The global IntelligentVirtual Assistant (IVA) market was valued USD 1005.2 million in 2016 and is anticipated to grow at a CAGR of 36.7% during forecast period as the scope and its applications are rising enormously across the globe. Intelligent virtual assistants (IVA) are also termed, as a smart virtual assistant or intelligent personal assistant is a software that interacts with humans by understanding natural language voice commands and perform a task for a user. It understands information in written or spoken words.
The
factors that are playing a major role in the growth of intelligent virtual
assistant industry are high demand for online self-service and self-reliance,
cost-efficient service, rising use of smartphones, high demand for intelligent
virtual assistant software in large enterprises and rising technological
innovations. However, lack of knowledge may restrain overall market growth in
the years to come. IVA market is segmented based on type, service, application,
end-user, and region.
Text-to-speech
recognition and speech recognition are the types that are explored in
intelligent virtual assistant (IVA) industry. Speech recognition sector
accounted for the substantial market share of intelligent virtual assistant and
is estimated to lead overall market in the years to come. Also, the sector is
estimated to grow at highest CAGR in the years to come. The reason could be
high demand among consumers as it makes easier to interact with smartphone and
its application.
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Based
on service type, marketing assistant, customer service, and others classify
intelligent virtual assistant market. Marketing assistant sector accounted for
the significant market share of intelligent virtual assistant and is estimated
to lead overall market in the years to come.
The
IVA industry is categorized based on applications like education, BFSI,
healthcare, automotive, retail, IT & telecom, and others. BFSI sector
accounted for substantial market share of intelligent virtual assistant and is
estimated to lead overall market in the years to come. The reason could be it
saves time and is easy to use. Also, automotive sector is estimated to grow at
the fastest pace in the years to come.
Based
on end-users, intelligent virtual assistant market is classified into
individual user, small and medium enterprise (SME), large enterprise, and
others. Large enterprises sector accounted for the significant market share of
intelligent virtual assistant and is estimated to lead overall market in the
years to come. Also, small and medium enterprise (SME) sector is estimated to
grow at the fastest pace in the years to come.
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Globally,
North America accounted for the substantial market share of intelligent virtual
assistant and is estimated to lead overall market in the years to come. The
reason behind overall market growth could be the rising use of enhanced
technology, presence of developed IT infrastructure and key providers in the
region, and high demand from the end-users. The United States is a major
consumer of intelligent virtual assistant in the region.
Europe
and the Asia Pacific are also estimated to have a positive influence on future
growth. Europe is the second largest region with significant market share. However,
Asia Pacific is estimated to grow at the highest CAGR in the forecast period.
The developing countries like India and China are the major consumers of
intelligent virtual assistant in this region.
The
key players of intelligent virtual assistant (IVA) industry are Google LLC,
Apple, Nuance Communications, Artificial Solutions, Microsoft Corporation,
Facebook, Intel Corporation, Creative Virtual, IBM Corporation, and Oracle
Corporation. These players are concentrating on inorganic growth to sustain themselves
amidst fierce competition.
Market
Segment:
Type
Outlook (Revenue, USD Million, 2014 - 2024)
• Speech Recognition
• Test-to-Speech Recognition
Service
Outlook (Revenue, USD Million, 2014 - 2024)
• Customer Service
• Marketing Assistant
Application
Outlook (Revenue, USD Million, 2014 - 2024)
• BFSI
• Automotive
• IT & Telecom
• Retail
• Healthcare
• Education
• Others
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