Intelligent Virtual Assistant Market: Overview
The global intelligent virtual assistant market is projected to reach US$ 50.9 Bn by 2030. The intelligent virtual assistant market is projected to expand at a CAGR of ~6% from 2024 to 2030.
The global intelligent virtual assistant market has been segmented in terms of technology, application, and end user. By technology, the market has been segmented into text-to-speech and speech recognition. In terms of application, the market has been segmented into websites, contact centers, and messenger Bots. Based on end user, the intelligent virtual assistant market has been segmented into large enterprises, small & medium enterprises, and individual users. Based on region, the global intelligent virtual assistant market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Initially, vendors across the ecosystem of intelligent virtual assistants were analyzed based on device and technology providers in the market.
Intelligent Virtual Assistant Market: Regional Outlook
North America is expected to dominate the intelligent virtual assistant market during the forecast period. Asia Pacific is expected to witness increasing growth of the intelligent virtual assistant market. The market in Europe, North America, and Middle East & Africa is also expected to expand rapidly during the forecast period.
The report provides in-depth segment analysis of the global intelligent virtual assistant market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the intelligent virtual assistant market.
Intelligent Virtual Assistant Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global intelligent virtual assistant market. Key players profiled in the report include Amazon Web Services, Anboto Group., Apple Inc., Artificial Solutions Ltd., Baidu , CodeBaby Corp., Creative Virtual Ltd., CX Company, eGain Communications Corp., Inbenta Technologies, IntelliResponse Systems Inc., Next IT Corporation, Nuance Communications Inc., Samsung Electronics, Sony Corporation, Speaktoit Inc., Uniphore Software Solutions Pvt. Ltd., Voicebox Technologies Corp, and VoiceVault Inc.
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Intelligent Virtual Assistant Vendors Achieve Wide Distribution of TTS in Wireless Devices
Popular products such as Google’s Alexa and Siri in iOS phones are set to create lucrative growth opportunities for companies in the intelligent virtual assistant market. Text-to-speech (TTS) use is growing in network applications such as in synthetic voice reading of email messages and textual content of websites. Intelligent virtual assistant vendors are focusing on niche applications for TTS such as developing limited vocabularies in order to deliver quality in specific applications. These factors are helping the intelligent virtual assistant market to mature from an estimated value position of US$ 2.9 Bn in 2024 to US$ 50.9 Bn by the end of 2030.
TTS is achieving wide distribution in the market for intelligent virtual assistant for content from up-to-the minute information services. Vendors are broadening their revenue streams in motor vehicles, wireless devices, games, and toys.
