Intelligent Virtual Assistant Market expected to reach USD 17.72 Billion by 2023, at a CAGR of 38.82%, over 2017–2023

The report "Intelligent Virtual Assistant Market by Product ,User Interface, Industry and Geography - Global Forecast to 2023", published by MarketsandMarkets^TM. The chatbots market is expected to be driven by the demand for automation in customer support services in industries such as BFSI, retail, consumer electronics, and others. At the same time, smart speakers are increasingly being adopted for home automation appliances such as wireless-connected thermostat, refrigerators, air-conditioners, and others.

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Browse 68 Market Data Tables and 54 Figures spread through 141 Pages and in-depth TOC on "Intelligent Virtual Assistant Market - Global Forecast to 2023"

BFSI sector has the highest market share of the IVA market and is expected to witness a substantial growth from 2017 to 2023

IVAs are being driven by the BFSI sector due to its demand in automated customer support services. This is due to the technological dependence of people on online transactions while managing their finances. General queries such as balance check, account status, or new schemes can be resolved through chatbots, without engaging a person for resolving such queries. This is propelling the demand for IVA devices.

The automatic speech recognition (ASR)-based IVA is expected to grow at the highest CAGR from 2017 to 2023.

The company has taken continuous efforts in advancing its product portfolio and, thus, offer all types of IVA smart speakers that include Alexa, Echo, and Echo Dot. The company has focused completely on the product development strategy to widen its product portfolio and maintain its leadership in the virtual assistant market. In September 2016, the company introduced Echo Dot smart speakers, which enable its users to install Alexa in any room at your home. The company has a strong distribution network worldwide.

North America is expected to hold a large share of the IVA market through 2023

North America was the largest market in 2016, followed by Europe and APAC. This is mainly due to the awareness and the availability of smart speakers in North America This is a technologically advanced region where new technologies are adopted at the earliest. Also, major IVA players such as Apple (US), Amazon (US), and Alphabet (US) belong to North America. The IVA market in Europe is expected to hold the second-largest market share by 2023 owing to the growth of gas-sensing applications.

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Major companies in the overall IVA market that have been included in this report are Alphabet (US), Amazon.com (US), Apple (US), Nuance Communications (US), IBM (US), Microsoft (US), Samsung Electronics (South Korea), Inbenta Technologies (US), Baidu (China), and Blackberry (US).

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Haptic Technology Market expected to reach USD 19.55 Billion by 2022, at a CAGR of 16.20%, over 2019–2022

The major factors influencing the growth of the haptic technology market (drivers, restraints, opportunities, and industry-specific challenges) and strategically analysing micro-markets with respect to the individual growth trends, prospects, and contributions to the total market. The base year considered for the study is 2015 and the market is forecast from 2016 to 2022.

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Browse 65 market data tables and 55 figures spread through 136 pages and in-depth TOC on “Haptic Technology Market - Global Forecast to 2022”

Tactile feedback haptics accounted for the largest market of the haptic technology market in 2015

Tactile feedback haptic technology accounted for the largest market in 2015, driven by its applications in consumer electronic devices such as smartphones and tablets. Almost all the smartphones and tablets are inbuilt with tactile feedback and the trend has been shifting to wearable devices such as smartwatches and wristbands. The market for tactile feedback haptics is also expected to be driven by the increasing demand in several applications such as gaming, automotive, and healthcare, among others.

The haptic technology market is application driven; the market for education & research application is expected to grow at the highest rate during the forecast period

The haptic technology market for the education & research application is expected to grow at the highest rate during the forecast period, followed by the industrial (engineering) application. This growth is attributed to the rising integration of haptics into AR & VR devices which have significant demand in the education sector.

Incorporating haptics in education would make teaching and learning easy as the students experience the practical applications of haptics and this helps them in understanding and further improving their skills. Also, many universities across the globe have been doing research on haptics and are also being the source of new companies. For example, Ultrahaptics (U.K.) has come out of the University of Bristol and has been making progress in developing midair haptics, where vibrations can be felt without touching the display.

The major companies in the haptic technology market that have been included in this report are Immersion Corporation (U.S.), Texas Instruments Incorporated (U.S.), Ultrahaptics (U.K.), Haption S.A. (France), ON Semiconductor Corporation (U.S.), Johnson Electric (Hong Kong), SMK Corporation (Japan), Microchip Technologies Incorporated (U.S.), Synaptics Incorporated (U.S.), Geomagic (U.S.), Force Dimension (Switzerland), Precision Microdrives Ltd. (U.K.), Senseg (Finland), and Imagis Co., Ltd. (South Korea).

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Asia-Pacific accounted for the largest market for haptic technology in 2015

Asia-Pacific accounted for the largest market for haptic technology, followed by North America and Europe, driven by the consumer electronics sector. This growth in the Asia-Pacific region is led by countries such as China, Japan, and South Korea. Other countries in this region such as Australia, New Zealand, and India are expected to create potential growth opportunities for this market during the forecast period because of its high demand in consumer electronic products.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC. 
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USA : 1-888-600-6441 
newsletter@marketsandmarkets.com