Intelligent Virtual Assistant Market - Progressing at a CAGR of 33.3% Between 2016 and 2024

The global intelligence virtual assistant market is highly fragmented in nature with a presence of a large number of players operating in it across the globe, states a new market research study. Some of the key players in the market are IntelliResponse Systems, Nuance Communication Inc., Next IT Corporation, and Creative Virtual Ltd.

In the last few years, social media has immense influence on the development of the intelligent virtual assistant market, which is considered as one of the major factors anticipated to encourage the growth of the overall market in the coming few years.

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The rising deployment of intelligent virtual assistant has gained a rapid pace in the retail sector, which is likely to generate promising growth opportunities in the coming few years. Technological advancements and innovations in this field are estimated to encourage the growth of the market in the near future. On the other hand, the high cost of intelligent virtual assistant is one of the key factors likely to restrict the overall growth of the global market in the coming years.

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The global intelligent virtual assistant market is analyzed by segmenting it on the basis of technology, application, and end-users. In terms of technology, the global intelligent virtual assistant market is classified into text-to-speech and speech recognition.

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The speech recognition segment further covers, speech recognition system and natural language processing. Among these, the speech recognition segment is further fragmented into user dependent and user independent speech recognition system.

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