Intelligent Virtual Assistant (IVA) Market Forecast & Business Opportunities 2016-2024
Intelligent Virtual Assistant (IVA) Market is set to exceed USD 10 billion by 2024. Increasing demand across various industrial verticals such as BFSI, healthcare is expected to drive the IVA market growth over the forecast timeline. Deployment of this technology in mobile devices, social media and company websites provide lucrative growth opportunities for the IVA market growth. The personalized experience provided by the virtual assistants such as interaction in natural language eliminates the possibility of being in touch with the support team thus improving customer satisfaction.
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To minimize the overall operational cost, various firms are deploying virtual assistants for purposes such as training, advertising as well as interviewing. Increasing penetration of smartphones coupled with the acceptance of corporate BYOD programs is anticipated to propel the IVA market demand. The development of advanced IVA technology with enhanced features such as Apple’s Siri and Amazon’s Alexa is providing ample growth opportunities to IVA industry.
Speech recognition technology is expected to observe significant growth at over 35% CAGR from 2016 to 2024. Rising demand for speech recognition technology across automotive and medical applications is expected to boost the demand for speech recognition technology over the years. Gradual increase in the adoption of mobile devices coupled with the implementation of speech recognition technology on such devices provides impetus to the IVA market growth. Voice recognition technology will grow at a considerable rate followed by large scale implementation of this technology in biometric authentication devices.
Based on services, the customer assisted segment is predicted to witness high growth over the years pertaining to the improvised response provided by the IVAs fulfilling the potential customer needs. However, the capability of this technology to manage many requests enabling the companies to concentrate on their core competencies also contributes to the growth of the IVA market.
IVA technology is expected to witness high demand in automotive applications. This can be attributed to the increasing use of this technology by key automotive players to optimize the maximum potential. For instance, in 2016, Nuance announced the launch of IVA platform for connected car, Dragon Drive Automotive Assistance allowing the driver to enhance the overall experience. The growing adoption of this technology for automotive applications owing to the features such as driving assistance in order to eliminate risks is expected to fuel the demand for IVA market over the forecast timespan.
Browse key industry insights spread across 180 pages with 130 market data tables & 100 figures & charts from 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” in detail along with the table of contents:
Factors such as reduced operational cost coupled with the enhancements in business quality are responsible for the growth of IVA technology among the SMBs. The high adoption rate of IVAs in enterprises can be attributed to the fast & convenient user-friendly features offered by them. Also, the reduced demand for hiring full time resources and operational spaces are expected to drive the industry growth over the forecast timeline.
Key companies operating in the IVA market include IBM Corporation, eGain communications, Nuance, Clara Labs and Creative Virtual. Other prominent players in the market include Anboto, InteliWISE, CX Company, Artificial Solutions and 24/7 Customer Inc. among others. The IVA industry is currently witnessing rising investments on the R&D to bring in new innovations. Furthermore, companies are increasingly partnering with the third-party technology vendors which helps in enhancing the technology base and meet the potential customer demands.
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Table of Content (TOC-)
Chapter 6 Intelligent Virtual Assistant Application Insights
6.1 Intelligent virtual assistant market share by application, 2015 & 2024
6.2.1 Market demand in BFSI, 2013 - 2024
6.2.2 Market demand in BFSI, by region, 2013 - 2024
6.3.1 Market demand in healthcare, 2013 - 2024
6.3.2 Market demand in healthcare, by region, 2013 - 2024
6.4.1 Market demand in BFSI, 2013 - 2024
6.4.2 Market demand in education, by region, 2013 - 2024
6.5.1 Market demand in automotive, 2013 - 2024
6.5.2 Market demand in automotive, by region, 2013 - 2024
6.6.1 Market demand in retail, 2013 - 2024
6.6.2 Market demand in retail, by region, 2013 - 2024
6.7 IT & Telecom
6.7.1 Market demand in IT & telecom, 2013 - 2024
6.7.2 Market demand in IT & telecom, by region, 2013 - 2024
6.8.1 Market demand in other applications, 2013 - 2024
6.8.2 Market demand in other applications, by region, 2013 - 2024
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