In a recent published report, Kenneth Research has updated the market report for Intelligence Virtual Assistant Market for 2024 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2024 till March 2024 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Intelligence Virtual Assistant Market products.
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In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2024. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The global IVA market revenue was estimated to be $2.54 billion in 2017 and is expected to reach $25.23 billion by 2024, growing at a CAGR of 46.6% during the forecast period 2017–2023.
Overview:
Intelligence Virtual Assistant (IVA) has become a new trend among smartphone users and enterprises across the globe. The increase in the smartphone and internet penetration worldwide is fostering the demand for virtual assistants. The low barriers to enter into this market is a key driver for tech vendors operating in this domain. The IVA market is largely focusing on consumer centric businesses such as, connected cars, retail, financial services and others.
The user types include Enterprise IVA and Consumer IVA. The enterprise IVAs are expected to grow at a content rate compared to consumer IVAs. The enterprise IVAs in 2018 are focusing on understanding online shopping habits of consumers which could drive app builders and businesses to enter the mobile-commerce market place. Both, Enterprise and Consumer IVAs are largely being built on social media platforms such as, Facebook Messenger, Twitter, Skype for Business, Microsoft Teams and WhatsApp. The consumer IVAs are expected to grow at 89.8% CAGR through the forecast period owing to the increasing AI-powered mobile commerce apps.
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The market is analyzed by industries. The industries mentioned in the report are Retail, Healthcare, Telecommunications, BFSI, Automotive, Media & Entertainment and others. BFSI is the leading consumer of both consumer and enterprise IVAs followed by retail, healthcare and others. These three industries are expected to witness high degrees of innovations in terms of IVA functionalities and user-friendliness. The increasing mobile commerce penetration, personal financial assistance, and personalized healthcare are the focus areas for businesses. The BFSI industry is expected to adopt IVAs at 50.5% CAGR through 2024 to reach a $9.98 billion market.
Regions Analysis:
The regions covered in the report are the Americas, Europe, APAC and MEA. The Americas is expected to grow at a 49.1% CAGR during the forecast period 2017–2023. The US, the UK, Canada, France and Brazil are expected to become the leading adopters of IVAs through the forecast period.
Benefits and Vendors
The report contains an in-depth analysis of vendor profiles, which include their financial health, business units, key business priorities, SWOT, strategies, and views and competitive landscape. Google, Microsoft, HP, Apple, Psoft Inc., Brighterion Inc., Inbenta Technologies Inc., Narrative Science and Quandl Inc, are some companies profiled in the report.
The study offers a comprehensive analysis of the “Global Intelligence Virtual Assistant Market” market. Bringing out the key insights of the industry, the report aims to provide an opportunity for companies to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.
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Table of Contents
1 Industry Outlook 8
1.1 Industry Overview 8
1.2 Industry Trends 9
1.3 PEST Analysis 10
2 Report Outline 11
2.1 Report Scope 11
2.2 Report Summary 12
2.3 Research Methodology 13
2.4 Report Assumptions 14
3 Market Snapshot 15
3.1 Total Addressable Market 15
3.2 Segmented Addressable Market 16
4 Market Outlook 17
4.1 Overview 17
4.2 Porter 5 (Five) Forces 18
5 Market Characteristics 19
5.1 Evolution 19
5.2 Ecosystem 20
5.3 Market Segmentation 21
5.4 Market Dynamics 22
5.4.1 Drivers 23
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