Intelligent Virtual Assistant Market - Increasing Deployment in Retail Sector to Enhance Growth

Social media is playing an important role in the development of the global market for intelligent virtual assistants. The expanding traffic on social media platforms are prompting players to offer improved features on their sites and applications and thus, these players are banking on intelligent virtual assistants.

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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. 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.

On the basis of technologies, the global intelligent virtual assistant market is segmented into speech recognition and text-to-speech. The speech recognition segment held a large share of 53% in the overall market value in 2015. The segment will also exhibit the most promising prospects, progressing at a CAGR of 33.3% between 2016 and 2024.

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Based on application, the market is divided into messenger bots, websites, and contact centers. The website segment was the leading revenue contributor to the global intelligent virtual assistant market in 2015 with a share of around 70% in the overall market. The messenger bots segment will expand at a CAGR higher than another segment during the same period.

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