Industry Overview
The
report “Intelligent Virtual Assistant (IVA)
Market Size By Technology
(Speech Recognition, Text-To-Speech, Voice Recognition), By Service (Customer
Service, Marketing Assistant), By Application (Automotive, BFSI, Retail, IT
& Telecom, Healthcare, Education), By End-Use (SMBs, Large Enterprises,
Individual Users), Industry Analysis Report, Regional Outlook (U.S., Canada,
Germany, UK, France, Italy, Spain, China, India, Japan, South Korea, Brazil,
Mexico), Application Potential, Price Trends, Competitive Market Share &
Forecast, 2016 – 2024” by Global Market Insights, Inc. says Global intelligent
virtual assistant market size is estimated to grow at an annual growth rate of
34.9% over the coming seven years.
Rapid
technological advancements and innovations will stimulate intelligent virtual
assistant (IVA) market share over the coming period of 2016 to 2024. The
technology assisted advantages such as high customer satisfaction, enhanced
support, personalized customer service, low operating cost, and multiple
languages & device support will increase the demand for IVA worldwide.
Healthcare and automotive sector are increasingly adopting speech recognition
technology, which will further significantly drive IVA industry share. The huge
investment in R&D by firms to enhance their products and solutions
portfolio in sync with the latest technological trends will noticeably
influence the industry trends.
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Automotive,
healthcare, BFSI, IT & telecom, education, and retail are some of the key
application areas for the intelligent virtual assistant market. The automotive
application is estimated to surpass a revenue of USD 2.8 billion by 2024, owing
to the increasing incorporation of IVA technology for the automotive sector.
For instance, dragon drive automotive virtual assistant platform for connected
cars has been released recently, which improves the in-car experience of the
driver.
The
escalating healthcare sector will generate heavy revenue for intelligent
virtual assistant industry over the coming period, driven by its increasing
requirement from hospitals to request lab results as well as to schedule appointments.
Retail applications will also play a significant role towards intelligent
virtual assistant market growth over the coming timeframe, owing to the quick
and cost-effective problem-solving capability.
The
IVA technology is segmented in terms of speech recognition, voice recognition,
and text-to -speech. Speech recognition technology is predicted to surpass a
revenue of USD 7.5 billion by 2024, driven by its increasing implementation in
mobile devices. Voice recognition IVA technology is estimated to exhibit
substantial growth over the coming years. The growth can be attributed to the
increasing demand for this technology for voiceprints and biometric
identification applications.
Based on end-use,
intelligent virtual assistant market mainly comprises large enterprises, small
& midsized business (SMBs), and individual users. SMBs end user segment is
projected to witness an annual growth rate of 37% over the coming seven years
owing to the increasing adoption of IVA technology by SMBs, due to its advantages
such as reduced operating cost and improved business quality.
The IVA service includes
customer service and marketing assistant. IVA technology helps to solve large
number of customer’s problems with dynamically improved and refined way. This,
in turn, will surge the demand for IVA technology for customer service, which
is anticipated to exhibit a CAGR of 35% over the period of 2016 to 2024.
Taking into consideration
the global aspects, North America is expected to dominate the industry share
over the coming years, owing to the huge implementation of BYOD and enterprise
mobility business model. Increasing demand for smartphone-assisted platform
will influence North America IVA industry growth notably.
Asia Pacific intelligent virtual assistant market is
predicted to grow at an annual growth rate of 40% over the coming seven years.
The rise in technological advancement will be the attributing factor towards
the regional growth. India and China will be the major revenue pockets for the
Asia Pacific IVA industry share.
Nuance, Clara Labs, IBM, eGain, and
Creative Virtual are some of the leading companies operating in the global
intelligent virtual assistant industry. Other notable market participants
include InteliWise, Artificial Solutions, CX Company, and Anboto Group.
About
Global Market Insights
Global Market Insights, Inc., headquartered in
Delaware, U.S., is a global market research and consulting service provider;
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and biotechnology.
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Global Market Insights, Inc.
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