Intelligent Virtual Assistant Market Revenue Will Reach $11.9 Billion By 2024, Says Esticast Research and Consulting
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As per the report “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,” the Global Intelligent Virtual Assistant Market was valued at $1.1 billion in 2016, and is projected to reach $11.9 billion by 2024, growing at a CAGR of 34.8% from 2017 to 2024.
In 2016, Speech recognition technology segment held the largest share of the global IVA market. Among the major regions, North American IVA market was the highest revenue generating market valued at $157 million in 2016.
“The need of better customer experience and reduced response time has led to the extensive development in the intelligent virtual assistant application. A wide range of applications such as self-service and intelligent reporting within various industry verticals reflect the growth factor and future opportunities for the global intelligent virtual assistant market. Moreover, the evolving next gen-smartphones will also create a huge demand for personal virtual assistant in upcoming years.”
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Speech recognition was the highest revenue generating segment and expected to grow further at CAGR of 33.7% during the forecasted period of 2017 to 2024. Speech recognition is the most common and widely used technology for interfacing IVA with a human. The advantages such as self-servicing and easy to navigate menu help speech recognition to grow with steady market conditions. In addition, the vital use of speech recognizant technology within banking and finance sector will boost the market in future.
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Banking, Financial Services and Insurance (BFSI) held nearly 3/8th of the market share in 2016.
BFSI segment generated a revenue around $400 million in 2016 and is expected to grow further with increasing CAGR of around 31%. However, the automotive industry vertical is expected to dominate the market by the end of 2024 with booming CAGR of 37.3%. The reduced customer time, integrated navigation options, and accurate information are some of the key factors which are fueling the BFSI sector in global IVA market for added growth.
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Asia-Pacific is expected to be the highest revenue generating market by 2024.
Asia-Pacific market is currently generating revenue of around 25% of the total market and expected to grow with highest CAGR of 7.1%. The increasing mobile device market in Asia-Pacific region is expected to primarily boost the IVA market. Evolving tech companies, start-ups and new websites within Asia-Pacific region is a prime element which will help to grow the Global IVA market with significant growth.
North America is the highest revenue generating segment of 2016. The Europe and Asia-Pacific region hold around 50% share of total IVA market.
Intelligent Virtual Assistant (IVA) Market Key Findings
• The Global IVA market is valued at $1.1 billion and is expected to grow at CAGR of 34.8%
• The Global IVA market is expected to reach $11.9 billion by 2027.
• Speech recognition technology segment is the highest revenue generating a segment of 2016.
• Asia-Pacific region is expected to exhibit highest growth rate for the forecasted period.
The global IVA market is highly competitive with the presence of numerous prominent players. New product launch is the most adopted strategy by the market leaders for the expansion of their market share and product portfolio. For instance, Pega systems, Inc. Pega Intelligent Virtual Assistant in April 2016.
Major companies 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.