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.
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.
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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.
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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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