Title: Global Intelligent Virtual Assistant Market size worth over $11bn by 2024
1Intelligent Virtual Assistant (IVA) Market size
worth over 11bn by 2024 Global Market Insights
Inc.
Fuel Cell Market size worth 25.5bn by 2024
2Key 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.
3Continued
- 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.
4Continued
- 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.
5U.S. Intelligent Virtual Assistant (IVA) Market
size, by application, 2013-2024 (USD Million)
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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.
8Continued
- 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.
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