HOME Top Market Reports 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

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

By: marketsandmarkets.com
Publishing Date: October 2017
Report Code: SE 5670

 

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The overall intelligent virtual assistant (IVA) market was valued at USD 1.36 Billion in 2016 and is expected to reach USD 17.72 Billion by 2023, at a CAGR of 38.82% between 2017 and 2023. The report aims at estimating the market size and future growth potential of the IVA market based on product, user interface, type, industry, and geographic analysis. The report also aims at providing detailed information regarding the major factors influencing the growth of the IVA market (drivers, restraints, opportunities, and industry-specific challenges) and strategically analyzes micro-markets with respect to the individual growth trends, prospects, and contributions to the overall market. The base year considered for the study is 2016 and the market is forecasted from 2017 to 2023.

The research methodology used to estimate and forecast the IVA market begins with capturing data on key vendor revenues through the secondary research that includes annual reports, press releases, investor presentations, white papers, journals, certified publications, articles from recognized authors, gold standard and silver standard websites, organizations, directories, and databases, which include Factiva, Hoovers, and the Wall Street Journals among others. The vendor offerings are also considered to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global IVA market from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through the primary research by conducting extensive interviews with people holding key positions such as CEOs, VPs, directors, and executives. Market breakdown and data triangulation procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of primaries is depicted in the below figure:

Intelligent Virtual Assistant Market

To know about the assumptions considered for the study, download the pdf brochure

The IVA ecosystem comprises software and patent providers, which include Alphabet (US), Amazon (US), Apple (US), Nuance Communications (US), IBM (US), Microsoft (US), Samsung Electronics (South Korea), Inbenta Technologies (US), Baidu (China), and Blackberry (US).

Target Audience of the Report:

The intended audience for this report includes:

  • IVA module designers and manufacturers
  • Research organizations and consulting companies
  • Associations, forums, and alliances related to intelligent virtual assistant
  • Investors
  • Start-up companies
  • Raw material suppliers
  • Government and other regulatory bodies
  • Market research and consulting firms

Scope of the Report

The research report segments the IVA market into following submarkets:

By Product:

  • Chatbots
  • IVA Smart Speakers

By User Interface

  • Text Based
  • Text-To-Speech
  • Automatic Speech Recognition (ASR)
  • Others

By Type

  • Rule based
  • Conversational AI based

By Industry

  • Consumer Electronics
  • BFSI
  • Healthcare
  • Education
  • Retail
  • Government
  • Utilities
  • Travel and Hospitality
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • Japan
    • Australia
    • India
    • Rest of APAC
  • Rest of the World
    • The Middle East and Africa
    • South America

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Market Analysis

  • Further breakdown of the IVA system applications market, by geography

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)

Table of Contents

1 Introduction (Page No. - 12)
    1.1 Objectives of the Study
    1.2 Definition
    1.3 Markets Covered
           1.3.1 Market Segmentation
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 15)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 List of Major Secondary Sources
                    2.1.1.2 Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Primary Interviews With Experts
                    2.1.2.2 Breakdown of Primaries
                    2.1.2.3 Primary Sources
    2.2 Secondary and Primary Research
                    2.2.1.1 Key Industry Insights
    2.3 Market Size Estimation
           2.3.1 Bottom-Up Approach
           2.3.2 Top-Down Approach
    2.4 Market Breakdown and Data Triangulation
    2.5 Research Assumptions

3 Executive Summary (Page No. - 25)

4 Premium Insights (Page No. - 29)
    4.1 Attractive Opportunities in the IVA Market
    4.2 North America: IVA Market, By Industry and Country
    4.3 IVA Market, By Type
    4.4 IVA Market, By Product
    4.5 IVA Market, By Geography

5 Market Overview (Page No. - 32)
    5.1 Introduction
    5.2 Evolution of the Market: Intelligent Virtual Assistant Market
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Demand for Automation in Customer Service
                    5.3.1.2 Integration of Speaker-Based Virtual Assistants and Smart Home Appliances is Driving the Market of Smart Speakers
                    5.3.1.3 Increasing Adoption of Chatbots Because of the Availability of Low-Cost Software Modules for Chatbot Design
           5.3.2 Restraints
                    5.3.2.1 Lack of Accuracy in Chatbot
                    5.3.2.2 System Integration Complexities Add to the Cost of Smart Speakers
           5.3.3 Opportunities
                    5.3.3.1 Gesture Recognition Technology Will Add Value to IVA
                    5.3.3.2 Multi-Language Support in IVAs Will Increase Its Market Penetration.
           5.3.4 Challenges
                    5.3.4.1 Lack of Awareness in Developing Countries
                    5.3.4.2 Limited Market Reach of IVA Smart Speakers in Developing Countries.

6 Industry Trends (Page No. - 37)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Startup Scenario

7 Intelligent Virtual Assistant Market, By Product (Page No. - 39)
    7.1 Introduction
    7.2 Chatbot
           7.2.1 Chatbot Market By Deployment
                    7.2.1.1 Stand-Alone
                    7.2.1.2 Web-Based
           7.2.2 Chatbot Market By Offering
                    7.2.2.1 Software
                    7.2.2.2 Services
    7.3 IVA Smart Speakers

8 Intelligent Virtual Assistant Market, By User Interface (Page No. - 51)
    8.1 Introduction
    8.2 Text Based
    8.3 Text-To-Speech-Based
    8.4 Automatic Speech Recognition (ASR)
    8.5 Others 

9 Intelligent Virtual Assistant Market, By Type (Page No. - 58)
    9.1 Introduction
    9.2 Rule-Based
    9.3 Conversational Ai-Based

10 Intelligent Virtual Assistant Market, By Industry (Page No. - 62)
     10.1 Introduction
     10.2 Consumer Electronics
     10.3 BFSI
     10.4 Healthcare
     10.5 Education
     10.6 Retail
     10.7 Government
     10.8 Utilities
     10.9 Travel & Hospitality
     10.10 Others

11 Geographic Analysis (Page No. - 73)
     11.1 Introduction
     11.2 North America
             11.2.1 US
             11.2.2 Canada
             11.2.3 Mexico
     11.3 Europe
             11.3.1 Germany
             11.3.2 France
             11.3.3 UK
             11.3.4 Rest of Europe
     11.4 Asia Pacific
             11.4.1 Japan
             11.4.2 China
             11.4.3 Australia
             11.4.4 India
             11.4.5 Rest of APAC
     11.5 RoW
             11.5.1 Middle East and Africa
             11.5.2 South America

12 Competitive Landscape (Page No. - 95)
     12.1 Overview
     12.2 Market Ranking Analysis, 2016
     12.3 Competitive Scenario and Trends
             12.3.1 Product Launches
             12.3.2 Acquisitions
             12.3.3 Partnerships/Collaborations/Agreements

13 Company Profiles (Page No. - 101)
(Business Overview, Strength of Product Portfolio, Business Strategy Excellence, Recent Developments, Key Relationships)*
     13.1 Microsoft
     13.2 Nuance Communications
     13.3 Samsung Electronics
     13.4 Alphabet
     13.5 Apple
     13.6 Amazon
     13.7 International Business Machines (IBM)
     13.8 Baidu
     13.9 Blackberry
     13.10 Inbenta Technologies
     13.11 Innovators
             13.11.1 Facebook
             13.11.2 Cognitive Code
             13.11.3 Artificial Solutions
             13.11.4 Unified Computer Intelligence
             13.11.5 Mycroft Ai

*Details on Business Overview, Strength of Product Portfolio, Business Strategy Excellence, Recent Developments, Key Relationships Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 131)
     14.1 Insights From Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.4 Introducing RT: Real-Time Market Intelligence
     14.5 Available Customizations
     14.6 Related Reports
     14.7 Author Details


List of Tables (68 Tables)

Table 1 Currency Table
Table 2 Start-Up Companies and Investors Scenario
Table 3 IVA Market, By Product, 2014–2023 (USD Million)
Table 4 Chatbot Market, By Deployment, 2014–2023 (USD Million)
Table 5 Chatbot Market, By Offering, 2014–2023 (USD Million)
Table 6 Chatbot Market in North America, By Offering, 2014–2023 (USD Million)
Table 7 Chatbots Market in Europe, By Offering, 2014–2023 (USD Million)
Table 8 Chatbots Market in APAC, By Offering, 2014–2023 (USD Million)
Table 9 Chatbots Market in RoW, By Offering, 2014–2023 (USD Million)
Table 10 Chatbot Market in North America By Type, 2014–2023 (USD Million)
Table 11 Chatbots Market in Europe By Type, 2014–2023 (USD Million)
Table 12 Chatbots Market in APAC By Type, 2014–2023 (USD Million)
Table 13 Chatbots Market in RoW, By Type, 2014–2023 (USD Million)
Table 14 Stand-Alone Chatbot Market, By Geography, 2014–2023 (USD Million)
Table 15 Web-Based Chatbot Market, By Geography, 2014–2023 (USD Million)
Table 16 Chatbots Software Market, By Geography, 2014–2023 (USD Million)
Table 17 Chatbot Services Market, By Geography, 2014–2023 (USD Million)
Table 18 IVA Market of Smart Speakers Market, By Geography, 2014–2023 (USD Million)
Table 19 IVA Smart Speakers Market By Type 2014–2023 (USD Million)
Table 20 IVA Market By User Interface, 2014–2023 (USD Million)
Table 21 IVA Smart Speakers Market By User Interface, 2014–2023 (USD Million)
Table 22 Chatbot Market By User Interface, 2014–2023 (USD Million)
Table 23 IVA Market for Text-Based User Interface By Region, 2014–2023 (USD Million)
Table 24 IVA Market for Text-To-Speech Based User Interface By Region, 2014–2023 (USD Million)
Table 25 Automatic Speech Recognition Based IVA Market, By Region, 2014–2023 (USD Million)
Table 26 IVA Market for Other Types of User Interface By Region, 2014–2023 (USD Million),
Table 27 IVA Market By Type, 2014–2023 (USD Million)
Table 28 Rule-Based IVA Market, By Region, 2014–2023 (USD Million)
Table 29 Conversational Ai-Based Market, By Region, 2014–2023 (USD Million)
Table 30 IVA Market, By Industry, 2014–2023 (USD Million)
Table 31 IVA Market for Consumer Electronics, By Region, 2014–2023 (USD Million)
Table 32 IVA Market of Smart Speakers, 2014–2023 (Million Units)
Table 33 IVA Market for BFSI, By Region, 2014–2023 (USD Million)
Table 34 IVA Market for Healthcare, By Region, 2014–2023 (USD Million)
Table 35 IVA Market for Education, By Region, 2014–2023 (USD Million)
Table 36 IVA Market for Retail, By Region, 2014–2023 (USD Million)
Table 37 IVA Market for Government, By Region, 2014–2023 (USD Million)
Table 38 IVA Market for Utilities, By Region, 2014–2023 (USD Million)
Table 39 IVA Market for Travel and Hospitality, By Region, 2014–2023 (USD Million)
Table 40 IVA Market for Other Industries, By Region, 2014–2023 (USD Million)
Table 41 IVA Market Size, By Region, 2014–2023 (USD Million)
Table 42 Chatbots Market, By Region, 2014–2023 (USD Million)
Table 43 IVA Smart Speaker Market By Region, 2014–2023 (USD Million)
Table 44 IVA Market for Smart Speakers By Region, 2014–2023 (Million Units)
Table 45 North America IVA Market Size, By Country, 2014–2023 (USD Million)
Table 46 IVA Market in North America, By Industry, 2014–2023 (USD Million)
Table 47 Chatbots Market in North America, By User Interface, 2014–2023 (USD Million)
Table 48 Chatbot Market in North America, By Deployment, 2014–2023 (USD Million)
Table 49 Chatbot Market in North America, By Offering, 2014–2023 (USD Million)
Table 50 IVA Market in Europe, By Country, 2014–2023 (USD Million)
Table 51 IVA Market in Europe, By Industry, 2014–2023 (USD Million)
Table 52 Chatbot Market in Europe, By User Interface, 2014–2023 (USD Million)
Table 53 Chatbot Market in Europe, By Deployment, 2014–2023 (USD Million)
Table 54 Chatbot Market in Europe, By Offering, 2014–2023 (USD Million)
Table 55 IVA Market in Asia Pacific, By Country, 2014–2023 (USD Million)
Table 56 IVA Market in Asia Pacific, By Industry, 2014–2023 (USD Million)
Table 57 Chatbot Market in Asia Pacific, By User Interface, 2014–2023 (USD Million)
Table 58 Chatbot Market in Asia Pacific, By Deployment, 2014–2023 (USD Million)
Table 59 Chatbot Market in Asia Pacific, By Offering, 2014–2023 (USD Million)
Table 60 IVA Market in RoW, By Region, 2014–2023 (USD Million)
Table 61 IVA Market in RoW, By Industry, 2014–2023 (USD Million)
Table 62 RoW Chatbot Market, By User Interface, 2014–2023 (USD Million)
Table 63 RoW Chatbot Market, By Deployment, 2014–2023 (USD Million)
Table 64 RoW Chatbot Market, By Offering 2014–2023 (USD Million)
Table 65 Ranking of the Key Players in the IVA Market 2016.
Table 66 Product Launches, 2015–2017
Table 67 Acquisitions, 2015–2017
Table 68 Partnerships/Collaborations/Agreements, 2014


List of Figures (54 Figures)

Figure 1 Intelligent Virtual Assistant Market: Research Design
Figure 2 Bottom-Up Approach
Figure 3 Top-Down Approach
Figure 4 Data Triangulation
Figure 5 IVA Market, 2014-2023
Figure 6 IVA Market for Smart Speakers is Expected to Grow at A Higher Rate Between 2014–2023
Figure 7 Automatic Speech Recognition Expected to Account for the Largest Share During the Forecast Period
Figure 8 Conversational Ai-Based IVA Accounted for A Higher Market Size in 2016
Figure 9 Consumer Electronics Accounted for the Largest Share of the Overall IVA Market in 2016
Figure 10 IVA Market, By Geography, 2016
Figure 11 Usage of IVA in Enterprises for Customer Support Services Propels the Growth of the IVA Market
Figure 12 Consumer Electronics Sector Held the Largest Share of the North American IVA Market in 2016
Figure 13 Conversational Ai-Based IVA Held the Largest Share of the IVA Market in 2016
Figure 14 Chatbot Accounted for Larger Market Share in the Year 2016
Figure 15 The IVA Market in China is Expected to Grow at the Highest CAGR Between 2017 and 2023
Figure 16 Evolution of Intelligent Virtual Assistants
Figure 17 Growing Demand for Automation in Industries & Enterprises is Driving the IVA Market
Figure 18 Value Chain Analysis of Intelligent Virtual Assistant Market
Figure 19 Intelligent Virtual Assistant Market, By Product
Figure 20 Software-Based IVA is Expected to Dominate the Overall IVA Market By 2023
Figure 21 Software-Based Chatbot Market in APAC is Expected to Dominate Till 2023
Figure 22 IVA Market of Conversational Ai-Based IVA Will Have A Higher Share in APAC During the Forecast Period
Figure 23 North America is Expected to Continue Its Dominance in the Web Based Chatbots Market During the Forecast Period
Figure 24 APAC IVA Smart Speaker Market is Expected to Grow at A Highest CAGR Between 2017 and 2023
Figure 25 Intelligent Virtual Assistant Market, By User Interface
Figure 26 Text-Based Chatbots are Expected to Continue Its Dominance in the Chatbot Market During the Forecast Period
Figure 27 Automatic Speech Recognition Based IVA Market, 2014–2023
Figure 28 Intelligent Virtual Assistant Market, By Type
Figure 29 Conversational Ai-Based Market, By Geography, 2014–2023 (USD Million)
Figure 30 Intelligent Virtual Assistant Market, By Industry
Figure 31 IVA Smart Speakers Market, 2014–2023 (Million Units)
Figure 32 IVA Market for BFSI, By Geography, 2014–2023 (USD Million)
Figure 33 IVA Market for Government, By Geography, 2014–2023 (USD Million)
Figure 34 IVA Market in Travel and Hospitality, 2014–2023 (USD Million)
Figure 35 Regional Snapshot: Asia Pacific is the Emerging Region in the IVA Market
Figure 36 Snapshot: Presence of Key IVA Vendors is A Major Factor Contributing Toward the Growth of the IVA Market in North America
Figure 37 Software-Based IVA is Expected to Grow at A Higher Rate Between 2017 and 2023
Figure 38 Snapshot: Increasing Adoption of Chatbots in the Healthcare Sector is Driving the Growth of the IVA Market in Europe
Figure 39 Text-Based IVA Held the Highest Share of the European Market in By 2023
Figure 40 Snapshot: Technological Advancement is Contributing Toward the Growth of the IVA Market in APAC
Figure 41 Software-Based IVA is Expected to Hold A Higher Share of the Chatbot Market By 2023
Figure 42 South America is Expected to Hold A Major Share of the IVA Market in RoW By 2023
Figure 43 Companies Adopted Product Launch as the Key Growth Strategy Between 2014–2017
Figure 44 Market Evaluation Framework–Product Launches Fuelled Growth and Innovation Between 2014 and 2016
Figure 45 Battle for Market Share: Product Launch Was the Key Strategy
Figure 46 Microsoft: Company Snapshot
Figure 47 Nuance Communications: Company Snapshot
Figure 48 Samsung Electronics: Company Snapshot
Figure 49 Alphabet: Company Snapshot
Figure 50 Apple: Company Snapshot
Figure 51 Amazon: Company Snapshot
Figure 52 International Business Machines (IBM): Company Snapshot
Figure 53 Baidu: Company Snapshot
Figure 54 Blackberry: Company Snapshot

The overall intelligent virtual assistant (IVA) market is expected to grow from USD 2.48 Billion in 2017 to USD 17.72 Billion by 2023, at a CAGR of 38.82% between 2017 and 2023. The market is expected to be driven by the demand for automation in providing customers uninterrupted support services. Similarly, the demand for IVA smart speakers is mainly due to their adoption in smart home systems such as wireless-connected thermostats, music players, air-conditioners. and others.

Consumer electronics, BFSI, healthcare, education, retail, government, utilities, travel and hospitality, and others are key application areas of IVA. The consumer electronics sector was the largest application area followed by BFSI in 2016. Consumer Electronics is expected to provide the highest growth potential for IVA during the forecast period attributed to the potential demand for IVAs in home automation systems.

IVA smart speakers are expected to grow at the highest CAGR between 2017 and 2023. This growth is mainly because of the increasing adoption of home automation systems especially in North America and Europe. Chatbots hold the highest share in this market due to its early commercialization.

The automatic speech recognition held the largest share in this market. The market is expected to grow at a very high rate between 2017 and 2023 due to its deployment in smart speakers. As of July 2017, smart speakers only take input through ASR. These smart speakers are expected to witness high growth in North America and Europe because of the increase in the usage of smart home devices.

The conversational AI-based IVAs accounted for the highest share in 2016. This is mainly because AI-based IVAs have the ability to learn by itself with the help of deep learning, NLP, and neural networks. Rule-based IVAs can answer basic and limited types of queries.

The IVA market in North America has accounted for the highest share in this market due to the high technological adoption of IVAs in industries such as consumer electronics, BFSI, healthcare, education, retail, government, utilities, travel and hospitality, and others. APAC is expected to grow at the highest rate than other regions from 2017 to 2023 due to the presence of emerging economies such as China and India. These economies are adopting chatbots for providing uninterrupted customer support services to serve its large population.

Intelligent Virtual Assistant Market

The report analyzes the drivers that include the demand for automation in customer services and the adoption of speaker-based virtual assistants in smart home appliances. Some of the major players in this market are Alphabet (US), Amazon (US), Apple (US), Nuance Communications (US), IBM (US), Microsoft (US), Samsung Electronics (South Korea), Inbenta Technologies (US), Baidu (China), and Blackberry (US).

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