Intelligent Virtual Assistant Market to Chart 33% CAGR, Reach Valuation of USD 50.9 Billion by 2030

Speech recognition tools are witnessing growing significance in healthcare, highlighting need for players to focus on R&D to launch better translation devices from 2020 to 2030

Advancement in artificial intelligence (AI) technology and multi-core technology for electronics sector is set to drive the global intelligence virtual assistant market forward

Global intelligent virtual assistant market is set to chart a robust growth trajectory over the coming few years. It is anticipated that over the forecast period of 2020 to 2030, the market would grow at a rate of 33%, compounded annually. A number of growth factors can be attributed here, leading to a higher market worth of about USD 50.9 billion by the end of the assessment period from USD 2.9 billion in 2020.

As per Transparency Market Research, "Increasing adoption of IoT, digitized technology, and connected devices are factors leading to growth in the global intelligent virtual assistant market over the forecast period. There are various other factors that are contributing to increasing market worth. These include data explosion and need for better navigational tools on websites."

Key Findings of Global Intelligent Virtual Assistant Market Study:

• In retail sector, companies are exploring opportunities in the sphere of voice controlled devices, which are anticipated to fuel growth in grocery shopping

• Healthcare industry is bringing speech recognition tools to the forefront, driving market players towards better research and development to launch effective translation products

Key Drivers of Growth in Global Intelligent Virtual Assistant Market:

• Massive demand in the market is created by data explosion, noted worldwide as organizations move towards digital technologies

• Large volumes of data is leading to need for better navigational tools on websites and that is paving way for growth in demand for intelligent virtual assistants

• In connecting devices, notable increase in adoption of multi-core technologies is observed and that is contributing to growth

• Advancements in technologies such as Internet of Things (IoT), its increasing adoption, and increasing use of connected devices are also notable growth factors

Regional Analysis of Global Intelligent Virtual Assistant Market:

• Dominant place on the regional charts of global intelligent virtual assistant market will be held by North America – to be followed by Europe

• Robust adoption of virtual technologies, and large and growing use of intelligent devices can be attributed to the dominant position of North American region

• Growth would be noted in the Asia Pacific (APAC) region and that will create new opportunities for market players to tap into

Analyze global intelligent virtual assistant market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea.

Competitive Landscape of Global Intelligent Virtual Assistant Market:

Transparency Market Research has profiled top players in its report on global intelligent virtual assistant market. It provides details into products, financials, recent developments, and business strategies of players. It is pertinent to note here that in the vendor landscape of the marker under discussion, measures such as advancement in technology are crucial for claiming larger market share.

Some of the distinguished players operating in the global intelligent virtual assistant market are Amazon Web Services, Anboto Group., Apple Inc., Artificial Solutions Ltd., Baidu, CodeBaby Corp., Creative Virtual Ltd., CX Company, eGain Communications Corp., Inbenta Technologies, IntelliResponse Systems Inc., Next IT Corporation, Nuance Communications Inc., Samsung Electronics, Sony Corporation, Speaktoit Inc., Uniphore Software Solutions Pvt. Ltd., Voicebox Technologies Corp, and VoiceVault Inc., among others.

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Global Intelligent Virtual Assistant Market: Segmentation

Intelligent Virtual Assistant Market, by Technology

• Text-to-speech

• Speech Recognition

Intelligent Virtual Assistant Market, by Application

• Websites

• Contact Centers

• Messenger Bots

Intelligent Virtual Assistant Market, by End User

• Large Enterprises

• Small & Medium Enterprise

• Individual Users

Intelligent Virtual Assistant Market, by Region

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • U.K.

  • France

  • Russia

  • Spain

  • Rest of Europe

• Asia Pacific

  • China

  • India

  • Japan

  • ASEAN

  • Rest of Asia Pacific

• Middle East & Africa

  • Saudi Arabia

  • Kuwait

  • United Arab Emirates

  • Qatar

  • South Africa

  • Rest of Middle East & Africa

• South America

  • Brazil

  • Argentina

  • Rest of South America

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Source: Transparency Market Research