Intelligent Virtual Assistant (IVA) Market size over $11bn by 2024
Published Date: December 18, 2016 Author: Global Market Insights, Inc.
Intelligent Virtual Assistant Market size is expected to exceed USD 11 billion by 2024; according to a new research report by Global Market Insights, Inc.
Growing focus on customer engagement to enhance user experience is expected to drive the intelligent virtual assistant market size in the future. Virtual assistants are deployed in mobile devices, enterprise websites, and social media that enable them to have constant communication with clients. For instance, companies install them to provide brand or product information to clients. In addition, it helps in promotions by asking new users to sign in to the company's loyalty account. Customer engagement solutions emphasize on providing enhanced direct experience and help companies to increase revenue and improve customer satisfaction and retention.
Growing focus on streamlining business activities to lower the overall operating cost will also propel the intelligent virtual assistant market size. IVAs have application across several business processes such as interviewing, employee training and advertising that allow enterprises to minimize the cost.
With the help of smartphones and other mobile devices, tasks such as checking in with staff, location based reminders, searching through emails, and scheduling meetings makes the work life of the employee more efficient. Thus, the increasing penetration of mobile devices is expected to provide a fillip to the intelligent virtual assistant market share.
Browse key industry insights spread across 180 pages with 130 market data tables & 100 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, Germany, UK, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Speech recognition is expected to witness significant growth with a CAGR of over 37% from 2016 to 2024 owing to the high demand for speech recognition technology across the medical and automotive applications.
- Moreover, increasing focus of technology giants including Microsoft and IBM to minimize the error rate is expected to significantly contributes towards high intelligent virtual assistant market share. The ability to covert a person's voice into a recognizable data pattern is projected to propel the demand for voice recognition over the coming years.
- IVA market share as service assistant is anticipated to witness high adoption over the future as it is capable of assisting businesses on customer requirements and work flow balance, thereby, delivering immediate productivity. Intelligent virtual assistant market share as customer assistants is projected to grow considerably at nearly 35% CAGR over the forecast timeline.
- The technology provides advantages such as enhance support, low operating cost, high customer satisfaction, personalized service to customers, multiple language & device support. Furthermore, it proves to be a key differentiator that increases consumer loyalty, income and sales.
- Intelligent virtual assistant market size is expected to witness significant demand across the retail industry owing to the features they offer such as responding efficiently to consumers queries and issues in a cost-effective manner. IVA offer personalized and expert service to customers irrespective of time, geography and channel without any sale support. This increases consumer satisfaction and lowers cost, which is expected to impel demand over the next few years.
- Enterprises are witnessing high adoption rate as it provides user friendly self-service feature which is much faster and convenient as compared to talking to a live agent. High IVA market adoption rate is further accredited to increasing focus on customer satisfaction and cost reduction.
- For instance, Nuance’s Nina is the first virtual integrated assistant in the UK insurance sector. Dominos Pizza’s ‘Dom’, ING Bank’s ‘Inge’, and JetStar Airline’s ‘Jess’ are virtual assistants designed to deliver a convincing, multi-channel, automatic customer service experience for the enterprise and consumer segment.
- U.S. intelligent virtual assistant market size contributed significantly to the overall revenue in 2015, with CAGR forecast to exceed the global average.
- Companies contributing to the intelligent virtual assistant market share include IBM Corporation, Nuance, Clara Labs, InteliWISE, eGain Communications, Creative Virtual, CX Company, 24/7 Customer Inc., Artificial Solutions and Anboto among others.
Intelligent virtual assistant market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
IVA market by technology
- Speech Recognition
- Voice Recognition
IVA market by service
- Customer Service
- Marketing Assistant
IVA market by end-use
- Large Enterprises
- Individual Users
IVA market by application
- IT & Telecom
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America