Intelligent Virtual Assistant Market Actual Need Outlook, Supportive Judgment | Nuance Communications, Next IT Corporation

Intelligent virtual assistant (IVA) is a next generation software solution that facilitates user interaction with PC, through internet, SMS, messenger and other interfaces. IVA systems use various interaction methods, which include text-to-text, speech-to-text, text-to-speech, and speech-to-speech, among others to assist users in executing their respective tasks. The world intelligent virtual assistant market has exhibited notable growth in the recent past. However, it is poised to demonstrate an even more robust growth trend during the forecast period.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

Presently, enterprises are focused on adopting cost-effective methodologies to provide effective and efficient customer services. Intelligent virtual assistant is a cost-effective technology, which assists multiple customers to gain access to a service, quickly and effectively. IVA also leads to an instant response from the system, improved data collection, and reduction in the dependency on manual customer support for any queries. Thus, IVA solutions are being implemented across various organizations, such as banks, E-retailers and healthcare among others. Increasing smartphone penetration, growing adoption of intelligent virtual assistant software in large enterprises, and inclusion of natural language understanding technology are the key factors driving the global IVA market. IVA facilitates user interaction with smartphones and other devices such as in-car infotainment system, PCs and laptops to access any kind of required information such as payment procedures, doctor availability and appointments, navigation, and news and entertainment among others.

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The world intelligent virtual assistant (IVA) market is segmented on the basis of technology, vertical and geography. Based on technology, the market is segmented into speech recognition and text-to-speech technology. Further, IVA technology finds its major application across various verticals such as automotive, BFSI, healthcare, Retail (e-commerce) and others.Based on geography, the world intelligent virtual assistant (IVA) market is bifurcated into North America, Europe, Asia-Pacific and LAMEA (Latin America Middle East and Africa). North America and Europe are so far the major adopters of intelligent virtual assistant technology. The enterprises in the region are increasingly adopting this technology to enhance their customer engagement along with reduced cost of operation. However, Asia-Pacific would witness the highest CAGR of 38.97% during the forecast period.

POTENTIAL BENEFITS FOR STAKEHOLDERS:

The report provides a detailed analysis of the world intelligent virtual assistant market with current and future growth trends, driving factors, opportunities, and challenges
The report includes a comprehensive analysis of market segments to provide insights on the market dynamics
Porter's Five Forces analysis highlights the potential of buyers and suppliers as well as provides insights on the competitive structure of the market to devise effective growth strategies and facilitate better decision-making
Value chain analysis provides key inputs on the role of stakeholders involved at various stages of the value chain
SWOT analysis of the key market players highlights their strengths and weaknesses coupled with potential opportunities present in the market

KEY PLAYERS

Next IT Corporation
Nuance Communications, Inc.
IntelliResponse Systems, Inc.
CodeBaby Corporation
Creative Virtual Ltd.
Speaktoit, Inc.
Artificial Solutions
eGain Corporation
CX Company
Anboto Group

INTELLIGENT VIRTUAL ASSISTANT MARKET KEY SEGMENTS

The world intelligent virtual assistant market is segmented based on technology, vertical and geography.

MARKET BY VERTICAL

Automotive
Healthcare
BFSI
Retail (e-commerce)
Others

MARKET BY TECHNOLOGY

Text-to-Speech
Speech Recognition

MARKET BY GEOGRAPHY

North America
Europe
Asia-Pacific
LAMEA

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