Intelligent Virtual Assistant Market Grow Owning to Innovations in Technology
The global intelligent virtual assistant market has been segmented on the basis of regions into North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa. The market for intelligent virtual assistant in Asia Pacific is expected to account largest share by 2025. This growth is attributed to increased demand for mobile devices. In Asia Pacific, emerging economies such as India and China are manufacturing hubs for consumer electronic products, including smartphones, home appliances, and televisions. For instance, according to National Bureau of Statistics in China, by the end of 2016, China reported around 1,528.56 million mobile phone subscribers. Low manufacturing cost in China, Taiwan, and Malaysia is also expected to boost the growth of the regional intelligent virtual assistant market.
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Intelligent virtual assistant is a software application working in conjunction with next-generation technologies to enable easy interaction between computer system and human. Several platforms are used such as the internet, SMS, and messenger along with that various interaction methods such as text-to-speech, text-to-text, speech-to-text, and speech-to-speech.
High adoption of mobile devices is one of the key factors accelerating the growth of global intelligent virtual assistant market. Mobile phone devices increases the access of virtual assistant integrated platforms such as smart speaker (Amazon Echo, Google Home, and Apple HomePod), instant messaging app (Whatsapp and Facebook messenger), and other apps (Google Allo). These enables real-time communication through SMS, voice calls or video chat, and provides real-time information for weather forecast, on demand video, TV shows, entertainment and sports, and online shopping. For instance, according to Coherent Market Insights’ analysis, in 2016, over 68% of global population is already using mobile phones. According to Coherent Market Insights, as of 2015, there are around 2.6 billion smartphone subscribers globally. According to Coherent Market Insights’ analysis, in 2017, over 55% of traffic on LinkedIn is estimated to be generated using mobile phones and over 80% of revenue on Twitter is generated through mobile advertising. Mobile advertising consists of SMS & MMS advertising, mobile web, mobile video & television, and several online advertising channels, which are highly being used, in turn boosting global market growth.
Moreover, integration of advanced technologies such as smart park assist in vehicles, virtual reality in retail and increasing dependence on internet and broadband connection such as, 2G, 3G, and 4G Long-Term Evolution (LTE) wireless networks is another factor responsible for overall market growth. According to Internet World Stats, in June 2017, total Internet users was reported to be 3.88 billion among global population of 7.52 billion. These cellular networks enables connectivity and communications to exchange real-time information, data, and online transactions. These factors are projected to propel growth of the global intelligent virtual assistant market growth during forecast period.
However, system integration complexities and lack of accuracy are some of the major factors expected to restrain the growth of intelligent virtual assistant market globally by 2025.
Intelligent Virtual Assistant Market: Competitive Background
Major players operating in the global intelligent virtual assistant market include Microsoft Corporation, IBM Corporation, Intel Corporation, Apple Inc., Artificial Solutions, Next IT Corporation, Oracle Corporation, Amazon, Samsung Electronics, Blackberry, Synthetix Ltd., and Nuance Communications.
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