Intelligent Virtual Assistant Market By Technology (Speech Recognition, Text-to-speech), By Industry Verticals (Automotive, Cement, Healthcare, BFSI, Retail/e-commerce), Industry trends, Estimation & Forecast, 2016 - 2024

September 2017

 Pages: 135

 ERC 9665


Intelligent Virtual Assistant Market was valued at $1.1 billion in 2016 and is projected to reach $11.9 billion by 2024, having a CAGR of 34.8 % during the forecasted period of 2017 to 2024.In 2016, Speech recognition technology segment held the largest share of the global IVA market.

IVA or Intelligent Virtual Assistant is an engineered object existing in software that interfaces with humans in a human manner. This technology integrates features of interactive voice response and advanced artificial intelligence, in order to provide a complete virtual identity which can actually converse with the user. It is an advanced software application that facilitates the human interaction with the computer through the means various platforms such as, internet, SMS, and messengers. These systems utilize a predefined set of methods to communicate with the end user such as text-to-text, text-to-speech, speech-to-text, and speech-to-speech. An intelligent virtual assistant helps a lot in saving the time which is usually vanished in searching the required information from internet sources. IVA is equipped with some of the most helpful features such as rapid rigid training process and constant & unified support to the customers. The Global Intelligent Virtual Assistant market has witnessed a rapid and appreciable growth in the near past and is anticipated to exhibit the same growth pattern in the near future.

Market Dynamics

Beyond the core utilities of intelligent virtual assistant systems, the major companies are now emphasizing on the exploration of enhancing them functionally. it further Cost effective solutions for organizational problems is one of the prime factor boosting the global intelligent virtual assistant market. Customer experience plays an important role in the growth of the business, integration of IVA with business functions helps to improve customer experience and ultimately boosts the business growth and fuel the global IVM market. In addition, the reduced manpower owing to an intelligent assortment of huge organizational data is also a market driver for global IVA market. For instance, Apple’s Siri and Microsoft’s Cortana, are delivered with these companies’ operating systems and mobile platforms. However, a serius lack of lack skilled resources might hamper the growth of IVA market restraining the market. On the other hand, a surging demand for IVA to be used in websites and mobile applications will bring future growth platform for the very market in the upcoming years. Moreover, digital experiences enabled by virtual assistants are considered to be among the major recent technological advances and most encouraging consumer trends

Market Segmentation

The global intelligent virtual assistant market is segmented on the basis of technology, industry verticals, and geography. The technology is bifurcated into Speech Recognition and text-to-speech. The industry verticals are classified as Automotive, Healthcare, BFSI, Retail/e-commerce, and Others. As per the Association of American Medical Colleges, the U.S. is expected to witness a shortfall of 91,500 doctors by 2020. This in turn is expected to pave the way for intelligent virtual assistants in the healthcare sector. Geographically, the market is segmented as North America, Europe, Asia-Pacific and Rest of World. The banking and finance sector is anticipated to show an impressive growth rate within the industry vertical segment. India and China have emerged out as the most lucrative markets in the Asia-Pacific region.

Intelligent Virtual Assistant Market , By Industry Verticals 2016 vs. 2024

Some major players of the market are Anboto Group, Artificial Solutions Ltd., CodeBaby Corporation, Creative Virtual Ltd, CX Company, eGain Corporation, IntelliResponse Systems Inc., Next IT Corporation, Nuance Communications Inc., and Speaktoit LLC. Market players such as Nuance Communications, IBM, and eGain are anticipated to lead the industry during the upcoming years, owing to the impact of Bring Your On Device (BYOD) and enterprise business models.

Intelligent Virtual Assistance Market Segmentation

By Technology
   • Speech Recognition
   • Text-to-speech

By Industry Verticals
   • Automotive
   • Healthcare
   • BFSI
   • Retail/e-commerce
   • Others

By Geography
   • North America
   • Europe
   • APAC
   • RoW

Key Market Players

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

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    What Information does this report contain?

    • What was the market size of the Intelligent Virtual Assistant Market in 2016 and the expected market size by 2024, along with the growth rate?
    • An in-depth analysis of the current impacting factors, opportunities and challenges/restraints in the market
    • Which are the largest revenue generating products, services or regions and their comparative growth rate?
    • Which technology is in trend and how would it evolve during the forecast period (2016 - 2024)?
    • Which are the leading companies in theIntelligent Virtual Assistant Market and their competitive positioning basis their market share, product portfolio, strategic attempts and business focus?

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