The Global Intelligent Virtual Assistant Market, By Technology (Text-to-speech and Speech recognition and natural language understanding), End users( Individual users, Small and medium enterprise and Large enterprise ) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Forecast to 2027, is expected to be valued at US$ 47,259.2 million by 2027, exhibiting a CAGR of 47.4% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Overview
A virtual assistant, referred to as VA, is a self-employed, intelligent system that provides professional administrative, creative, and technical assistance to clients remotely from a home office. Presence of virtual assistants on the website makes valuable conversational experience with customers. 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. Furthermore, until the past few years, organizations and companies did not store much information about themselves on the internet. With technological evolutions and the arrival of the digital era, today websites offer more information. And in many cases, this information is not well organized.
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.
Market Driver
Increasing adoption of chatbots due to low cost is expected to boost the global intelligent virtual assistant market growth over the forecast period
Chatbots have become a crucial part of customer service. Companies are deploying interactive chatbots to mitigate customer problems and offer them adequate solutions. These chatbots work as virtual assistants, which are programmed to understand tone and NLP. Moreover, these chatbots are powered by artificial intelligence so that it can take conscious decisions. As a result of this, the demand for virtual assistants has increased significantly. Hence, these factors are expected to drive growth of the global intelligent virtual assistant market during the forecast period.
Market Opportunity
Advent of gesture recognition technology can present lucrative growth opportunities in the global intelligent virtual assistant market
Gesture recognition technology is an approach of interpreting human gestures via mathematical algorithms. Virtual assistant combined with gesture recognition technology can open a number of avenues for market players. Key companies in the market can capitalize on these opportunities and gain a competitive edge in the market.
Market Restraint
Lack of awareness in emerging economies is expected to hinder the global intelligent virtual assistant market growth over the forecast period
Despite its numerous advantages, the adoption of a virtual assistant is very moderate, especially in emerging economies such as India, Brazil, and South Africa. This is owing to a lack of awareness, high maintenance costs, and limited market reach. Hence, these factors are expected to hinder the global intelligent virtual assistant market growth over the forecast period.
Market Trends
- North America Trends
Among regions, North America is expected to witness significant growth in the global intelligent virtual reality assistant market during the forecast period. This is owing to the presence of major market players such as SpeakToit Inc. and eGain Communications Corp. across the region. Furthermore, growing use of virtual assistants in the healthcare sector is expected to boost the regional market growth over the forecast period.
- Asia Pacific Trend
Asia Pacific is expected to register to exhibit a robust growth rate in the global intelligent virtual assistant market over the forecast period. This is owing to growing use of a virtual assistant in retail as well as hospitality sectors across the region. Moreover, growing adoption of VA by government authorities is expected to accelerate the regional market growth over the forecast period.
Global Intelligent Virtual Assistant Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. There is significant impact on intelligent virtual assistant market, as these virtual assistants are highly adopted by healthcare sectors to avoid human interaction and to contain the spread of coronavirus pandemic. For instance, Orbita, Inc., who provide voice and chat solution for healthcare and life science sector has launched, new interactive chatbot and voice assistant that is used to support healthcare organizations during the COVID-19 pandemic. This virtual COVID-19 assistant is used by health professionals in screening and triaging people who got infected by the coronavirus. The virtual assistant in healthcare sector are very helpful as they answer all the questions about coronavirus and with the help of artificial intelligence, they provide further steps for testing and treatment. This, in turn, increases the demand for intelligent virtual assistant market.
Competitive Section
Key players operating 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.
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