Intelligent Virtual Assistant Market to grow at 34.9% CAGR from 2016 to 2024

Intelligent virtual assistant market incorporates elements of language recognition, interactive voice response and other modern AI techniques which deliver full-fledged virtual identities that can converse with the users. The expertise in reasoning, learning, and understanding are the three key elements behind the appreciable adoption rate of IVAs. Virtual Assistants are proliferating because of profound neural networks, machine learning, and other such advancements in AI technologies. Rising penetration of IVA systems in retail, BFSI, and healthcare sector is the principal factor proliferating intelligent virtual assistant industry size. As per a report by Global Market insights, Inc., Intelligent Virtual Assistant market is predicted to witness gains at more than 34.9% CAGR over the period of 2016-2024.

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Apple’s Siri and Microsoft’s Cortana are some of the most famous IVAs, which are provided with the companies’ operating systems. Not only the biggies but the SMBs are also emerging as the key participants in intelligent virtual assistant industry space. Improved business quality and reduced operating cost with the use of these virtual assistants is likely to propel the IVA market size in SMBs, slated to observe gains at over 37% CAGR from 2016-2024.
Moreover, reduced need to hire marketing assistants, administrative services, and office spaces is further stimulating intelligent virtual assistant market trends. Based on the services offered by these IVAs, the customer service segment is expected to record stupendous gains at a CAGR of 35% over 2016-2024, owing to the growing customer expectations for seamless service.

North America was the largest contributor to the global intelligent virtual assistant industry share in 2015 and is foreseen to continue its regime over the coming seven years. The region’s growth can be attributed to the rising adoption of smartphones and growing emphasis on implementation of enterprise mobility and BYOD (bring-your-own-device) business models. APAC intelligent virtual assistant industry will also exhibit phenomenal CAGR of 40% from 2016-2024.

Deployment of IVA technology on the mobile platforms has significantly fueled the speech recognition technology, the demand for which is expected to surpass USD 7.5 billion by 2024. Furthermore, growing applications voice recognition technology based IVAs across biometrics market is also likely to boost intelligent virtual assistant industry share in the years to come.

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Rising penetration of IVAs in healthcare segment to perform tasks including scheduling appointment and analyzing lab results is set to expand intelligent virtual assistant market size across this sector. The ever-evolving automotive industry is also set to leverage the full potential of intelligent virtual assistants, driven by the technology’s heavy demand in connected cars. IVA market size from automotive applications is slated to cross a revenue of USD 2.8 billion by 2024.

Key IVA industry players include Nuance, Clara Labs, Artificial Solutions and Anboto, IBM Corporation, Creative Virtual, CX Company, and 24/7 Customer Inc.

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