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.
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
Improved customer experience
Intelligent virtual assistant 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
Intelligent virtual assistants 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
Intelligent virtual assistant market 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.
Intelligent Virtual Assistant Market Potential Benefits for Stakeholders
- 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 intelligent virtual assistant market
Intelligent Virtual Assistant Market Key Segments
The global intelligent virtual assistant market is segmented based on technology, vertical and geography.
- Speech Recognition
- Retail (e-commerce)
- North America
- Next IT Corporation
- Nuance Communications, Inc.
- IntelliResponse Systems, Inc.
- CodeBaby Corporation
- Creative Virtual Ltd.
- Speaktoit, Inc.
- Artificial Solutions
- eGain Corporation
- CX Company
- Anboto Group