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 chatbots market is expected to be driven by the demand for automation in customer support services in industries such as BFSI, retail, consumer electronics, and others. At the same time, smart speakers are increasingly being adopted for home automation appliances such as wireless-connected thermostat, refrigerators, air-conditioners, and others.
Key IVA providers from North America led the overall IVA market in 2016. These companies have been expanding their offerings worldwide, especially focusing on the key markets in Asia Pacific and RoW through acquisitions and contracts among other strategies. Other major companies have also adopted various strategies such as mergers and acquisitions, partnerships, agreements, collaborations, product launches, and joint ventures to expand their global presence and increase the market share. Some of these players include Apple (US), Amazon (US), Alphabet (US), Nuance communications (US), IBM (US), and Microsoft (US).
Amazon (US) being a leader in intelligent virtual assistants has been focusing on developing IVA smart speakers. The company has taken continuous efforts in advancing its product portfolio and, thus, offer all types of IVA smart speakers that include Alexa, Echo, and Echo Dot. The company has focused completely on the product development strategy to widen its product portfolio and maintain its leadership in the virtual assistant market. In September 2016, the company introduced Echo Dot smart speakers, which enable its users to install Alexa in any room at your home. The company has a strong distribution network worldwide.
Alphabet (US), one of the key players in the IVA market, focuses on developing its products such as Google Assistant, Google Now, and Google Home. The company has adopted both organic and inorganic strategies to grow in the IVA market. The company has been escalating its R&D spending in the recent past and is involved in bringing new products in IVA space. Apart from this, the company has also adopted the acquisition strategy to advance its artificial intelligence and speech recognition, and natural language processing (NLP) capabilities. In January 2014, the company acquired DeepMind Technologies Limited (UK) to strengthen its AI-based product portfolio.
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
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