Intelligent Virtual Assistant Market Key Players by 2024: Nuance, IBM Corporation, Clara Labs, Creative Virtual and eGain Communications

Market Overview: -

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.

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.

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Top Key Players: -

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.

Regional Segmentations: -

North America is anticipated to dominate the overall IVA market owing the early technological adoption. In addition, increasing adoption of smartphones coupled with the implementation of BYOD business model is expected to boost the demand for IVA in the region. Asia Pacific IVA market is expected to witness significant growth pertaining to the growth in emerging economies such as China and India.

Partial Chapter of the Table of Content

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

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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.

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.

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