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Intelligent Virtual Assistant (IVA) Market 2020: Innovation and Product Premiumization to Boost Growth

02-05-2020 06:52 PM CET | IT, New Media & Software

Press release from: Allied Market Research

Intelligent Virtual Assistant (IVA) Market 2020: Innovation

The technology segment comprises speech recognition and text-to-speech technology. Speech recognition technology segment dominated the market in 2014, and is expected to dominate throughout the forecast period 2015-2020. Intelligent virtual assistant (IVA) is used in various industry verticals such as automotive, healthcare, BFSI, retail and others. Among these verticals, BFSI was the highest revenue-generating segment, accounting for 39.9% share in 2014. IVA solutions are widely used in the BFSI sector, owing to faster response time, improved customer handling and high customer satisfaction.

Access full Summary: https://www.alliedmarketresearch.com/intelligent-virtual-assistant-market

Automotive segment would witness the fastest growth during the forecast period. The growth would be driven by the fast growing in-car infotainment systems market, as IVA is an important part of these systems, which enables the vehicle driver and passengers, to surf the internet, navigate and make calls through speech recognition technology.

Further, theIVA market based on geography is bifurcated into North America, Europe, Asia-Pacific and LAMEA. North America dominated the global intelligent virtual assistant (IVA) market, accounting for 39.5% market share in 2014. The region would maintain its dominance during the forecast period. However, Asia- Pacific would witness the highest CAGR of 38.97% during the same period.

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Intelligent Virtual Assistant Market report, published by Allied Market Research, forecasts that the global market is expected to garner $3.6 billion by 2020, registering a CAGR of 35.2% during the period 2015 - 2020. North America dominates the global intelligent virtual assistant market owing to the increased adoption of IVA in countries such as the U.S. However, Asia-Pacific region is expected to exhibit a faster growth over the forecast period 2015 - 2020.

DRIVING FACTORS FOR THE MARKET

1 Improved customer experience

2 Cost-effective solution

3 Increasing smartphone penetration

MARKET RESTRAINTS AND OPPORTUNITIES

1 Lack of awareness

2 Inclusion of natural language processing

Purchase Enquiry Report @ https://www.alliedmarketresearch.com/purchase-enquiry/166

KEY QUESTIONS ANSWERED IN INTELLIGENT VIRTUAL ASSISTANT RESEARCH STUDY:

o What is the market growth rate of Intelligent Virtual Assistant Market from 2016-2020?

o What will be the global market size of the market from 2016 to 2020?

o Who are the leading global manufacturing companies in the Intelligent Virtual Assistant Market?

o What are the current trends and predicted trends?

o What are the challenges faced in the Intelligent Virtual Assistant Market?

o Which will be the niches at which players profiling with thorough plans, financials, and also recent advancements should set a presence?

o Which will be the anticipated growth rates for your own Intelligent Virtual Assistant economy altogether and also for every segment inside?

o Which will be the Intelligent Virtual Assistant application and types and forecast accompanied closely by producers?

o What are the conclusions of the Intelligent Virtual Assistant Market report?

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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