According to Stratistics MRC, Global Intelligent Virtual Assistant (IVA) market is expected to grow from $660.46 million in 2015 to reach $4,200.98 million by 2022 with a CAGR of 30.3%. Increasing innovative technological developments, growing adoption of IVA in mobile applications and websites are the major factors driving the market growth. Furthermore, growing internet penetration in emerging countries, growth of e-commerce business, and raising demand for regional language assistance are some of other factors propelling the market growth.
Market is segmented by technology into Text-to-Speech and Speech Recognition. Speech recognition is expected to register significant market share owing to the expansion of the technology on mobile devices. Increasing global mobile device adoption will boost the segment demand over the future. Moreover, rising penetration of the technology in applications such as automotive and healthcare is expected to propel segment growth. Voice recognition is projected to witness significant growth over the future owing to high demand for the technology across biometric identification and voiceprints for authentication applications.
Based on End User, Intelligent Virtual Assistant (IVA) market is categorized into education banking, financial services, and insurance (BFSI), healthcare, automotive, it & telecom retail and other end users. An increasing number of enterprises have adopted the technology to fuel revenue. Verticals including financial services and banking, online retail and travel have presented higher return on investment (ROI) through implementing virtual assistant. Automotive applications will rapidly gain share because several industry players are developing advanced virtual assistants for the automotive sector to leverage the full potential. The incorporation of the technology helps ensure driving assistance to mitigate risks, which is expected to fuel intelligent virtual assistant market share. The healthcare segment may witness high adoption over the next few years. Rising demand in hospitals to perform tasks such as scheduling appointments and requesting lab results propels the industry adoption across the segment. It improves the patient engagement and reduces the healthcare system inefficiencies.
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This report also covers trends driving each segment and offers analysis by geography, with key regions such as North America, Europe, Asia Pacific and Rest of the World. North America commands the intelligent virtual assistant market with a higher CAGR due to availability of developed infrastructure, and higher acceptance of new technologies. Asia Pacific is expected to witness fastest growth, over the forecast period. Growing demand for self-reliance has boosted virtual agent acceptance and adoption. In recognition of these changing dynamics, service providers have developed multi-language platforms to serve the need of varied users. Attractive India and China intelligent virtual assistant market share will also be responsible for driving growth across the region.
The global industry is driven by innovation and technological advancements. Companies invest immensely in R&D operations to offer differentiated solutions to gain market share. For instance, in 2015, Amazon launched Alexa, a voice stimulated device that answers to the user’s voice and act on requests. However, to differentiate Alexa from other virtual assistants such as Apple’s Siri and Samsung’s S Voice, it offers advanced features and operates as a speaker that can hear the user from anywhere in the room.
Some of the key players in global intelligent virtual assistant (IVA) market include Anboto Group., Apple Inc., Artificial Solutions Ltd., Clara Labs, CodeBaby Corp., Creative Virtual Ltd., Customer Inc., eGain Communications Corp., Google, IBM Corporation, Intel Corporation, IntelliResponse Systems Inc., Microsoft Corporation, Next IT Corporation, Nuance Communications Inc., Oracle Corporation, Speaktoit Inc., and Synthetix Ltd.
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