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Intelligent Virtual Assistant Market by Product, User Interface, Industry & Geography - Global Forecast to 2023 - Research and Markets

[December 18, 2017]

Intelligent Virtual Assistant Market by Product, User Interface, Industry & Geography - Global Forecast to 2023 - Research and Markets

The "Intelligent Virtual Assistant Market by Product (Chatbots, IVA smart speakers), User Interface (Text-based, Text-to-speech based, Automatic Speech Recognition), Industry (Consumer Electronics, BFSI, Retail), and Geography - Global Forecast to 2023" report has been added to Research and Markets' offering.

According to the new market research report on intelligent virtual assistant (IVA), the market is expected to be worth USD 17.72 billion by 2023 from USD 2.48 billion in 2017, growing at a CAGR of 38.82% between 2017 and 2023. The growth of the IVA market can be attributed to the growing application of IVA in automated customer support services and smart home systems. The lack of accuracy in chatbots is the main restraining factor for the IVA market.

The automatic speech recognition (ASR)-based IVAs held the highest market share in 2016. Automatic speech recognition (ASR) is used in smart speakers. ASR-based IVAs are growing in terms of usage because of the increasing demand for smart speakers in home automaton systems especially in North America and Europe. The smart home appliances are driving the demand for smart speakers in the market.

The Consumer electronics sector accounted for the highest market share among BFSI, healthcare, education, retail, government, utilities, travel and hospitality, and others. Smart speakers are highly in demand for smart home appliances such as wireless-connected thermostats, refrigerators, washing machines, and others. Smart speakers are used in controlling such devices; hence, consumer electronics held the highest share of the market in 2016.

Companies Mentioned