Intelligent Virtual Assistant Market share to grow at over 34.9% CAGR from 2016 to 2024

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Intelligent Virtual Assistant Market to grow at
over 34.9 CAGR by 2024 Global Market Insights
Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Industry Overview

• Rapid technological advancements and innovations
  will stimulate intelligent virtual assistant
  (IVA) market share over the coming period of 2016
  to 2024. According to Global Market Insights,
  Inc., Global intelligent virtual assistant
  market size is estimated to grow at an annual
  growth rate of 34.9 over the coming seven
  years. The technology assisted advantages such
  as high customer satisfaction, enhanced support,
  personalized customer service, low operating
  cost, and multiple languages device support
  will increase the demand for IVA worldwide.
  Healthcare and automotive sector are increasingly
  adopting speech recognition technology, which
  will further significantly drive IVA industry
  share. The huge investment in RD by firms to
  enhance their products and solutions portfolio in
  sync with the latest technological trends will
  noticeably influence the industry trends.
• Automotive, healthcare, BFSI, IT telecom,
  education, and retail are some of the key
  application areas for the intelligent virtual
  assistant market. The automotive application is
  estimated to surpass a revenue of USD 2.8 billion
  by 2024, owing to the increasing incorporation of
  IVA technology for the automotive sector. For
  instance, dragon drive automotive virtual
  assistant platform for connected cars has been
  released recently, which improves the in-car
  experience of the driver.

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• The escalating healthcare sector will generate
  heavy revenue for intelligent virtual assistant
  industry over the coming period, driven by its
  increasing requirement from hospitals to request
  lab results as well as to schedule appointments.
  Retail applications will also play a significant
  role towards intelligent virtual assistant market
  growth over the coming timeframe, owing to the
  quick and cost-effective problem-solving
  capability.
• The IVA technology is segmented in terms of
  speech recognition, voice recognition, and
  text-to -speech. Speech recognition technology is
  predicted to surpass a revenue of USD 7.5 billion
  by 2024, driven by its increasing implementation
  in mobile devices. Voice recognition IVA
  technology is estimated to exhibit substantial
  growth over the coming years. The growth can be
  attributed to the increasing demand for this
  technology for voiceprints and biometric
  identification applications.
• Based on end-use, intelligent virtual assistant
  market mainly comprises large enterprises, small
  midsized business (SMBs), and individual users.
  SMBs end user segment is projected to witness an
  annual growth rate of 37 over the coming seven
  years owing to the increasing adoption of IVA
  technology by SMBs, due to its advantages such as
  reduced operating cost and improved business
  quality.

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• The IVA service includes customer service and
  marketing assistant. IVA technology helps to
  solve large number of customers problems with
  dynamically improved and refined way. This, in
  turn, will surge the demand for IVA technology
  for customer service, which is anticipated to
  exhibit a CAGR of 35 over the period of 2016 to
  2024.
• Taking into consideration the global aspects,
  North America is expected to dominate the
  industry share over the coming years, owing to
  the huge implementation of BYOD and enterprise
  mobility business model. Increasing demand for
  smartphone-assisted platform will influence North
  America IVA industry growth notably.
• Asia Pacific intelligent virtual assistant market
  is predicted to grow at an annual growth rate of
  40 over the coming seven years. The rise in
  technological advancement will be the attributing
  factor towards the regional growth. India and
  China will be the major revenue pockets for the
  Asia Pacific IVA industry share.
• Nuance, Clara Labs, IBM, eGain, and Creative
  Virtual are some of the leading companies
  operating in the global intelligent virtual
  assistant industry. Other notable market
  participants include InteliWise, Artificial
  Solutions, CX Company, and Anboto Group.

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

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