Press release
Intelligent Virtual Assistant Market: to Remain Strong in Large Enterprises
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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According to a report by Transparency Market Research (TMR), the global intelligent virtual assistant market for is expected to proliferate at a remarkable 32.8% CAGR from 2016 to 2024, reaching a valuation of US$7.9 bn by 2024 from US$627.7 mn in 2015. The sweeping shift from analog to digital technologies in organizations worldwide is also working in favor of the market. Moreover, the burgeoning demand for effective and sophisticated work ecosystem is translating into the greater adoption of these systems across several industries such as insurance, travel, healthcare, and government.
Demand for Intelligent Virtual Assistants to Remain Strong in Large Enterprises
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. 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.
The key end users of intelligent virtual assistants are large enterprises, small and medium enterprises, and individual users. Among these, large enterprises will be the most prominent segment throughout the forecast horizon. The growth of the segment can be attributed to the increasing efforts by large enterprises to improve their customer care strategies. Small and medium enterprises will register a noteworthy CAGR during the same period.
Report Details:
https://www.transparencymarketresearch.com/intelligent-virtual-assistant-industry.html
About TMR
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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