovate and launch new products to meet the increasing needs and requirements of consumers.
• Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
• The global intelligent virtual assistant market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global intelligent virtual assistant market.

Detailed Segmentation:

• Global Intelligent Virtual Assistant Market, By Technology:
• Text-to-speech
• Speech recognition and natural language understanding
• Global Intelligent Virtual Assistant Market, By End users:
• Individual users
• Small and medium enterprise
• Large enterprise
• Global Intelligent Virtual Assistant Market, By Region:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East
• Africa
• Company Profiles
• NextIT Corp. *
• Company Overview
• Product Portfolio
• Financial Performance
• Key Strategies
• Recent Developments
• Future Plans
• eGain Communications Corp.
• Creative Virtual Ltd.
• Artificial Solutions Ltd.
• Creative Virtual Ltd.
• SpeakToit Inc.
• Anboto Group.
• IntelliResponse Systems Inc.
• Nuance Communications Inc.
• Five9 Inc.
• CodeBaby Corp

 *Browse all the market data tables and figures on “Global Intelligent Virtual Assistant Market- Forecast to 2027”