Intelligent Virtual Assistant Market 2019-2024 | Comprehensive Study Explores Huge Growth in Future | IBM, Clara Labs, Nuance Communications, InteliWISE, Artificial Solutions, Creative Virtual, eGain Communications, Anboto

The Germany intelligent virtual assistant market is expected to depict considerable growth in the years ahead, owing to the product’s new-found usage in the region’s thriving automotive market. Technological advancements in IVA have resulted in increased adoption of voice control and gesture control features in next-gen vehicles. IVA can now be integrated within vehicle systems such as automatic parking, lane change assist, adaptive cruise control, and other ADAS controls.

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North America, apart from Germany, is another region that is forecast to accumulate commendable gains by 2024, driven by the expansive technological advancements in the region. Major software companies, like, Microsoft & IBM, have also been investing in IVA, thereby enhancing the growth prospects for North America intelligent virtual assistant market.

Speech recognition technology is witnessing high growth in the intelligent virtual assistant market due to the rise in adoption of these techniques in modern industrial solutions. The automobile and smartphone industry are the major application areas of the technology. The future connected cars are being developed with speech recognition solutions that will allow the driver to use their cellphones, find their destination with the help of maps using speech activated commands. For instance, Apple CarPlay is an application-based software that gets connected to the vehicle display system and accepts voice commands.

The large enterprises are incorporating these advanced technologies in their business operations to improve the customer experience. These enterprises are engaged in offering sophisticated solutions to the customers that will help to ease several manual tasks with the help of speech or voice recognition systems. Such factors are driving the adoption of these solutions in large enterprises, thereby stimulating the growth in intelligent virtual assistant market. Moreover, large enterprises are engaged in incorporating such advanced solutions such as Google and BMW. For instance, in September 2018, BMW introduced Intelligent Personal Assistant Communication System that will help the drivers to communicate with their vehicles.

The application of such technologies is growing rapidly in healthcare sector due to the rise in demand for improving the medical techniques that will allow the doctors or physicians to treat their patients in an effective manner. Several advantages offered by such systems in healthcare sector include personalized medication, advanced treatment plans, predictive medical care, improved diagnosis, and long-term cost saving. The Medical Virtual Assistants (MVAs) helps the healthcare organizations in collecting the insurance details, demographic information, procurement details, patient health history, finance/costing, data mining and analysis of all the records. Such rise in adoption of the virtual solutions in healthcare industry is expected to drive the intelligent virtual assistant market growth.

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The competitive spectrum of intelligent virtual assistant market also comprises other players like Amazon, Google, Microsoft, Apple, Inc., Artificial Solutions, eGain Communications, IBM Corporation, Nuance Communications, and Speaktoit, Inc. These companies are known to increasingly invest in product development and innovation to bring in intelligent assistance into the mainstream.

Meanwhile, several tech giant firms are adding the product to their portfolio to gain added sales. For instance, on January 7th, 2019, the world’s leading television manufacturers Samsung, LG and Hisense announced that they would open their devices to Google Assistant and Amazon Alexa. As advancements in the fields of automation, machine & deep learning, conversation interfaces, and natural language processing continue to surge, intelligent virtual assistant market share is certain to soar in the years to come.

Glimpse of Table of Content (ToC)

Chapter 3. Intelligent Virtual Assistant Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.2.1. Smart homes industry landscape
3.2.2. Global artificial intelligence (AI) industry landscape
3.2.3. Smart speakers industry landscape
3.2.4. IoT industry landscape
3.2.5. Global smart wearables industry landscape
3.3. Intelligent virtual assistant market ecosystem analysis
3.3.1. Technology providers
3.3.2. Device manufacturers
3.3.3. System integrators
3.3.4. End-user landscape
3.3.5. Vendor matrix
3.4. Technology and innovation landscape
3.4.1. Evolution of the virtual assistant industry
3.4.2. Intelligent virtual assistant architecture
3.4.3. Technological advancements in AI
3.4.4. Advancements and innovation in NLP
3.5. Regulatory landscape
3.6. Intelligent virtual assistant market impact forces
3.6.1. Growth drivers
3.6.1.1. Increasing adoption across several industry verticals
3.6.1.2. Growing adoption of smartphones across the globe
3.6.1.3. Growing adoption of IoT and M2M technology in North America and Europe
3.6.1.4. Increasing demand by the consumers due to features such as flexibility and rapidity
3.6.1.5. Rising emphasis to enhance customer satisfaction in Asia Pacific
3.6.1.6. High demand for outsourced assistance in India
3.6.1.7. Growing popularity and demand for smart speakers in Latin America and MEA
3.6.2. Industry pitfalls & challenges
3.6.2.1. High initial costs of products
3.6.2.2. High risk pertaining to security flaws
3.6.2.3. Lack of skilled professionals
3.7. Growth potential analysis
3.7.1. Growth potential, by application
3.7.2. Growth potential, by end-use
3.8. Porter's analysis
3.8.1. Supplier power
3.8.2. Buyer power
3.8.3. Threat of new entrants
3.8.4. Threat of substitutes
3.8.5. Internal rivalry
3.9. Competitive landscape, 2017
3.9.1. Company market share analysis
3.9.2. Strategy dashboard
3.10. PESTEL analysis

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