AP NEWS

Global Intelligence Virtual Assistant Market 2018-2023: Drivers, Restraints, Opportunities, Trends, and Forecasts - ResearchAndMarkets.com

May 17, 2018

DUBLIN--(BUSINESS WIRE)--May 17, 2018--The “Intelligence Virtual Assistant Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023” report has been added to ResearchAndMarkets.com’s offering.

The global IVA market revenue was estimated to be $2.54 billion in 2017 and is expected to reach $25.23 billion by 2023, growing at a CAGR of 46.6% during the forecast period 2017-2023.

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 a demand for virtual assistants. The low barriers to enter into this market are 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 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 2023, to reach a $9.98 billion market.

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 the 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 a 89.8% CAGR through the forecast period, owing to the increasing AI-powered mobile commerce apps.

Market Dynamics

Drivers

Demand For Data-Driven Solutions Increasing Usage In Market Risk And Fraud Detection Increasing Usage Of Technologies In The Bfsi Industry Demand For Technology-Driven Customer Services

Restraints

Excessive Cost Of Ownership Unskilled Human Resources

Opportunities

Understanding Human Emotions Developing Smarter Robots

Key Topics Covered:

1 Industry Outlook

2 Report Outline

3 Market Snapshot

4 Market Outlook

5 Market Characteristics

6 User Types: Market Size And Analysis

7 Industry: Market Size And Analysis

8 Regions: Market Size And Analysis

9 Vendors Profile

Google Inc. Microsoft Corporation Hewlett Packard Enterprise Apple Inc.

10 Companies To Watch For

Ipsoft Inc. Brighterion, Inc. Inbenta Technologies Inc. Narrative Science Quandl Inc.

11 Mergers & Acquisitions

12 Competitive Landscape

For more information about this report visit https://www.researchandmarkets.com/research/hxfg5d/global?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20180517005630/en/

CONTACT: ResearchAndMarkets.com

Laura Wood, Senior Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

Related Topics:Artificial Intelligence

KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE

SOURCE: Research and Markets

Copyright Business Wire 2018.

PUB: 05/17/2018 07:13 AM/DISC: 05/17/2018 07:13 AM

http://www.businesswire.com/news/home/20180517005630/en

AP RADIO
Update hourly