Global Intelligent Virtual Assistant Market - Overview
An intelligent virtual assistant is artificial
intelligence (AI) based assistant powered by the internet and is capable of
executing various functions as demanded. It is installed in smart devices like
smartphones, tablets, and personal computers (PCs). The growing digitalization
has provided major growth opportunities to this market and is growing at an
accelerated pace. Increasing usage of internet-based services is the major
factor responsible for the seamless growth of this market.
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The companies are adopting intelligent virtual
assistant services for performing various tasks like answering the queries
automatically, which reduces the loads in organizations and enhances the
consumer experience. The regular advancements and rise in demand for better
services powered by cloud-based tools have empowered the market and are growing
rapidly. The companies are readily investing in research & development
programs to unfold the new aspects, imposing an extra load on the market and
will help the market gain accelerated speeds.
Apart from the uses and features, the global Intelligent Virtual Assistant Market faces challenges from high
costs and lag in voice & language recognition, which has restrained the
global market growth. This report offers a complete outlook on the opposition,
opportunities, drivers & restraints, and other factors affecting the
neighborhood and global intelligent virtual assistant marketplace. The
worldwide market is anticipated to sign in approximately 34 % annual growth in
this era.
Market Division
The global intelligent virtual assistant market is
segmented into classes as follows:
The global intelligent virtual assistant market is
characterized as Chatbot and smart speakers based on types of products.
The global intelligent virtual assistant market is
characterized as text to speech, automatic speech recognition based on
technology.
The global intelligent virtual assistant market is
characterized by small and medium-sized enterprises (SMEs) and large
enterprises based on enterprise size.
The global intelligent virtual assistant market is
divided among banking, financial services, and insurance (BFSI), IT &
telecom, healthcare, consumer electronics, travel & hospitality, and others
based on applications.
Regional Classification
The intelligent virtual assistant market has gained
global adoption due to the rapid digitalization; increasing demands advanced
technologies and high disposable incomes. The global intelligent virtual assistant
market is divided into North America, the Asia Pacific, Europe, and the rest of
the world. The North American region is currently leading the market due to
demands for better technologies, presence of key market players, an increase in
research & development activities, and others followed by the European
region. Whereas, the Asia Pacific region will file the fastest growth during
the survey due to rapid digitalization, rise in disposable incomes, demands for
better technologies, vast population, and other factors.
Industry News
The global intelligent virtual assistant market is
growing at considerable speeds due to a rise in demands for AI-powered systems
and increasing disposable incomes. The smart speakers and automotive segments
will be filing the fastest growth rates. Currently, the North American region
holds a major share of the market, followed by the European region. On the
other hand, the Asia Pacific region will grow with the highest growth rate.
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