The global intelligent virtual assistant market is presumed to demonstrate a dynamic CAGR during the forecast period (2016-2027), owing to the growing trend of outsourced assistance, asserts Market Research Future (MRFR). Intelligent virtual assistant or IVA is a next-generation software solution that enables user interaction with PC, SMS, internet, messenger, and other interfaces. The system uses several interaction methods comprising text-to-speech, text-to-text, speech-to-text, and speech-to-speech in order to assist users execute their tasks. IVA solutions are implemented across organizations such as E-retailers, banks, healthcare, and others.
Drivers and Restraints Impacting the Market
The advent of artificial intelligence along with the convergence of technology in several spheres of life has resulted in the growth of intelligent virtual assistant market. IVA is a cost-effective technology and assists multiple customers to gain access to service effectively and quickly. It also leads to instant response from the system, reduced dependency on manual customer support for queries, and improved data collection. Such factors are considered to propel the market growth during the assessment period. Moreover, growing penetration of smartphones, inclusion of natural language understanding technology, and adoption of IVA software in large enterprises are likely to drive the market in the coming years.
On the flip side, the initial price of intelligent virtual assistant acts as one of the major factors inhibiting the market growth. Moreover, voice recognition is yet to improve among IVA technologies which are considered to impede the market growth in the coming years.
Global Intelligent Virtual Assistant Market: Segmental Analysis
The intelligent virtual assistant market has been segmented on the basis of technology, application, end-user, and region.
By mode of technology, the global intelligent virtual assistant market has been segmented into speech recognition and text-to-speech recognition.
By mode of application, the global intelligent virtual assistant market has been segmented into aerospace, e-commerce, IT, automotive, healthcare, BFSI, and others. Among these, the BFSI sector drives the IVA market owing to its huge demand in automated customer support services. The growth is mainly attributed to the technological dependence of people on online transactions.
By mode of end-users, the global intelligent virtual assistant market has been segmented into small and medium enterprises, individual enterprises, and large enterprises. Among these, the large enterprises account for the major share and are anticipated to maintain its dominance in the coming years. Enterprises across verticals have adopted virtual agent technology in order to generate revenue.
Geographically, the intelligent virtual assistant market span across regions namely, Europe, North America, Asia Pacific and Rest-of-the-World (RoW).
Among all the regions, North America is presumed to dominate the global market with a considerable market share. The growth is attributed to the technological advancements witnessed in this region. Such advancements have led to the increased use of cloud-based applications such as MS Office Online and Skype.
Asia Pacific is considered to emerge as the fastest growing market due to the growing demand for IVA solutions from emerging economies such as China and India. Moreover, need for healthcare service reliability and availability in developing markets is likely to fuel the market growth in this region.
Global Competitive Analysis
Entry of new industry players in the industry has set off a trend of solid, volume-driven growth that has been prevalent in the market with the addition of new and innovative products. Companies are aiming to solidify their share of the market segment, by deploying focused strategies for growth. The industry can benefit in the long-term by industry players maximizing the growth opportunities of this sector by engaging active process improvements and ensuring financial flexibility to invest in new optimal strategies. The key players in the market of intelligent virtual assistant market are- Nuance Communications (U.S.), Anboto (Spain), Google (U.S.), eGain (U.S.), CX Company (Netherlands), ViClone (Spain), Inbenta (U.S.) to name a few.
With huge progress in natural language processing, machine perception and learning, the intelligent virtual assistants and chatbots, are able to harness more information than realized previously. Intelligent virtual assistants are increasingly being built into home speakers such as Amazon’s Echo and similar products from Google and Apple and this trend will only gain further momentum in terms of skill and power over the next year.
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Global Intelligent Personal Assistant Market Research Report- Global Forecast 2027
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