Dublin, Dec. 24, 2021 (GLOBE NEWSWIRE) -- The "Intelligent Virtual Assistant: Global Markets to 2026" report has been added to ResearchAndMarkets.com's offering.
An IVA is a cloud-based AI system capable of assisting humans by answering queries, performing tasks for the user, and connecting with other devices and applications. The vendors leverage neural networks, ML, and NLP that enable the IVA system to support learning, reasoning, and understanding languages. An IVA can be in a voice-based system or a text-based chatbot. The voice-based system has a speech processing engine that enables voice-based interactions with users. Chatbots are equally powerful as text-based software that can have context-based conversations with users.
Overall, the impact of COVID-19 on the IVA market has been positive. The market, catered by its two major segments, smart speakers and chatbots, has grown significantly due to an increase in adoption by end users. For the smart speakers segment, the increased investment by the smart speaker vendors into AI and the adoption of smart home devices with smart speakers as a key component have increased the demand.
The chatbots segment is experiencing significant support from cloud service providers. Increased implementation by small- and medium-size businesses has acted as a key growth factor for the segment. Another important factor contributing towards the growth of the market is the advances made in network infrastructure across countries, which supports efficient internet services.
- The global market for IVAs is forecast to grow from $16.8 billion in 2021 to reach $43.8 billion by 2026, at a CAGR of 21% during the forecast period of 2021-2026.
- The global market for IVA smart speakers is estimated to grow from $14.1 billion in 2021 to reach $36.2 billion by 2026, at a CAGR of 21.0% during the forecast period of 2021-2026.
- The global market for IVA chatbots is estimated to grow from $2.7 billion in 2021 to reach $7.6 billion by 2026, at a CAGR of 22.8% during the forecast period of 2021-2026.
Report Scope
The report provides an overview of the global IVA market and analyzes market trends. Using 2020 as the base year, the report provides estimated market data for the forecast period 2021 through 2026. Revenue forecasts for this period are segmented based on product type, application, end-user industry and region.
The report also focuses on the major trends and challenges impacting the market and the competitive landscape. The report explains the current trends in the IVA market. The report concludes with detailed profiles of the major players and their market strategies.
The Report Includes
- An overview of the global IVA market and its related segments
- Analyses of the global market trends, with data from 2020, estimates for 2021, 2022 and 2024, and projections of CAGRs through 2026
- Evaluation and forecast the overall IVA market size in dollar value term, and corresponding market share analysis by product, application, end-user and geographic region
- Discussion of major driving trends and challenges affecting this market and the vendor landscape
- Information pertaining to the upcoming market opportunities in this innovation-driven software market and areas of focus to forecasting the market into various segments and sub-segments
- Highlights of market potential for IVA industry ecosystem, along with technology analysis and evolution of IVAs, ongoing research activities, and the growing adoption of IVA products in various commercial and enterprise applications
- Insight into the competitive landscape, value share analysis of the leading IVA/AI enabling software solutions companies, and rankings of top 10 players by their global market presence
- Company profiles of the major global players, including Alphabet Inc., Amazon.com, Apple Inc., IBM, Microsoft Corp., and Oracle
Key Topics Covered:
Chapter 1 Introduction
Chapter 2 Summary and Highlights
Chapter 3 Market Overview and Technology Analysis
Chapter 4 IVA Market Analysis by Product
Chapter 5 IVA Market Analysis by Application
Chapter 6 IVA Market Analysis by End User
Chapter 7 IVA Market Analysis by Region
Chapter 8 Company Profiles
- Alphabet Inc.
- Amazon.Com, Inc.
- Apple Inc.
- Avaamo
- IBM
- Inbenta
- Kore.AI
- Microsoft Corp.
- Nuance Communications
- Oracle
For more information about this report visit https://www.researchandmarkets.com/r/yywro2
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