Wednesday, 17 May 2017

Intelligent Virtual Assistant Market share to reach $11bn by 2024

The technology research 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 Intelligent Virtual Assistant Market size is expected to exceed USD 11 billion by 2024; driven by increasing adoption across several industry verticals.

Intelligent virtual assistant market incorporates elements of language recognition, interactive voice response and other modern AI techniques which deliver full-fledged virtual identities that can converse with the users. The expertise in reasoning, learning, and understanding are the three key elements behind the appreciable adoption rate of IVAs. Virtual Assistants are proliferating because of profound neural networks, machine learning, and other such advancements in AI technologies. Rising penetration of IVA systems in retail, BFSI, and healthcare sector is the principal factor proliferating intelligent virtual assistant industry size.

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Apple’s Siri and Microsoft’s Cortana are some of the most famous IVAs, which are provided with the companies’ operating systems. Not only the biggies but the SMBs are also emerging as the key participants in intelligent virtual assistant industry space. Improved business quality and reduced operating cost with the use of these virtual assistants is likely to propel the IVA market size in SMBs, slated to observe gains at over 37% CAGR from 2016-2024. Moreover, reduced need to hire marketing assistants, administrative services, and office spaces is further stimulating intelligent virtual assistant market trends. Based on the services offered by these IVAs, the customer service segment is expected to record stupendous gains at a CAGR of 35% over 2016-2024, owing to the growing customer expectations for seamless service.

North America was the largest contributor to the global intelligent virtual assistant industry share in 2015 and is foreseen to continue its regime over the coming seven years. The region’s growth can be attributed to the rising adoption of smartphones and growing emphasis on implementation of enterprise mobility and BYOD (bring-your-own-device) business models. APAC intelligent virtual assistant industry will also exhibit phenomenal CAGR of 40% from 2016-2024.

Deployment of IVA technology on the mobile platforms has significantly fueled the speech recognition technology, the demand for which is expected to surpass USD 7.5 billion by 2024. Furthermore, growing applications voice recognition technology based IVAs across biometrics market is also likely to boost intelligent virtual assistant industry share in the years to come.

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Key IVA industry players include Nuance, Clara Labs, Artificial Solutions and Anboto, IBM Corporation, Creative Virtual, CX Company, and 24/7 Customer Inc.

Report Content

Chapter 1    Methodology & Scope
1.1    Research Methodology
1.1.1    Initial data exploration
1.1.2    Statistical model and forecast
1.1.3    Industry insights and validation
1.1.4    Research scope and assumptions
1.2    Data Sources
1.2.1    Primary sources
1.2.2    Secondary sources
Chapter 2    Executive Summary
2.1    IVA industry 3600 synopsis, 2013 - 2024
2.1.1    Business trends
2.1.2    Regional trends
2.1.3    Technology trends
2.1.4    Service trends
2.1.5    Application trends
2.1.6    End-Use trends
Chapter 3    Intelligent Virtual Assistant Industry Insights
3.1    Industry segmentation
3.2    Industry Size and forecast, 2013 - 2024
3.3    Industry ecosystem analysis
3.4    Technology & innovation landscape
3.4.1    Natural Language Processing
3.4.2    IVA Powered by Artificial Intelligence (AI)
3.5    Regulatory landscape
3.5.1    Health Information Technology for Economic and Clinical Health (HITECH)
3.5.2    EU Data Protection Directive
3.5.3    EU Electronic Communication Directive
3.5.4    Electronic Communication Privacy Act (ECPA)
3.6     Industry impact forces
3.6.1    Growth drivers    Rising emphasis to enhance customer satisfaction    Increasing adoption across several industry verticals    Growing global mobile device adoption    High demand for outsourced assistance
3.6.2    Industry pitfalls & challenges    Lack of skilled professionals
3.7    Growth potential analysis
3.8    Company market share analysis, 2015
3.8.1    Strategy dashboard
3.9    Porter’s analysis
3.10    PESTEL analysis

Browse key industry insights spread across 180 pages with 130 market data tables & 100 figures & charts from the report Intelligent Virtual Assistant (IVA) Market in detail along with the table of contents:

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