Intelligent Virtual Assistant Market to Reach $50.9 Billion by 2030: TMR

The global intelligent virtual assistant market is set to grow at a rate of 33 percent through 2030, compounded annually, leading to a market worth of about $50.9 billion, up from a current valuation of $2.9 billion, according to Transparency Market Research.

"Increasing adoption of IoT, digitized technology, and connected devices are factors leading to growth in the global intelligent virtual assistant market over the forecast period. There are various other factors that are contributing to increasing market worth. These include data explosion and need for better navigational tools on websites, the firm concluded in its report."

Among the industry trends it observed affecting this market, TMR found the following:

• In retail, companies are exploring opportunities with voice-controlled devices, especially in grocery shopping;
• The healthcare industry is bringing speech recognition tools to the forefront, driving market players towards better research and development to launch effective translation products;
• Massive demand in the market is being created by data explosion, leading to the need for better navigational tools on websites;
• In connecting devices, a notable increase is seen in multi-core technologies; and
• Increasing use of connected devices.

Among the top players identified in the report are Amazon Web Services, Anboto Group, Apple, Artificial Solutions, Baidu, CodeBaby, Creative Virtual, CX Company, eGain Communications, Inbenta Technologies, IntelliResponse Systems, Next IT, Nuance Communications, Samsung Electronics, Sony, Speaktoit, Uniphore Software Solutions, Voicebox Technologies, and VoiceVault.