Global Intelligent Virtual Assistant Market to Exhibit 32.8% CAGR from 2016 to 2024

Published Date : Jun 28, 2018

Albany, New York, June 28, 2018: A detailed market research report recently added to presents a detailed analytical study of the global market for intelligent virtual assistants. According to the report, the market will register an exponential CAGR of 32.8% from 2016 to 2024, rising from US$627.7 mn in 2015 to a revenue opportunity of US$7.9 bn by the end of 2024.

The report is titled “Intelligent Virtual Assistant Market (Technology - Text-to-Speech Recognition, Speech Recognition ( Speech Recognition Systems, Natural Language Processing (NLP)); Application - Websites, Contact Centers, Messenger Bots; End-user - Individual Users, Small and Medium Enterprises, Large Enterprises) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”

Intelligent virtual assistants are increasingly gaining popularity as the new type of mobility solution and business communication medium that utilize internet and speech together to answer user’s queries of a variety of kind. As intelligent virtual assistants increasingly become an important part of the mobility market, organizations have started increasing the usage of such assistants on their websites. Moreover, as businesses seek to improve productivity, they are increasingly turning toward digital applications instead of human workers for a variety of operations and processes that require a direct communication between the end user and business processes. These factors are boosting the global market for intelligent virtual assistants.

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The report segments the global intelligent virtual assistants market on the basis of criteria such as technology, application, end user, and geography. Based on technology, the market is further segmented into speech recognition and text-to-speech applications. On the basis of end user, the market is segmented into individual users, large enterprises, and small- and medium-sized enterprises. Of the key end users of intelligent virtual assistant studies in the report, the market for large enterprises presently accounts for the dominant share in the global market. Of the key technologies in the market covered in the report, the segment of speech recognition accounted for over 53% of the market in 2015.

Geographically, the market has been covered for regions such as Latin America, Europe, Asia Pacific, Middle East and Africa, and North America. Of these, the market in North America market for intelligent virtual assistants led the global market in 2015 by acquiring nearly 40% share. The dominant share of the market can be attributed to the rising popularity of virtual assistant applications in consumer electronic products such as personal computers, smartphones, and tablets. Owing to the improved accuracy of intelligent virtual assistants, their demand is also expected to see significant rise in regional markets such as Europe and Asia Pacific.

The report states that the competitive landscape of the global market for intelligent virtual assistant solutions is fragmented in nature and features the presence of a large number of regional as well as global vendors. Of the numerous companies operating in the market, the most prominent ones are Artificial Solutions UK Ltd., IntelliResponse Systems Inc., Next IT Corporation, VirtuOz Inc., Creative Virtual Ltd., CodeBaby Corp., eGain Communications Corp., Anboto Group., Speaktoit Inc., and Nuance Communications Inc.

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