Current Business Affairs Global Intelligent Virtual Assistant Market 2018

Global Intelligent Virtual Assistant Market Trends, Analysis, and
Forecast To 2025
Market Definition:
The global Intelligent Virtual Assistant market was valued at USD 1.20 Billion in 2016 and is expected to reach USD 19.9
Billion by 2025 growing over a CAGR of over 36% over the forecast period. An Intelligent Virtual Assistant is a smart
system which performs tasks as per the users’ demand. It is a solution that simplifies user interaction with personal
computers, smartphones, SMS, messenger and other interfaces. IVA systems use various interaction methods, which
include text-to-text, speech-to-text, among others to assist users in executing their tasks, either for some useful
purposes or for entertainment purpose. Apple’s Siri, Amazon Alexa, are few well-known intelligent virtual assistants.
The global intelligent virtual assistant market has witnessed explicit growth and is poised to demonstrate vigorous
growth during the forecast period. Increasing penetration of smartphones and growing adoption of IVA devices and
services by large enterprises is propelling the growth of the industry. Increasing demand for automation in offering the
uninterrupted support services for customer and growing adoption in smart home systems which include music players,
wireless connected thermostats, air conditioners and others is further projected to propel the industry growth.
However, lack of accuracy in the system design and personalization option is expected to restrain the industry growth.
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Market Analysis with Latest Growth Factors:
The global intelligent virtual assistant market based on vertical is divided into consumer electronics, BFSI, healthcare,
education, retail, travel and hospitality, government, utilities and others. The consumer electronics sector was the
largest application area, followed by BFSI sector in 2016. Consumer Electronics is also projected to witness the highest
growth for IVA over the forecast period, attributed to growing application of IVA in smartphones and smart watches.
Based on the type of IVA, the market is segmented as rule based IVA and conversational AI based IVA. Conversational
Artificial Intelligence based type of IVA accounted for the highest industry share in 2016. The segment’s market is
expected to grow significantly over the forecast period owing to the self-learning ability of AI-based IVA with the help of
deep learning and neural networks. However, rule-based IVAs answer basic and limited types of queries, and have
limited scope of development.
Major Key Players: