Pune, India -- (SBWIRE) -- 03/25/2020 -- Growing application areas for Artificial Intelligence (AI) based systems and solutions will power the global intelligent virtual assistant market, according to Fortune Business Insights, which shares its findings in its report, titled "Intelligent Virtual Assistant Market Size, Share and Global Trend By Technology (Speech Recognition, Text-To-Speech, Voice Recognition), By Service (Customer service, Marketing assistant), By End-Use (SMBs, Large Enterprises, Individual Users), By Application (Automotive, BFSI, Retail, IT & Telecom, Healthcare, Education), and Geography Forecast till 2026". The report also incorporates an in-depth evaluation of the factors that will shape the market during the forecast period.

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Intelligent Virtual Assistant (IVA) is a new-age, cutting-edge type of artificial intelligence, which is essentially a computer program designed to assist humans. IVAs are engineering entities that are given a human voice which enables them to interface with humans in an organic manner. Some of the most well-known and widely used IVAs include Google's Google Assistant, Apple's Siri, Amazon's Alexa, and Microsoft's Cortana.

List of the key players in the global intelligent virtual assistant market:

Microsoft
Amazon
Google Inc.
Apple Inc.
Nuance Communications Inc.
IBM Corporation
True Image Interactive Inc.
MedRespond
Oracle Corporation
Verint
Clara Labs
eGain Corporation

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"Rising Demand for Intelligent Business Solutions to Boost the Market"

With businesses looking to optimize their production capacities, streamline processes, reduce costs, and enhance the consumer experience, the global intelligent virtual assistant market growth is set to accelerate. Tools based on machine learning, data analytics, AI, and the Internet of Things (IoT) are gaining wide acceptance across the industrial spectrum. Higher efficiency potential of these systems has increased productivity and brought down costs for companies. For instance, Kansas-based Westar Energy implemented IVA technology that drastically reduced the handling time of operators and more than 30% of consumers were able to complete their exchanges through self-administration. These factors are crucial for augmenting the global intelligent virtual assistant market revenue in the forecast period.

"Integration of AI with IoT to Swell the Global Intelligent Virtual Assistant Market Size"

Artificial Intelligence applications are not only being widely deployed by businesses, but they have also entered the average household. The technology has signaled good news for IoT whose adoption rate is steadily rising. For example, Amazon's Alexa IVA can be used to remotely control every electrical appliance in the house. The same is the case with the Google Assistant. Moreover, these companies are making IVA systems affordable, such as Amazon's Alexa which is available in India for just ?8000. The global intelligent virtual assistant market is poised to gain significantly as a result.

"Advancements in AI-Based Systems to Spur Market Competition"

Technology giants such as Google and IBM are making quantum leaps in developing AI and IoT. Companies are designing their innovation strategies to gain an upper hand in the global intelligent virtual assistant market. For example, in August 2019, VMware launched its Intelligent Virtual Hub Assistant, which is a part of its concierge services platform and has been developed in collaboration with IBM Watson. Another example is that of the Stockholm-based Artificial Solutions which recently delivered its conversational AI, Teneo, to the retail giant, Circle K, to enhance the customer experience. Such innovations are expected to energize the market competition into sophisticated IVA technology further.

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"High Revenue Generation to Make North America the Leading Market; Europe to Grow at a Decent Pace"

North America is anticipated to hold a dominant portion of the global intelligent virtual assistant market share during the forecast period. A growing number of 'Smart Homes' in the US is expected to generate a revenue of USD 50 bn in the global intelligent virtual assistant market in the coming decade. With India and China slated to have a combined 5.5 billion mobile broadband subscriptions by 2020, the market in Asia-Pacific is expected to register substantial growth in the forecast period.

Major Table of Contents for Intelligent Virtual Assistant (IVA) Market:

Introduction
Executive Summary
Market Dynamics
Key Intelligent Virtual Assistant (IVA) Market Insights
Global Market Analysis, Insights and Forecast, 2015-2026
North America Market Analysis, Insights and Forecast, 2015-2026
Europe Market Analysis, Insights and Forecast, 2015-2026
Asia Pacific Market Analysis, Insights and Forecast, 2015-2026
The Middle East and Africa Market Analysis, Insights and Forecast, 2015-2026
Latin America Market Analysis, Insights and Forecast, 2015-2026
Competitive Landscape
Global Intelligent Virtual Assistant (IVA) Market Revenue Share Analysis, By Key Players, 2020
Company Profiles
Conclusion

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