Intelligent Virtual Assistant Market Forecasts, Demand and Key Players: IBM, Nuance Communications, Clara Labs, eGain Corporation, Creative Virtual, CX Company, Artificial Solutions, Anboto

North America is anticipated to dominate the overall intelligent virtual assistant 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 intelligent virtual assistant market is expected to witness significant growth pertaining to the growth in emerging economies such as China and India.

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Growing focus on streamlining business activities to lower the overall operating cost will also propel the intelligent virtual assistant market size. IVAs have application across several business processes such as interviewing, employee training and advertising that allow enterprises to minimize the cost.

With the help of smartphones and other mobile devices, tasks such as checking in with staff, location based reminders, searching through emails, and scheduling meetings makes the work life of the employee more efficient. Thus, the increasing penetration of mobile devices is expected to provide a fillip to the intelligent virtual assistant market share.

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.

Intelligent Virtual Assistant Market share as service assistant is anticipated to witness high adoption over the future as it is capable of assisting businesses on customer requirements and work flow balance, thereby, delivering immediate productivity. Intelligent virtual assistant market share as customer assistants is projected to grow considerably at nearly 35% CAGR over the forecast timeline.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. IBM
2. Nuance Communications
3. Clara Labs
4. eGain Corporation
5. Creative Virtual
6. CX Company
7. Artificial Solutions
8. Anboto

IVA market by technology

o Speech Recognition
o Text-to-Speech
o Voice Recognition
IVA market by service
o Customer Service
o Marketing Assistant

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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 intelligent virtual assistant 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. 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 intelligent virtual assistant market over the forecast timespan.

Companies contributing to the intelligent virtual assistant market share include IBM Corporation, Nuance, Clara Labs, InteliWISE, eGain Communications, Creative Virtual, CX Company, 24/7 Customer Inc., Artificial Solutions and Anboto among others.

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