Global Intelligent Virtual Assistant Market size worth over $11bn by 2024 - PowerPoint PPT Presentation

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Global Intelligent Virtual Assistant Market size worth over $11bn by 2024

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Intelligent Virtual Assistant Market size is expected to exceed USD 11 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing focus on customer engagement to enhance user experience is expected to drive the intelligent virtual assistant market size in the future. Virtual assistants are deployed in mobile devices, enterprise websites, and social media that enable them to have constant communication with clients. For instance, companies install them to provide brand or product information to clients. In addition, it helps in promotions by asking new users to sign in to the company's loyalty account. Customer engagement solutions emphasize on providing enhanced direct experience and help companies to increase revenue and improve customer satisfaction and retention. – PowerPoint PPT presentation

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Title: Global Intelligent Virtual Assistant Market size worth over $11bn by 2024


1
Intelligent Virtual Assistant (IVA) Market size
worth over 11bn by 2024 Global Market Insights
Inc.
Fuel Cell Market size worth 25.5bn by 2024
2
Key Insights from Intelligent Virtual Assistant
Market
  • Speech recognition is expected to witness
    significant growth with a CAGR of over 37 from
    2016 to 2024 owing to the high demand for speech
    recognition technology across the medical and
    automotive applications.
  • Moreover, increasing focus of technology giants
    including Microsoft and IBM to minimize the error
    rate is expected to significantly contributes
    towards high intelligent virtual assistant market
    share. The ability to covert a person's voice
    into a recognizable data pattern is projected to
    propel the demand for voice recognition over the
    coming years.
  • IVA market share as service assistant is
    anticipated to witness high adoption over the
    future as it is capable of assisting businesses
    on customer requirements and work flow balance,
    thereby, delivering immediate productivity.
    Intelligent virtual assistant market share as
    customer assistants is projected to grow
    considerably at nearly 35 CAGR over the forecast
    timeline.

3
Continued
  • The technology provides advantages such as
    enhance support, low operating cost, high
    customer satisfaction, personalized service to
    customers, multiple language device support.
    Furthermore, it proves to be a key differentiator
    that increases consumer loyalty, income and
    sales.
  • Intelligent virtual assistant market size is
    expected to witness significant demand across the
    retail industry owing to the features they offer
    such as responding efficiently to consumers
    queries and issues in a cost-effective manner.
    IVA offer personalized and expert service to
    customers irrespective of time, geography and
    channel without any sale support. This increases
    consumer satisfaction and lowers cost, which is
    expected to impel demand over the next few years.
  • Enterprises are witnessing high adoption rate as
    it provides user friendly self-service feature
    which is much faster and convenient as compared
    to talking to a live agent. High IVA market
    adoption rate is further accredited to increasing
    focus on customer satisfaction and cost reduction.

4
Continued
  • For instance, Nuances Nina is the first virtual
    integrated assistant in the UK insurance sector.
    Dominos Pizzas Dom, ING Banks Inge, and
    JetStar Airlines Jess are virtual assistants
    designed to deliver a convincing, multi-channel,
    automatic customer service experience for the
    enterprise and consumer segment.
  • U.S. intelligent virtual assistant market size
    contributed significantly to the overall revenue
    in 2015, with CAGR forecast to exceed the global
    average.
  • Companies contributing to the intelligent virtual
    assistant market share include IBM Corporation,
    Nuance, Clara Labs, InteliWISE, eGain
    Communications, Creative Virtual, CX Company,
    24/7 Customer Inc., Artificial Solutions and
    Anboto among others.

5
U.S. Intelligent Virtual Assistant (IVA) Market
size, by application, 2013-2024 (USD Million)

6

Browse Full Market Research Report On
Intelligent Virtual Assistant Market _at_
http//bit.ly/2hyyPOE Request for a Sample of
this Research Report _at_ https//www.gminsights.com/
request-sample/detail/1094
7
360 Analysis
  • Application Trends
  • Automotive applications will rapidly gain share
    to exceed USD 2.8 billion by 2024. Several
    industry players are developing advanced virtual
    assistants for the automotive sector to leverage
    the full potential. Recently, in 2016, Nuance
    announced the release of its latest virtual
    assistant platform, Dragon Drive Automotive
    Assistant for connected cars, which enables
    drivers to personalize their in-car experience.
    The incorporation of the technology helps ensure
    driving assistance to mitigate risks, which is
    expected to fuel intelligent virtual assistant
    market share.
  • Service Trends
  • Customer service segment is expected to observe
    substantial growth at over 35 CAGR from 2016 to
    2024. Rising customer expectations have led
    organizations to embrace a strategy of continuous
    customer-centric adaptation. Advanced IVAs
    respond in a dynamically refined and improved way
    to best satisfy the customers needs.

8
Continued
  • Technology Trends
  • Speech recognition is expected to cross USD 7.5
    billion by 2024 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.
  • Regional Trends
  • North America led the global revenue in 2015 and
    is expected to continue dominating the industry
    due to high smartphones adoption and demand along
    with the implementation of the enterprise
    mobility and BYOD business model. Asia Pacific
    intelligent virtual assistant market size will
    witness significant growth at over 40 CAGR from
    2016 to 2024. Considerable self-reliance demand
    is forecast to be the chief driver. Attractive
    India and China intelligent virtual assistant
    market share will also be responsible for driving
    growth across the region.

9
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