Stratview Research delivers key insights on the global Intelligent Virtual Assistant Market. According to Stratview Research, the market is segmented By Product (Chatbot, Smart Speakers), By Technology (Automatic Speech Recognition, Text to Speech, Text-based), By End-Use (BFSI, Consumer Electronics, Automotive, Healthcare, Education, Retail, IT & Telecom, Travel & Hospitality, Others) and Region [Brazil, Argentina, and Others]).

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Market Insights

The report suggests that the overall Intelligent Virtual Assistant Market is projected to grow from USD 5.8 billion in 2020 to USD 25.7 billion by 2026 at a CAGR of over 28.9% during the forecast period.

Market Segments' Analysis

Product Trends

Based on product, the intelligent virtual assistant market has been bifurcated into chatbot and smart speakers. Under these, the chatbot segment held a significant market share in 2020. Chatbot has widespread adoption in the BFSI, retail, and educational sectors. They enable to access the required information and facilitate the end-users with ease of operation, thereby boosts the segment growth.

Regional Trends

By region, the North America market held the highest market share of more than 42% in 2020 and is projected to grow at a healthy CAGR in the coming years. The changing BYOD trends have resulted in an emergence of working remotely. Working remotely offers flexibility to the employees and enables the usage of a virtual assistant to speed up the work allotted, further bolsters the regional market growth during the review period.

Key Players

The following are some of the key players in the intelligent virtual assistant market:

• Avaamo Inc. (US)
• EdgeVerve Systems Limited (An Infosys Company) (India)
• SMOOCH.ai (Canada)
• Inbenta Technologies Inc. (US)
• Creative Virtual Ltd (UK)
• Serviceaide Inc. (US)

FREQUENTLY ASKED QUESTIONS

The report answers several questions related to the market. The user can get to know the answers to the following questions…

-          What is the global demand for intelligent virtual assistant market in terms of revenue?

-          Which are the prominent players in the market?

-          At what CAGR is the market projected to grow within the forecast period?

-          What are the driving factors fuelling the growth of the market?

-          Which region accounted for the largest share in the market?

-          How did the Covid19 impacted the market?

-          How long will it take to recover from the Covid impact?

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