Intelligent Virtual Assistant Market (Technology - Text-to-Speech Recognition, Speech Recognition (Speech Recognition Systems, Natural Language Processing (NLP) - Worldwide Engineering Trends Prediction 2016 - 2024
Technological advancements resulting from the digital revolution have significantly transformed consumer expectations. This, in turn, has spurred the introduction of a more sophisticated and effective work ecosystem for customers. Intelligent virtual assistants are one such example and the adoption of this technology can now be seen in various industries such as healthcare, travel, insurance, and government.
Based on this rapidly growing trend, the global intelligent virtual assistant market is projected to expand at a remarkable CAGR of 32.8% from 2016 to 2024. The opportunity in the market was pegged at US$627.7 mn in 2015 and is expected to be worth US$7.9 bn by 2024.
Intelligent Virtual Assistants Find Major Scope for Application in Messenger Bots
Intelligent virtual assistants comprise two key technologies: text-to-speech and speech recognition. In 2015, speech recognition technology was the most preferred segment and accounted for around 53% of the revenue.
Intelligent virtual assistants find application in websites, contact centers, and messenger bots. In 2015, the website segment generated the maximum revenue with a share of around 70% in the overall intelligent virtual assistant market. While the segment is projected to retain its dominance during the forecast period, the messenger bots segment is expected to register the highest CAGR in terms of revenue from 2016 to 2024.
The key end users of intelligent virtual assistants are small and medium enterprises, individual users, and large enterprises. Large enterprises are expected to be the primary adopters of intelligent virtual assistants since most of them have growing businesses and are looking to change their customer care strategies.
Read More: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2544
Large Enterprises in U.S. Driving Adoption of Intelligent Virtual Assistant Technology in North America
The global market for intelligent virtual assistant market is geographically segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. By revenue, North America led the worldwide intelligent virtual assistants market, accounting for an estimated 40% share in 2015. The region is anticipated to retain its dominant position throughout the forecast period. The North America intelligent virtual assistants market is primarily driven by the presence of large enterprises in the U.S. These companies have been increasingly adopting intelligent virtual assistants to improve client relationships, enhance customer relationship management, and support the growing demand for web self-service. An increased adoption of intelligent virtual assistant technology is predicted in the healthcare and banking sectors in the region in the coming years.
The intelligent virtual assistant market in Europe is projected to witness moderate growth during the forecast period, with the EU7 countries presenting the most attractive opportunities for players.
The intelligent virtual assistant market in Asia Pacific has been witnessing rapid growth and is expected register the highest CAGR from 2016 to 2024. Public bodies and companies in the region have been looking to enhance their competitive advantage by engaging with customers in a more efficient manner. As intelligent virtual assistants provide a means of doing so, this trend can benefit the Asia Pacific economy.
The intelligent virtual assistant markets in Latin America and the Middle East and Africa are anticipated to witness sustainable growth in the near future, with countries such as Saudi Arabia, the UAE, Israel, and Turkey presenting lucrative investment options.
eGain Communications Corp., CodeBaby Corporation, Artificial Solutions Ltd., Nuance Communications Inc., Creative Virtual Ltd., Anboto Group, Next IT Corporation, Speaktoit Inc., and IntelliResponse Systems Inc. are some of the leading players operating in the global intelligent virtual assistant market.
TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Intelligent Virtual Assistant Market (Technology - Text-to-Speech Recognition, Speech Recognition (Speech Recognition Systems, Natural Language Processing (NLP) - Worldwide Engineering Trends Prediction 2016 - 2024 here
News-ID: 381992 • Views: 201
More Releases from MR
auspicious days marking Diwali, The Festival of Lights
Diwali or Deepavali, the 5 day Festival of Lights is one of the most significant festivals in Indian culture. The actual day of Diwali is traditionally celebrated on the festival’s third day, which this year falls on Wednesday 7th November, 2018. It sees millions attend firework displays, prayers and celebratory events across the world every autumn. The festival is celebrated by Hindus, Sikhs and Jains; bringing family and friends
Actuators and Valves Market- Actuators (Pneumatic, Hydraulic, Electric, Mechanic …
Actuators and Valves Market: Snapshot The growth in urbanization is creating a significant demand for public and private sector infrastructure development such as power stations, water supply, electricity grids, and water treatment plants, which is driving the global actuators and valves market. Rapid urbanization in emerging markets and an increase in urban areas in developed economies is the biggest factor driving the actuators and valves market worldwide. The use of simulation software
Power System Analysis Software Market (Implementation Model - On- premise and Cl …
Rising demand for electric power and growing smart power technologies have led to increased demand for power systems analysis software. The market for power system analysis software is anticipated to expand at a CAGR of 12.6% during the forecast period from 2016 to 2024. The global power system analysis software market was valued at US$ 3,540.4 Mn in 2015. The most significant factor fuelling the market is the rising level
More Releases for Intelligent
Intelligent Transportation System Market
Intelligent Transportation System Market – Global Industry Analysis and Forecast (2017-2026) – By Offering, by type, by Component, Application, and Geography Intelligent Transportation System Market was valued US$ 20.2 Bn in 2017 and is expected to reach US$ 40.5 Bn by 2026 at CAGR of 9.08% during forecast period. Intelligent Transportation System Market (ITS) is a computerized system with diverse applications connected with vehicle transportation. Also, it provides travelers with important information
Intelligent Tamper-Proof Packaging Market -
Water proof or air proof was the term used for considering leak proof packing of any commodity earlier. In today’s generation, it is tamper resistance. Basically it means to protect a product or package from internal malfunctioning or sabotage. The use of tamper protection features for our smartphone screens is for sealing food items, that, if exposed to the air for a longer time may get contaminated like that of
An intelligent factory
The company Barberini, founded by Pietro Barberini in 1963, today is the world leader for production of optical glass solar lenses, with exclusive and sophisticated technical features, used by various luxury brands. The company controls the entire production chain, from the raw materials to the finished lenses, with cutting-edge industrial sites in Italy, a glass melting plant in Germany, and advanced technologies to produce polarizing lenses for sunglasses. In Italy, Barberini
Aliens Space Station | Intelligent Living
Aliens Space Station is distinguished by its highest quality construction, prime location, aesthetic appeal, functional design and optimum use of space where every apartment is a result of meticulous planning, incorporating best practices, adhering to a structured quality manual as per ISO norms and 700 quality checks- starting from incoming raw material checks to handover of the flats where you have 28 different floor plans to choose from. Space Station
Experience intelligent connected manufacturing
Trebing + Himstedt will present numerous live demos, from 3-D worker instructions, to shop floor analytics, to predictive maintenance, at the Hannover Trade Fair 2016 Schwerin, March 8, 2016 – Trebing + Himstedt, SAP MES expert for consulting, implementation and licensing of SAP solutions in the production environment, presents practical example applications for intelligently connected production based on SAP MES and IoT solutions. Visitors to the Hannover Trade Fair can experience
Shanghai Intelligent Building Technology 2012
Shanghai World Expo Exhibition and Convention Center Shanghai, China 20 – 22 September 2012 New edition of Shanghai Intelligent Building Technology opens next week High-profile fringe programmes offer the latest information on the intelligent building market The new edition of Shanghai Intelligent Building Technology fair will open from 20 – 22 September 2012 at the Shanghai World Expo Exhibition and Convention Centre, China. The fair is jointly organised by Guangzhou Guangya Messe Frankfurt Co Ltd,