Intelligent Virtual Assistant Market is projected to reach a value of US$7.9 bn by the end of 2024
The key players in the market are focusing on the development of new products, which is likely to expand the product portfolio is expected to encourage the growth of the overall market in the next few years. In addition to this, the growing research and development activities and innovations in the market is predicted to enhance the level of competition in the next few years. The entry of new players is another key factor likely to accelerate the market growth throughout the forecast period.
According to the market research study by Transparency Market Research, in 2015, the global intelligent virtual assistant market was worth US$627.7 mn and is projected to reach a value of US$7.9 bn by the end of 2024. The market is expected to register a noteworthy 32.80% CAGR between 2016 and 2024.
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North America to Lead Global Intelligent Virtual Assistant Market
The global intelligent virtual assistant market has been classified on the basis of geography into Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. Among these segments, North America is anticipated to account for a large share of the global market in the next few years and continue its dominance throughout the forecast period.
The presence of a large number of multinational organizations is one of the key factors estimated to accelerate the growth of the North America market in the coming years. Furthermore, Europe is anticipated to register a significant growth in the coming few years. The Asia Pacific market is also projected to witness high growth in the next few years.
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The global intelligent virtual assistant market has further been classified on the basis of technology, among which the speech recognition segment is estimated to witness healthy growth throughout the forecast period. This segment is expected to offer potential growth opportunities for the market players, which is further predicted to enhance the growth of the overall market in the coming few years. On the basis of application, the website segment is expected to witness healthy growth in the coming few years and is estimated to remain in the leading position in the near future.
Increasing Deployment of Intelligent Virtual Assistant in Retail Sector to Enhance Growth
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. 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.
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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.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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