Intelligent Virtual Assistant Market estimated to witness a noticeable growth by 2024
Date: 2018-09-03   Author: Ronak Bora  Category: #technology

Intelligent Virtual Assistant Market estimated to witness a noticeable growth by 2024

According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc. Intelligent Virtual Assistant (IVA) Market is set to exceed USD 10 billion by 2024. Increasing demand across various industrial verticals such as BFSI, healthcare is expected to drive the IVA market growth over the forecast timeline. Deployment of this technology in mobile devices, social media and company websites provide lucrative growth opportunities for the IVA market growth. The personalized experience provided by the virtual assistants such as interaction in natural language eliminates the possibility of being in touch with the support team thus improving customer satisfaction.

To minimize the overall operational cost, various firms are deploying virtual assistants for purposes such as training, advertising as well as interviewing. Increasing penetration of smartphones coupled with the acceptance of corporate BYOD programs is anticipated to propel the IVA market demand. The development of advanced IVA technology with enhanced features such as Apple’s Siri and Amazon’s Alexa is providing ample growth opportunities to IVA industry.

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Speech recognition technology is expected to observe significant growth at over 35% CAGR from 2016 to 2024. Rising demand for speech recognition technology across automotive and medical applications is expected to boost the demand for speech recognition technology over the years. Gradual increase in the adoption of mobile devices coupled with the implementation of speech recognition technology on such devices provides impetus to the IVA market growth. Voice recognition technology will grow at a considerable rate followed by large scale implementation of this technology in biometric authentication devices.

Based on services, the customer assisted segment is predicted to witness high growth over the years pertaining to the improvised response provided by the IVAs fulfilling the potential customer needs. However, the capability of this technology to manage many requests enabling the companies to concentrate on their core competencies also contributes to the growth of the IVA market.

IVA technology is expected to witness high demand in automotive applications. This can be attributed to the increasing use of this technology by key automotive players to optimize the maximum potential. For instance, in 2016, Nuance announced the launch of IVA platform for connected car, Dragon Drive Automotive Assistance allowing the driver to enhance the overall experience. The growing adoption of this technology for automotive applications owing to the features such as driving assistance in order to eliminate risks is expected to fuel the demand for IVA market over the forecast timespan.

Factors such as reduced operational cost coupled with the enhancements in business quality are responsible for the growth of IVA technology among the SMBs. The high adoption rate of IVAs in enterprises can be attributed to the fast & convenient user-friendly features offered by them. Also, the reduced demand for hiring full time resources and operational spaces are expected to drive the industry growth over the forecast timeline.

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North America is anticipated to dominate the overall IVA market owing the early technological adoption. In addition, increasing adoption of smartphones coupled with the implementation of BYOD business model is expected to boost the demand for IVA in the region. Asia Pacific IVA market is expected to witness significant growth pertaining to the growth in emerging economies such as China and India.

Key companies operating in the IVA market include IBM Corporation, eGain communications, Nuance, Clara Labs and Creative Virtual. Other prominent players in the market include Anboto, InteliWISE, CX Company, Artificial Solutions and 24/7 Customer Inc. among others. The IVA industry is currently witnessing rising investments on the R&D to bring in new innovations. Furthermore, companies are increasingly partnering with the third-party technology vendors which helps in enhancing the technology base and meet the potential customer demands.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.


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