Intelligent Virtual Assistant Market, by Technology (Text Recognition, Speech recognition, and Text-to-speech recognition), by Service (Customer Service and Marketing Assistant), by End User Industry Banking, Finance Services and Insurance, Consumer Electronics, IT & Telecom, Healthcare, Retail, Education, Automotive and Government), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018 - 2026

  • To Be Published : Aug 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Intelligent virtual assistant is a software application working in conjunction with next-generation technologies to enable easy interaction between computer system and human. Several platforms are used such as the internet, SMS, and messenger along with that various interaction methods such as text-to-speech, text-to-text, speech-to-text, and speech-to-speech.

High adoption of mobile devices is one of the key factors accelerating the growth of global intelligent virtual assistant market. Mobile phone devices increases the access of virtual assistant integrated platforms such as smart speaker (Amazon Echo, Google Home, and Apple HomePod), instant messaging app (Whatsapp and Facebook messenger), and other apps (Google Allo). These enables real-time communication through SMS, voice calls or video chat, and provides real-time information for weather forecast, on demand video, TV shows, entertainment and sports, and online shopping. For instance, according to Coherent Market Insights’ analysis, in 2016, over 68% of global population is already using mobile phones. According to Coherent Market Insights, as of 2015, there are around 2.6 billion smartphone subscribers globally. According to Coherent Market Insights’ analysis, in 2017, over 55% of traffic on LinkedIn is estimated to be generated using mobile phones and over 80% of revenue on Twitter is generated through mobile advertising. Mobile advertising consists of SMS & MMS advertising, mobile web, mobile video & television, and several online advertising channels, which are highly being used, in turn boosting global market growth.

Moreover, integration of advanced technologies such as smart park assist in vehicles, virtual reality in retail and increasing dependence on internet and broadband connection such as, 2G, 3G, and 4G Long-Term Evolution (LTE) wireless networks is another factor responsible for overall market growth. According to Internet World Stats, in June 2017, total Internet users was reported to be 3.88 billion among global population of 7.52 billion. These cellular networks enables connectivity and communications to exchange real-time information, data, and online transactions. These factors are projected to propel growth of the global intelligent virtual assistant market growth during forecast period.

However, system integration complexities and lack of accuracy are some of the major factors expected to restrain the growth of intelligent virtual assistant market globally by 2025.

Intelligent Virtual Assistant Market Taxonomy

On the basis of technology, the global intelligent virtual assistant market is segmented into:

  • Text Recognition
  • Speech recognition
  • Text-to-speech recognition

On the basis of service, the global intelligent virtual assistant market is segmented into:

  • Customer Service
  • Marketing Assistant

On the basis of end-user industry, the global Intelligent Virtual Assistant market is segmented into:

  • Banking, Finance Services and Insurance
  • Consumer Electronics
  • IT & Telecom
  • Healthcare
  • Retail
  • Education
  • Automotive
  • Government

Intelligent Virtual Assistant Market: Regional Insights

The global intelligent virtual assistant market has been segmented on the basis of regions into North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa. The market for intelligent virtual assistant in Asia Pacific is expected to account largest share by 2025. This growth is attributed to increased demand for mobile devices.  In Asia Pacific, emerging economies such as India and China are manufacturing hubs for consumer electronic products, including smartphones, home appliances, and televisions. For instance, according to National Bureau of Statistics in China, by the end of 2016, China reported around 1,528.56 million mobile phone subscribers. Low manufacturing cost in China, Taiwan, and Malaysia is also expected to boost the growth of the regional intelligent virtual assistant market.

Intelligent Virtual Assistant Market: Competitive Background

Major players operating in the global intelligent virtual assistant market include Microsoft Corporation, IBM Corporation, Intel Corporation, Apple Inc., Artificial Solutions, Next IT Corporation, Oracle Corporation, Amazon, Samsung Electronics, Blackberry, Synthetix Ltd., and Nuance Communications.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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