Rapid technological advancements and innovations will stimulate intelligent virtual assistant (IVA) market share over the coming period of 2016 to 2024. According to Global Market Insights, Inc., “Global intelligent virtual assistant market size is estimated to grow at an annual growth rate of 34.9% over the coming seven years.” 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.
U.S. Intelligent Virtual Assistant (IVA) Market size, by application, 2013-2024 (USD Million)
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.
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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.
Browse key industry insights spread across 180 pages with 130 market data tables & 100 figures & charts from this 2017 report Intelligent Virtual Assistant (IVA) Market in detail along with the table of contents:
Intelligent virtual assistant market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
IVA market by technology
- Speech Recognition
- Voice Recognition
IVA market by service
- Customer Service
- Marketing Assistant
IVA market by end-use
- Large Enterprises
- Individual Users
IVA market by application
- IT & Telecom
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin AmericaMEA
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