Global Intelligent Virtual Assistant Market report published by Accurize Market Research forecast that the global market is expected to reach $15,362 million by 2025; growing at a CAGR of 33.9% from 2017 to 2025. By geography, the Asia Pacific and Rest of the World are expected to grow at a CAGR of 36.4% and 35.4%, respectively, during the forecast period.

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Increasing implementation of chatbots and increasing Smartphone penetration to drive the growth of the market

Increasing implementation of chatbots and increasing Smartphone penetration fuels the demand for the global intelligent virtual assistant market. Furthermore, rising demand for self-reliance, rapid resolution of queries, and online self-service also boost the growth of the market.

Market Segmentation

The global intelligent virtual assistant market has been bifurcated on the basis of technology, vertical, and geography. The technology segment comprises speech recognition and text-to-speech. By vertical segment, the market is classified into automotive, healthcare, BFSI retail/e-commerce, and other verticals.

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By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated into the U.S., Canada, and Mexico whereas Europe segment consists of the UK, Germany, France, and the Rest of Europe. Asia-Pacific is segmented into India, China, Japan, Australia, and the Rest of Asia-Pacific while RoW is bifurcated into South America, the Middle East, and Africa.

Top players in the market

The key players operational in the market includes Alphabet Inc., Apple Inc., Amazon.com, Inc., International Business Machines (IBM) Corporation, Baidu, Inc., TCL Communication, Microsoft Corporation, Nuance Communications, Inc., Samsung Electronics Co. Ltd., and Inbenta Technologies Inc. among others.