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.
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.
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
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
3.6.1.1
Rising emphasis to enhance customer satisfaction
3.6.1.2
Increasing adoption across several industry verticals
3.6.1.3
Growing global mobile device adoption
3.6.1.4
High demand for outsourced assistance
3.6.2
Industry pitfalls & challenges
3.6.2.1
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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