World Intelligent Virtual Assistant (IVA) Market to Post Tremendous Growth to 2023, Says M&M in Its New Report Recently Added at MarketPublishers.com03 Nov 2017 • by Natalie Aster
LONDON – Between 2017 and 2023, the world’s intelligent virtual assistant (IVA) market will likely exhibit tremendous growth. It is predicted to rise from USD 2.48 billion in 2017 to USD 17.72 billion in 2023, registering a colossal 38.82% CAGR during the projected period.
The key factor fueling growth in the IVA market is the expanding application of IVA in various automated customer support services as well as smart home systems. Meantime, the lack of accuracy in chatbots is the key limiting factor for the global IVA market growth.
On the basis of user interface, the global IVA market was dominated by the automatic speech recognition (ASR) segment in 2016; growth in this sector is propelled by the rising demand for smart speakers in home automation systems (especially Europe and North America) and smart home appliances.
Basing on end-use areas, the consumer electronics industry was the top consumer of IVA in the past year.
Regionally, the biggest share of the global IVA market belongs to North America. However, the APAC IVA market is set to exhibit the highest CAGR during 2017-2023.
New research publication “Intelligent Virtual Assistant Market by Product, User Interface, Industry, and Geography - Global Forecast to 2023” prepared by MarketsandMarkets (M&M) offers an extensive guide to the world’s IVA market landscape as well as explores the actual situation across the main regional markets. It gives access to top-level data on the market historical and current performance, dynamics, key growth influencing factors, segmentation, shares, growth rates, etc. Besides, this publication includes an insightful overview of the competitive environment, provides comprehensive profiles of the top market participants, points out the most promising growth areas, discusses the emerging growth challenges and opportunities of the IVA market, and also contains an all-round 6-year future outlook for the IVA market.
Visit M&M online page at MarketPublishers.com to find a full collection of the publisher’s research studies.