According to a report by Grand View Research, Inc., global intelligent virtual assistant (IVA) market is projected to value USD 12.28 billion by 2024. Growing need for self-reliance and quick solutions to problems are anticipated to propel demand for advanced IVAs in the forthcoming years. Such IVAs are expected to streamline business activities and reduce overhead expenses involved in interviewing, advertising, and training operations.
Growing use of smart phones coupled with increasing focus on customer engagement can influence market growth. High demand for customer satisfaction and changing revenue generation models in organizations can drive growth of market in the coming years. Increasing use of IVAs to enhance user experience by reducing customer service operational costs can fuel market growth. It can lower costs from high price channels such as email response and technical support. Shifting preference for online websites as service channels among consumers to gather information, make purchasing decisions, and resolve queries can augment market size during the forecast period (2014 to 2024).
Full Research Report On IVA Market Analysis: https://www.grandviewresearch.com/industry-analysis/intelligent-virtual-assistant-industry
The IVA market is segregated on the basis of type & service, application, end-use, and region. Based on product type, the market can be bifurcated into speech recognition and text-to-speech recognition. In 2015, speech recognition segment dominated the market and accounted for 61% of market share. It is likely to exhibit a CAGR of 38.1% from 2016 to 2024. Increasing adoption of smartphones can boost growth of speech recognition for better interaction with devices. In addition, growing adoption of technology in various sectors such as healthcare, automotive, and BFSI for multiple applications can fuel market growth in the forthcoming years.
Based on service, the market can be split into customer service and marketing assistant. In 2015, the marketing assistant segment dominated the market and accounted for 58% of the market. It is likely to grow at CAGR of 35.9% during the forecast period. It can support customers with web marketing, social media management, and product navigation. The customer service segment is anticipated a steady growth rate during the forecast period. IVA can provide customer services with advantages such as high customer satisfaction, multiple language & multiple device support, and low operating costs.
Based on application, the market is classified into automotive, IT & telecom, retail, healthcare, education, BFSI, and others. The automotive segment is touted as the fastest growing application for IVAs and is anticipated to display a CAGR of 39.5% from 2016 to 2024. Features such as automatic parking, lane change assistance, and adaptive cruise control with virtual assistant can fuel growth. It can deliver smart, connected, and safer driving experience to users. The BFSI segment is anticipated a remarkable growth rate from 2016 to 2024 due to high use of mobile banking.
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Based on end-use, the market can be classified into small and medium enterprises (SMEs), large enterprises, and individual user. In 2015, the large enterprises segment dominated the market and accounted for 57% of market share. It is expected to retain its position till 2024. In addition, the SMEs segment can also witness significant growth in the coming years owing to increasing adoption of virtual agent technology to generate revenue.
Regional segmentation includes Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. In 2015, North America dominated the market and accounted for 38% of market share owing to continuous technological advancements in the past ten years. Growing use of cloud-based applications such as MS Office Online and Skype owing to technological advancements can fuel product demand in the forthcoming years. In addition, increasing adoption of software assistants such as Apple Siri and Google Assistant owing to ease of usability can also influence market growth in the region.
In Asia Pacific, the market is expected to witness maximum growth in the coming years owing to high demand for IVA products in India and China. Owing to demand for self-reliance, most manufacturing companies are likely to develop multi-language platforms to offer better services for consumers. In addition, growing requirement for proper availability and reliability of healthcare services can influence market growth in the region.
Some of the leading companies offering intelligent virtual assistants are Google LLC; Clara Labs; Apple, Inc.; IBM Corporation; and Intel Corporation. Most companies are expected to create alliances amongst each other or with third parties to enhance their technology and cater to changing consumer demand.
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