Global IVA Market Size to exceed $11.5 bn by 2024
Published Date: December 14, 2018 Author: Global Market Insights, Inc.
Intelligent Virtual Assistant (IVA) Market size is set to exceed USD 11.5 billion by 2024; according to a new research report by Global Market Insights, Inc.
IVA market is anticipated to grow significantly over the forecast timeframe due to the 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 IVA 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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Marketing assistant service is expected to grow rapidly over the forecast period 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:
Speech recognition is expected to witness rapid growth due to the growing demand for documentation in the adoption of electronic records, propelling the intelligent virtual assistant market growth. 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 the adoption of IoT, propelling IVA market size.
The adoption of the technology by the SMBs is expected to grow significantly over the forecast timespan due to the minimized need for full-time customer service employees will drive the intelligent virtual assistant 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 IVA market in automotive applications is expected to grow rapidly over the forecast timespan due to 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 over the forecast time span due to the large-scale adoption of technological advancements by the 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 intelligent virtual assistant 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. For instance, in March 2018, Verint Systems launched new customer self-service capability solutions that include IVA and modular AI. Verint IVA allows companies to help customers make a purchase and resolve issues with a high-quality experience.
The IVA market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD 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 the basis of the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa