INTELLIGENT VIRTUAL ASSISTANT MARKET ANALYSIS

Intelligent Virtual Assistant MarketSize and Trends

Market Overview

A virtual assistant is an intelligent system that supports users whenever users seek information. Virtual assistants act as a real system, in order to avoid users waiting for a long time in getting the information they need. An intelligent virtual assistant not only aims to answer user queries but also offers recommendations in order to keep the user communication going. A virtual assistant helps to establish brand loyalty through a persona. A virtual assistant solves customer queries as well as help to advertise products. Furthermore, the virtual assistant has become popular due to its ability to personalize customer service experience.

The global intelligent virtual assistant market is estimated to account for US$ 47,259.2 Mn in terms of value by the end of 2027.

North America held dominant position in the global intelligent virtual assistant market in 2019, accounting for 37.8% share in terms of value, followed by Europe, and APAC respectively.

Figure 1: Global Intelligent Virtual Assistant Market Share (%), in terms of Value, By Region, 2019

Figure 2: Global Intelligent Virtual Assistant Market Value (US$ Mn), 2017 - 2027

The global intelligent virtual assistant market was valued at US$ 2,126.4 Mn in 2019 and is forecast to reach a value of US$ 47,259.2 Mn by 2027 at a CAGR of 47.4% between 2020 and 2027.

Market Trends

1. Rising use of virtual assistant

Artificial intelligence acts as a necessary extension to the universe with respect to virtual reality. The idea of virtual assistants is expected to provide endless possibilities. Apart from intelligent web browsing, virtual assistants are expected to improve call centers, banking sectors, and healthcare centers among others. In today’s fast-paced world, filling out the paperwork can be a time-consuming practice. Nuance Communication Inc. is expected to launch virtual assistants for doctors by late 2014. Intelligent virtual assistants are expected to provide endless possibilities with various interactive electronic devices such as TVs and mobile devices.

2. Partnerships and agreements among market players

Major companies are focused on partnerships and collaborations, in order to gain a competitive edge in the market. For instance, in June 2013, CodeBaby partnered with Three-Sixty Advisory Group LLC. In June 2013, CodeBaby partnered with Benefitfocus, wherein Benefitfocus is expected to provide on-demand customer support and insurance carriers to the healthcare sector.