With the advent of artificial intelligence and the convergence of technology in many spheres of daily life, the intelligent virtual assistant market has grown correspondingly. Market Research Future, a firm which specializes in market reports related to the information and communication technology sector among others, recently published a report on this market. The market for virtual assistants is expected to grow steadily while demonstrating a dynamic CAGR rate.
The content gathered for machine-learning software performance improvement has led to significant improvement in the sector for intelligent virtual assistant market. Social media has significantly influenced the growth of this market leading to creation of new and diverse opportunities in the sector. Enhanced consumer experience is one of the main benefits that are driving the development of this particular sector.
The Global Intelligent Virtual Assistant Market comprises of the following categories:
By Technology: Text-to-speech and Speech recognition. Text to speech and speech recognition are developing on a relatively similar pace.
By Application: Vertical BFSI, healthcare, automotive, e-commerce, aerospace, IT among others. Healthcare sector is placing significant importance on IVA. IVAs are quite popular in the retail industry. IVA significantly supports the retail industry in several ways including enhanced customer experience and analyzing the buying behaviour of the customer in most efficient way.
By End User: Individual, small & medium enterprises and large enterprises.
By Region: North America, Europe, Asia-Pacific & RoW.
Detailed Regional Analysis
North America is dominating the market of intelligent virtual assistant with a sizeable market share. Technological advancement witnessed in North American countries is one of the key drivers for this market. Europe stands as second biggest market for IPA with a considerable market share. The market size of IPA in Europe region has been valued highly in the year 2015. Asia-Pacific has appeared as fast growing market where as APAC has witnessed an encouragingly high CAGR. It is expected that APAC will dominate the market of intelligent virtual assistant by the end of forecasted period. Urbanization in developing countries such as China and India show immense opportunity for virtual assistant systems.
Global Competitive Analysis
Entry of new industry players in the industry has set off a trend of solid, volume-driven growth that has been prevalent in the market with the addition of new and innovative products. Companies are aiming to solidify their share of the market segment, by deploying focused strategies for growth. The industry can benefit in the long-term by industry players maximizing the growth opportunities of this sector by engaging active process improvements and ensuring financial flexibility to invest in new optimal strategies. The key players in the market of intelligent virtual assistant market are- Nuance Communications (U.S.), Anboto (Spain), Google (U.S.), eGain (U.S.), CX Company (Netherlands), ViClone (Spain), Inbenta (U.S.) to name a few.
With huge progress in natural language processing, machine perception and learning, the intelligent virtual assistants and chatbots, are able to harness more information than realized previously. Intelligent virtual assistants are increasingly being built into home speakers such as Amazon’s Echo and similar products from Google and Apple and this trend will only gain further momentum in terms of skill and power over the next year.
Latest Industry News:
Oct 2017 LegalShield, a leading provider of affordable legal plans and the IDShield identity theft solution for individuals, families and small businesses, announced that it is offering a voice-activated intelligent virtual assistant that can be used with any Amazon hands-free device that supports its digital assistant Alexa, and Google Home. To accommodate members’ changing lifestyle and communication habits, LegalShield for Alexa and LegalShield for Google Home allow users to interact with their devices and ask questions.
April 2017 Pegasystems Inc, a software company empowering customer engagement at the world’s leading enterprises, recently launched Pega Intelligent Virtual Assistant, an artificial intelligence (AI) powered bot that easily turns applications into smart assistants on any channel from SMS and email to Facebook, Alexa, Slack, and more. Pega evolves bots from simple chat and data fetching novelties into sophisticated digital agents that anticipate people’s needs, make helpful suggestions, complete complex tasks, and provide exceptional experiences.
Intelligent Virtual Assistant Market is seeing a tremendous opportunities in the forecast period,…
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