Intelligent Virtual Assistant Market : Demand for Intelligent Virtual Assistants to Remain Strong in Large Enterprises

Global Intelligent Virtual Assistant Market: Snapshot

Social media is playing an important role in the development of the global market for intelligent virtual assistants. The expanding traffic on social media platforms are prompting players to offer improved features on their sites and applications and thus, these players are banking on intelligent virtual assistants.

According to a report by Transparency Market Research (TMR), the global intelligent virtual assistant market for is expected to proliferate at a remarkable 32.8% CAGR from 2016 to 2024, reaching a valuation of US$7.9 bn by 2024 from US$627.7 mn in 2015. The sweeping shift from analog to digital technologies in organizations worldwide is also working in favor of the market. Moreover, the burgeoning demand for effective and sophisticated work ecosystem is translating into the greater adoption of these systems across several industries such as insurance, travel, healthcare, and government.

Browse The Report: https://www.transparencymarketresearch.com/intelligent-virtual-assistant-industry.html

Demand for Intelligent Virtual Assistants to Remain Strong in Large Enterprises

On the basis of technologies, the global intelligent virtual assistant market is segmented into speech recognition and text-to-speech. The speech recognition segment held a large share of 53% in the overall market value in 2015. The segment will also exhibit the most promising prospects, progressing at a CAGR of 33.3% between 2016 and 2024. Based on application, the market is divided into messenger bots, websites, and contact centers. The website segment was the leading revenue contributor to the global intelligent virtual assistant market in 2015 with a share of around 70% in the overall market. The messenger bots segment will expand at a CAGR higher than another segment during the same period.

The key end users of intelligent virtual assistants are large enterprises, small and medium enterprises, and individual users. Among these, large enterprises will be the most prominent segment throughout the forecast horizon. The growth of the segment can be attributed to the increasing efforts by large enterprises to improve their customer care strategies. Small and medium enterprises will register a noteworthy CAGR during the same period.

On account of the presence of a large number of local and global players, the global intelligent virtual assistant market is witnessing a highly fragmented vendor landscape. The leading players, comprising Nuance Communication Inc., IntelliResponse Systems, Next IT Corporation, and Creative Virtual Ltd. held nearly 32% of the global market in 2015, finds Transparency Market Research (TMR) in a study. Some of the other prominent names operating in the global intellectual virtual assistant market are Artificial Solutions Ltd., CodeBaby Corporation, Anboto Group, and Speaktoit Inc.

A majority of the market players are focusing on expanding their product portfolio and regional presence via merger and acquisition. Also they have become more willing to spend on innovations to enable intelligent virtual assistant usage across diverse applications. This trend is gradually picking pace, as more companies provide utilities such as self-service, access to internal employee guides, improved customer experience, and intelligent reporting.

Request to download and view full ToC @https://www.transparencymarketresearch.com/report-toc/2544

For instance, Nuance Communications Inc., in June 2016 expanded its healthcare offering using intelligent virtual assistant technologies in healthcare and clinical services. Besides this, an increasing number of smaller market players are looking to boost their portfolio through strategic partnerships. Such strategies adopted by the players will significantly impact the global intelligent virtual assistant’s market over the course of the forecast period.

According to TMR, the global intelligent virtual assistant market is expected to reach US$7.9 bn by the end of 2024, from US$627.7 mn – its valuation in 2015. If these figures hold true, the market will exhibit an astounding CAGR of 32.8% between 2016 and 2024. Based on technology, the demand for speech recognition has emerged as the leading revenue generator in the global intelligent virtual assistant market. Between 2016 and 2024, the market is expected to showcase a CAGR of 33.3%. Regionally, North America emerged dominant, however, Asia Pacific is forecast to exhibit a stronger CAGR during the forecast period.

Proliferation of Social Media Platforms to Creative Lucrative Prospects

“Social media has had immense impact on the development of the intelligent virtual assistant technology,” said a lead TMR analyst. As consumers worldwide spend more time on social media and become increasingly dependent on these platforms for daily errands, their purchase decisions are highly influenced by what they see on the internet. Against the backdrop, the deployment of intelligent virtual assistant has gained pace in the retail sector. This again is driven by increased focus of players on offering improved customer experience.

Make an Enquiry @https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2544

In addition, the paradigm shift of various organizations from analog to digital technologies has led to the creation of staggering volume of data, subsequently fuelling the demand for intelligent virtual assistant. Driven by these factors, the global market is forecast to exhibit strong growth in the forthcoming years.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: www.transparencymarketresearch.com

This release was published on openPR.