Intelligent Virtual Assistant Market to Hit at 32.8% CAGR from 2016 to 2024: Demand for Intelligent Virtual Assistants to Remain Strong in Large Enterprises

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.

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This report aims to provide a comprehensive strategic analysis of the global intelligent virtual assistant market along with revenue and growth forecasts for the period from 2014 to 2024. With advancements in virtual assistant technology and rising demand for both websites and mobile applications, the intelligent virtual assistant market is expected to experience high growth in the coming decade. Some of the factors supporting the growth of the market worldwide are the emergence of e-commerce and increased technological investment in developing regions like Asia Pacific, high demand in the health care and banking sectors, increasing Internet usage in developed regions such as North America and Europe, increasing awareness of the existing of intelligent virtual assistant, rise in demand for improved operation efficiency, and surge in demand for incorporation of new languages. The impact of these and other macro-micro economic factors has been analyzed while developing the market growth models.

This research study on the global intelligent virtual assistant market provides a detailed analysis of intelligent virtual assistants deployed for different applications by end-users depending upon their needs. The report offers an in-depth study of the market drivers, restraints, and growth opportunities. Using these factors, identifies various trends prominent in the industry and are expected to influence the market growth during the forecast period from 2016 to 2024. It includes a comprehensive coverage of the underlying economic and technological factors influencing the intelligent virtual assistant market growth. It provides the competitive landscape of key players in the intelligent virtual assistant market in order to highlight the state of competition therein. The report also provides a detailed competitive analysis of the key players in the market and identifies the various business strategies adopted by them. The study explains the penetration of each market segment within various geographies, and how these segments have accelerated the growth of the market as a whole.

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The global intelligent virtual assistant market is analyzed by segmenting it on the basis of technology, application, and end-users. In terms of technology, the global intelligent virtual assistant market is classified into text-to-speech and speech recognition. The speech recognition segment further covers, speech recognition system and natural language processing. Among these, the speech recognition segment is further fragmented into user dependent and user independent speech recognition system. Moreover, these segment is further classified on the basis of speaking speed into discrete speech recognition and continuous speech recognition systems. Based on the application, the market is divided into website, contact centers and messenger bots. The market is also classified based on the end-users into individual users, small and medium enterprises and large enterprises. Geographically, the global market for intelligent virtual assistant has been segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America. The market size and forecast for each region has been provided for the period from 2014 to 2024 along with the CAGR (%) for the forecast period from 2016 to 2024. The study also includes qualitative analysis of the competitive scenario for major countries/regions such as the U.S., Canada, the U.K., Germany, France, Spain, Italy, Japan, India, Indonesia, UAE, Saudi Arabia, South Africa and Brazil in country snippet segments. Analysis by technology, application, end-users and regions helps in evaluating the present scenario and growth prospects of the intelligent virtual assistant market over the forecast period from 2016 to 2024.

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A list of recommendations have been provided for new entrants to help establish a strong presence and for existing market players to take strategic decisions and to strengthen their market position in the global intelligent virtual assistant market. The report concludes with the profiles of major players in the intelligent virtual assistant market on the basis of various attributes, such as company overview, financial overview, business strategies, product portfolio, and recent developments. Major players profiled in this report include Next IT Corporation, Creative Virtual Ltd., CodeBaby Corporation, IntelliResponse Systems Inc., Nuance Communications Inc., Speaktoit Inc., Artificial Solutions Ltd., eGain Communications Corp. and Anboto Group.

Market Segmentation:

Intelligent Virtual Assistant Market Analysis, by Technology

Text-to-Speech Recognition
Speech Recognition
Speech Recognition Systems
Speaker Dependent Systems
Discrete Speech Recognition
Continuous Speech Recognition
Speaker Independent Systems
Discrete Speech Recognition
Continuous Speech Recognition
Natural Language Processing (NLP)
Intelligent Virtual Assistant Market Analysis, by Application

Websites
Contact Centers
Messenger Bots
Intelligent Virtual Assistant Market Analysis, by End-user

Individual Users
Small and Medium Enterprises
Large Enterprises
In addition, the report provides cross-sectional analysis of the intelligent virtual assistant market with respect to the following geographical segments:

North America
The U.S.
Canada
Rest of North America
Europe
The U.K.
Germany
France
Spain
Italy
Rest of Europe
Asia-Pacific
Japan
China
India
Rest of Asia Pacific
Middle East and Africa (MEA)
The UAE
Saudi Arabia
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Rest of Latin America

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