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Intelligent Virtual Assistant Market by Verticle (Automotive, Healthcare and e-commerce) and Technology (Text-to-Speech and Speech Recognition) - Global Opportunity Analysis and Industry Forecast, 2014 - 2020

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Pages: 80
Jan 2016 | 8951 Views
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Author's : Preeti Bisht
Tables: 24
Charts: 18
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Intelligent Virtual Assistant Market Overview:

Global Intelligent Virtual Assistant Market is expected to reach $3.6 billion by 2020, registering a CAGR of 35.2% during the forecast period 2015 - 2020. Intelligent virtual assistant (IVA) is a next generation software solution that facilitates user interaction with PC, through internet, SMS, messenger and other interfaces. IVA systems use various interaction methods, which include text-to-text, speech-to-text, text-to-speech, and speech-to-speech, among others to assist users in executing their respective tasks. The global intelligent virtual assistant market has exhibited notable growth in the recent past. However, it is poised to demonstrate an even more robust growth trend during the forecast period.

Presently, enterprises are focused on adopting cost-effective methodologies to provide effective and efficient customer services. Intelligent virtual assistant is a cost-effective technology, which assists multiple customers to gain access to a service, quickly and effectively. IVA also leads to an instant response from the system, improved data collection, and reduction in the dependency on manual customer support for any queries.  Thus, IVA solutions are being implemented across various organizations, such as banks, E-retailers, and healthcare among others.  Increasing smartphone penetration, growing adoption of intelligent virtual assistant software in large enterprises, and inclusion of natural language understanding technology are the key factors driving the global intelligent virtual assistant market. IVA facilitates user interaction with smartphones and other devices such as in-car infotainment system, PCs and laptops to access any kind of required information such as payment procedures, doctor availability and appointments, navigation, and news and entertainment among others.

The global intelligent virtual assistant market is segmented on the basis of technology, vertical and geography. Based on technology, the market is segmented into speech recognition and text-to-speech technology. Further, IVA technology finds its major application across various verticals such as automotive, BFSI, healthcare, Retail (e-commerce) and others.

Based on geography, the global intelligent virtual assistant (IVA) market is bifurcated into North America, Europe, Asia-Pacific and LAMEA (Latin America Middle East and Africa). North America and Europe are so far the major adopters of intelligent virtual assistant technology, contributing the highest to the overall intelligent virtual assistant market share. The enterprises in the region are increasingly adopting this technology to enhance their customer engagement along with reduced cost of operation. However, Asia-Pacific would witness the highest CAGR of 38.97% during the forecast period.

Segment Overview:

On the basis of technology, the intelligent virtual assistant market is segmented into speech recognition and text-to-speech. The global intelligent virtual assistant market size is the revenue generated from the summation of speech recognition solutions and text-to-speech solutions. The end-user segment covers large scale enterprises and medium & small scale enterprises. Among these end-users, large scale enterprises are major product type and highest revenue contributor, owing to higher adoption of intelligent virtual assistant as compared to medium & small scale enterprises. Based on industry verticals, the global intelligent virtual assistant market is segmented into automotive, healthcare, BFSI, retail & e-commerce, and others. Among these verticals, BFSI occupies the largest market share. Automotive and healthcare sectors represent strong growth potential, owing to increased adoption of intelligent virtual assistant for offering better customer services.

Top factors impacting intelligent virtual assistant market

Top factors impacting intelligent virtual assistant market

Improved customer experience

IVA increases company revenue by reducing the efforts in customer handling. It also reduces live chat volume, offers quick response at the same time. Additionally, IVA collects customer information, analyzes conversation & customer satisfaction survey responses, thereby helping organizations in improving customer and company communication.

Cost effective solution

IVA help to read, understand and respond to online customer queries. It automatically leads to reduced manpower cost of enterprises by offering better customer query response through IVA. Presently, large scale enterprises are also implementing intelligent virtual assistants as they help to eliminate the infrastructure setup cost. Hence, cost effectiveness of IVA is the key factor for rapid adoption in enterprises.

Increasing smartphone penetration

Growing adoption of smartphones is one of the key growth drivers of the world intelligent virtual assistant (IVA) market. With increasing demand of smartphones, companies are trying to integrate advanced and unique features in their product to attract more users. These unique features include IVA enabled apps and improved performance. Intelligent virtual assistance offer ease of conveyance as compared to old technology along with other features such as voice recognition, natural language understanding and affordability.

Lack of awareness

IVA offers various application across industries. For instance, round the clock customer support, quick response, effective data collection and data analysis. Additionally, IVA has its huge application in smartphones for easy access of information. IVA enables voice recognition technology that reads human speech and give results accordingly. However, currently various end-users are not well aware about the beneficial features of IVA. Therefore, lack of awareness among users may limit market growth to a certain extent over the forecast period.

Key Benefits

  • The report provides a detailed analysis of the global intelligent virtual assistant market with current and future growth trends, driving factors, opportunities, and challenges
  • The report includes a comprehensive analysis of market segments to provide insights on the market dynamics
  • Porter’s Five Forces analysis highlights the potential of buyers and suppliers as well as provides insights on the competitive structure of the market to devise effective growth strategies and facilitate better decision-making in the intelligent virtual assistant industry
  • Value chain analysis provides key inputs on the role of stakeholders involved at various stages in the intelligent virtual assistant market
  • SWOT analysis of the key market players highlights their strengths and weaknesses coupled with potential opportunities present in the IVA market

Intelligent Virtual Assistant Market Key Segments:

The global IVA market is segmented based on technology, vertical and geography.

By Technology

  • Text-to-Speech
  • Speech Recognition

By Vertical

  • Automotive
  • Healthcare
  • BFSI
  • Retail (e-commerce)
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

Key Players

  • Next IT Corporation
  • Nuance Communications, Inc.
  • IntelliResponse Systems, Inc.
  • CodeBaby Corporation
  • Creative Virtual Ltd.
  • Speaktoit, Inc.
  • Artificial Solutions
  • eGain Corporation
  • CX Company
  • Anboto Group
 

Chapter: 1 INTRODUCTION

1.1 Report description
1.2 Key benefits
1.3 Key market segments
1.4 Research methodology

1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models

Chapter: 2 EXECUTIVE SUMMARY

2.1 CXO perspective

Chapter: 3 MARKET OVERVIEW

3.1 Market definition and scope
3.2 Key Findings

3.2.1 Top impacting factor
3.2.2 Top winning strategies
3.2.3 Top investment pockets

3.3 Value chain analysis
3.4 Porters five forces analysis

3.4.1 Bargaining power of supplier
3.4.2 Bargaining power of buyers
3.4.3 Threat of new entrants
3.4.4 Threat of substitutes
3.4.5 Industry Rivalry

3.5 Key market players positioning
3.6 Drivers

3.6.1 Improved customer experience
3.6.2 Cost effective solution
3.6.3 Increasing smartphone penetration

3.7 Restraints

3.7.1 Lack of awareness

3.8 Opportunities

3.8.1 Inclusion of natural language processing

Chapter: 4 WORLD INTELLIGENT VIRTUAL ASSISTANT MARKET, BY TECHNOLOGY

4.1 Speech Recognition

4.1.1 Key market trends
4.1.2 Key drivers and opportunities
4.1.3 Market size and forecast

4.2 Text-to-Speech

4.2.1 Key market trends
4.2.2 Key drivers and opportunities
4.2.3 Market size and forecast

Chapter: 5 WORLD INTELLIGENT VIRTUAL ASSISTANT MARKET, BY VERTICAL

5.1 Automotive

5.1.1 Key market trends
5.1.2 Key drivers and opportunities
5.1.3 Market size and forecast

5.2 Healthcare

5.2.1 Key market trends
5.2.2 Key drivers and opportunities
5.2.3 Market size and forecast

5.3 BFSI

5.3.1 Key market trends
5.3.2 Key drivers and opportunities
5.3.3 Market size and forecast

5.4 Retail (e-commerce)

5.4.1 Key market trends
5.4.2 Key drivers and opportunities
5.4.3 Market size and forecast

5.5 Others

5.5.1 Key market trends
5.5.2 Key drivers and opportunities
5.5.3 Market size and forecast

Chapter: 6 WORLD INTELLIGENT VIRTUAL ASSISTANT MARKET, BY GEOGRAPHY

6.1 North America

6.1.1 Key market trends
6.1.2 Key drivers and opportunities
6.1.3 Market size and forecast

6.2 Europe

6.2.1 Key market trends
6.2.2 Key drivers and opportunities
6.2.3 Market size and forecast

6.3 Asia-Pacific

6.3.1 Key market trends
6.3.2 Key drivers and opportunities
6.3.3 Market size and forecast

6.4 Latin America Middle East and Africa (LAMEA)

6.4.1 Key market trends
6.4.2 Key drivers and opportunities
6.4.3 Market size and forecast

Chapter: 7 COMPANY PROFILE

7.1 Next IT Corporation

7.1.1 Company Overview
7.1.2 Strategic Moves and Developments
7.1.3 SWOT analysis of Next IT Corporation

7.2 Nuance Communications Inc.

7.2.1 Company overview
7.2.2 Business Performance
7.2.3 Strategic Moves and Developments
7.2.4 SWOT analysis of Nuance Communications Inc.

7.3 IntelliResponse Systems Inc.

7.3.1 Company overview
7.3.2 Strategic Moves and Developments
7.3.3 SWOT analysis of IntelliResponse Systems Inc.

7.4 CodeBaby Corporation

7.4.1 Company overview
7.4.2 Strategic Moves and Developments
7.4.5 SWOT analysis of CodeBaby Corporation

7.5 Creative Virtual Ltd

7.5.1 Company overview
7.5.2 Strategic Moves and Developments
7.5.3 SWOT analysis of Creative Virtual Ltd

7.6 Speaktoit Inc.

7.6.1 Company overview
7.6.2 Strategic Moves and Developments
7.6.3 SWOT analysis of Speaktoit, Inc.

7.7 Artificial Solutions Ltd.

7.7.1 Company overview
7.7.2 Strategic Moves and Developments
7.7.3 SWOT analysis of Artificial Solutions Ltd.

7.8 eGain Corporation

7.8.1 Company overview
7.8.2 Business Performance
7.8.3 Strategic Moves and Developments
7.8.4 SWOT analysis of eGain Corporation

7.9 CX Company

7.9.1 Company overview
7.9.2 Strategic Moves and Developments
7.9.3 SWOT analysis of CX Company

7.10 Anboto Group

7.10.1 Company overview
7.10.2 SWOT analysis of Anboto Group

List of Figures

FIG. 1 TOP IMPACTING FACTORS
FIG. 2 TOP WINNING STRATEGIES
FIG. 3 TOP INVESTMENT POCKETS BY VERTICAL
FIG. 4 VALUE CHAIN ANALYSIS
FIG. 5 PORTERS FIVE FORCES ANALYSIS
FIG. 6 KEY MARKET PLAYERS POSITIONING
FIG. 7 SWOT ANALYSIS OF NEXT IT COPORATION
FIG. 8 REVENUE GENERATED BY NUANCE COMMUNICATIONS INC., 2013 - 2015 ($MILLION)
FIG. 9 SWOT ANALYSIS OF NUANCE COMMUNICATIONS INC.
FIG. 10 SWOT ANALYSIS OF INTELLIRESPONSE SYSTEMS INC.
FIG. 11 SWOT ANALYSIS OF CODEBABY CORPORATION
FIG. 12 SWOT ANALYSIS OF CREATIVE VIRTUAL LTD
FIG. 13 SWOT ANALYSIS OF SPEAKTOIT, INC.
FIG. 14 SWOT ANALYSIS OF ARTIFICIAL SOLUTIONS LTD.
FIG. 15 REVENUE GENERATED BY EGAIN CORPORATION, 2013 - 2015 ($MILLION)
FIG. 16 SWOT ANALYSIS OF EGAIN CORPORATION
FIG. 17 SWOT ANALYSIS OF CX COMPANY
FIG. 18 SWOT ANALYSIS OF ANBOTO GROUP

List of Tables

TABLE 1 WORLD INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 2 WORLD INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BY TECHNOLOGY, 2014 - 2020 ($MILLION)
TABLE 3 WORLD INTELLIGENT VIRTUAL ASSISTANT SPEECH RECOGNITION TECHNOLOGY MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 4 WORLD INTELLIGENT VIRTUAL ASSISTANT TEXT-TO-SPEECH TECHNOLOGY MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 5 WORLD INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BY VERTICAL, 2014 - 2020 ($MILLION)
TABLE 6 WORLD AUTOMOTIVE INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 7 WORLD HEALTHCARE INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BYGEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 8 WORLD BFSI INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 9 WORLD RETAIL (E-COMMERCE) INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 10 WORLD OTHERS INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BY GEOGRAPHY, 2014 - 2020 ($MILLION)
TABLE 11 NORTH AMERICA INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BY VERTICAL, 2014 - 2020 ($MILLION)
TABLE 12 NORTH AMERICA INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BY TECHNOLOGY, 2014 - 2020 ($MILLION)
TABLE 13 EUROPE INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BY VERTICAL, 2014 - 2020 ($MILLION)
TABLE 14 EUROPE INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BY TECHNOLOGY, 2014 - 2020 ($MILLION)
TABLE 15 ASIA-PACIFIC INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BY VERTICAL, 2014 - 2020 ($MILLION)
TABLE 16 ASIA-PACIFIC INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BY TECHNOLOGY, 2014 - 2020 ($MILLION)
TABLE 17 LAMEA INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BY VERTICAL, 2014 - 2020 ($MILLION)
TABLE 18 LAMEA INTELLIGENT VIRTUAL ASSISTANT MARKET REVENUE BY TECHNOLOGY, 2014 - 2020 ($MILLION)
TABLE 15 SNAPSHOT OF NEXT IT CORPORATION
TABLE 16 SNAPSHOT OF NUANCE COMMUNICATIONS INC.
TABLE 17 SNAPSHOT OF INTELLIRESPONSE SYSTEMS INC.
TABLE 18 SNAPSHOT OF CODEBABY CORPORATION
TABLE 19 SNAPSHOT OF CREATIVE VIRTUAL LTD
TABLE 20 SNAPSHOT OF SPEAKTOIT, INC.
TABLE 21 SNAPSHOT OF ARTIFICIAL SOLUTIONS LTD.
TABLE 22 SNAPSHOT OF EGAIN CORPORATION
TABLE 23 SNAPSHOT OF CX COMPANY
TABLE 24 SNAPSHOT OF ANBOTO GROUP

 

Intelligent virtual assistant (IVA) software has witnessed rapid adoption, worldwide, owing to ease of usage as compared to the traditional channels such as call centers and growing demand from various end user industries. Additionally, the increasing penetration of smartphones and tablets in both developed and developing countries is fueling the adoption of IVA technology.
 
For industries such as BFSI and retail, customer service is one of the most crucial determinants of the business growth. Therefore, organizations are implementing intelligent virtual assistant (IVA), to improve customer interaction and enhance the accessibility and services for customers. IVA offers prompt response, easy client/customer handling, high customer satisfaction, and reduces operational costs by limiting the use of manpower. Additionally, increasing adoption of IVA among various industry verticals to engage people with an intelligent virtual assistant for faster & accurate responses as compared to human assistance has driven the world intelligent virtual assistant (IVA) market. Intelligent virtual assistant (IVA) market is a crucial part of the software industry, which facilitates animated or digital avatar representation of search applications.

Speech recognition technology is a frequently used technology in IVA enabled systems such as smartphones. However, text-to-speech technology is widely adopted across various sectors, such as education and healthcare, especially for blind patients. Increased adoption by large enterprises across different industry verticals such as BFSI, retail, healthcare and automotive is bolstering the growth of IVA market. Additionally, with growing benefits, small and mid-sized enterprises have also started opting for IVA systems. North American region dominates the global IVA market on account of early adoption of IVA systems in the region. However, Asia Pacific region is expected to exhibit remarkable growth, driven by increased smartphone penetration across countries such as Japan, China and India.
 
Various key players are operating in intelligent virtual assistant market such as Communications, Inc., IntelliResponse Systems, Inc., CodeBaby Corporation, Anboto Group and others. New product launch is a visible key strategy adopted by the leading players. For instance, recently Next IT Corporation introduced its new Alme Health Coach, which is an intelligent virtual health assistant. It is the first artificially intelligent healthcare IVA coach, which offers assistance to the patients for the treatment and management of chronic diseases. 

 

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