Intelligent Virtual Assistant (IVA) Market worth over $11.5bn by 2024
Published Date: December 14, 2018 Authors: Preeti Wadhwani, Saloni Gankar
Intelligent Virtual Assistant Market size is set to exceed USD 11.5 billion by 2024; according to a new research report by Global Market Insights, Inc.
The market growth is due to growing demand for online self-service, self-reliance, and rapid query resolution requirements. Websites are becoming the preferred service channels to gain information, make purchase decisions, and resolve issues.
Companies are adopting the technology to improve ease of access and streamline activities. Furthermore, the companies are increasingly implementing the technology to enhance operational efficiency.
Companies are investing in reducing overall costs to propel the intelligent virtual assistant market growth. The technology helps reduce costs from fields such as email response, technical telephonic support, and assistance on call. The implementation of the technology will enable the reduction in call wait times, reducing the resolution time and allowing call transfers in case of the escalation of an issue.
The growing proliferation of IoT is expected to stimulate the market growth. The use of IoT has increased the quantity and quality of data collected. IVAs respond to text or speech queries through smartphones and apps, increasing customer engagement.
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Speech recognition segment is predicted to witness high adoption of the IVA technology through 2024 due to growing demand for documentation in the adoption of electronic records. The modernization of infrastructure and growing need to protect & secure critical data are propelling the demand for these solutions. Furthermore, these systems allow improvement of interoperability owing to adoption of IoT, propelling the intelligent virtual assistant market size.
Marketing assistant service segment is expected to grow substantially from 2018 to 2024 due to features offered including social media management, product navigation, and web marketing. These features respond according to the marketing requirements of the customers efficiently, improving customer experience and customer loyalty.
Browse key industry insights spread across 300 pages with 232 market data tables & 34 figures & charts from the report, “Intelligent Virtual Assistant (IVA) Market Size By Technology (Speech Recognition, Text-To-Speech, Voice Recognition), By Service (Customer Service, Marketing Assistant), By Application (Automotive, BFSI, Retail, IT & Telecom, Healthcare, Education), By End-Use (SMBs, Large Enterprises, Individual Users), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Russia, China, Japan, South Korea, India, Taiwan, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
The adoption of the technology by SMBs is set to grow significantly in the coming years propelled by minimized need for full-time customer service employees will drive the market. The adoption of these solutions reduces the operational costs of the SMBs significantly and offers high-quality services. The technology offers marketing assistance and increased ROI, thus propelling the demand for these solutions.
The automotive applications will register high CAGR till 2024 led by features such as providing personalized assistance to the drivers and delivering a safe driving experience. The technology can be integrated with systems such as automatic parking, adaptive cruise control, lane change assist, and other ADAS controls. Several vendors in the industry offer IVAs to integrate voice as a part of the in-car infotainment systems.
The North America intelligent virtual assistant market will grow rapidly during the forecast timespan due to large-scale adoption of technological advancements by companies in this region. The major software companies, such as IBM & Microsoft, and car makers, such as BMW, are increasingly investing in the technology to enhance customer service and reduce the role of humans.
The key vendors in the market are Apple, Inc., Anboto, Artificial Solutions, Clara Labs, eGain Communications, Existor, IBM Corporation, Next IT Corporation, Nuance Communications, and Speaktoit, Inc. The companies are increasingly investing in product development and innovation to gain a competitive share.