Intelligent Virtual Assistant Market i
Intelligent Virtual Assistant Market in 2016 was valued at USD 2.48 Billion. Considering the factors that are driving the market and are supposed to drive the market in forecast period, it is expected to grow at 37.82 % CAGR to reach USD 23.42 Billion by 2024.Global Intelligent Virtual Assistance MarketIncreasing Adoption of Chatbots Because of the Availability of Low-Cost Software Modules for Chatbot Design, Demand for Automation in Customer Service, Integration of Speaker-Based Virtual Assistants and Smart Home Appliances is Driving the Market of Smart Speakers increases the market competition and have resulted in betterment of Global Intelligent Virtual Assistant Market and Lack of Accuracy in Chatbot, System Integration Complexities then Add to the Cost of Smart Speakers will count down the Global Intelligent Virtual Assistant Market.
Global Intelligent Virtual Assistant Market is segmented by Product, by Type, by User Interface, Industry and geography. A product of Intelligent Virtual Assistance is sub-segmented into Chatbots, IVA Smart Speaker. An IVA Smart Speaker is estimated to grow the largest market in forecasting period. This is due to the large adoption of home automation systems. The Type of Intelligent Virtual Assistant market is of Rule based, Conversational AI based. Conversational AI based Intelligent Virtual Assistance has the largest share market in the year 2016. User Interface of Global Intelligent Virtual Assistant Market is commonly packaging devices of Text Based, Text-To-Speech, Automatic Speech Recognition (ASR) and other. Here, Automatic Speech Recognition (ASR) is estimated to have the largest market in forecasting period. Many often Global Intelligent Virtual Assistant Market is used in Automatic Speech Recognition (ASR) increased due to the deployment of smart speakers. Last, Consumer Electronics, BFSI, Government, Retail, Utilities, Healthcare, Education, Travel, Hospitality and Others are all sub-segment of Industries sector. Thus, among this Consumer Electronics segment is estimated to have the largest market in the forecasting period. Thus this growth is attributed to increased efficiency. The Intelligent Virtual Assistance market on the basis of regions is segmented by North America, Europe, Asia-Pacific, Middle East & Africa and Latin America.