The global intelligent virtual assistant market is witnessing a stable growth rate for the forecast period of 2015-2022.
Portland, OR -- (SBWIRE) -- 07/10/2017 -- Allied Market Research published a report on the global intelligent virtual assistant market which is a comprehensive survey for the time period, 2015 –2020. It is a detailed study for the period 2016 –2022. The report offers a detailed analysis on the key findings, market's definition and scope, porter's five force analysis, value chain analysis, restraints, and opportunities. The research provides key market players who contribute to the market and the drivers such as improved customer satisfaction, and cost-effective solution that facilitate market penetration. The report is segmented on the basis of technology, geography, the dominant market players, and verticals.
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With an advent in new technological advancements, IVA has seen a massive growth in terms of market penetration. Increasing demands for catering to sectors such as banking, E-retailers, healthcare, BFSI, automotive, and telecom industries. Segmenting on the basis of technology, IVA is divided into text-to-speech and speech recognition. IVA is used by multiple small-scale and large-scale industries. The gross profit coming from a summation of both the segments is taken into consideration with large scale enterprises being the highest contributor. According to the report, the CAGR registered was 35.2% during 2015 to 2020. The global market is currently anticipating $3.6 billion by 2020.
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The geographies mentioned in the report are Europe, North America, Asia-Pacific, and LAMEA (Latin America Middle East and Africa). On the basis of the geographical segmentation, the report provides key market trends, drivers, market size, opportunities, and forecast for each of the markets mentioned. Among the markets, North America is projected to be the dominant market with a major chunk of the market share during the forecast period. This is followed by the Asia-Pacific region dominating with the highest CAGR registered during the same time period.
The report contains intricate details of the overall market for Intelligent Virtual Assistant. The report dissects and provides analysis for each of the geographical markets and the companies that will increase investment in the following decade. The revenue for each of the companies is also mentioned.
The key players who are the major contributors in the global intelligent virtual assistant market are Artificial Solutions Ltd., CX Company, eGain Corporation, CodeBaby Corporation, Creative Virtual Ltd., Speaktoit Inc., Next IT Corporation, Nuance Communication, IntelliResponse System Inc., and Anboto Group. The key players are weighting the pros and cons of the IVA market and are coming up with competitive strategies to provide for each of the market verticals.
The entire study provides more than statistical insights. The division of each of the segment will prove to be beneficial to the prospective industries, and investors who are looking to invest in IVA. The report will also provide an impressive study on the global market of IVA to the stakeholders, and the existing companies, who are altering their strategies based on the analysis, market trends, and forecast.
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Key findings of the Intelligent Virtual Assistant Market Report:
- There is a huge growth potential in the automotive market segment throughout the forecast period
- Speech recognition, the segment under Intelligent Virtual Assistant market, is considered to be the most popular technology due to its interactive and intuitive communication.
- BFSI, throughout the forecast period, will continue to dominate the market. This sector will contribute to the profit margin since they will be the highest user of the IVA.
- Throughout the geographical region, the biggest market will be North America through the forecast period of 2015-2020. Their market share was accounted for 39.4% in 2014.
- Asia-Pacific is expected to witness a CAGR of 38.97% throughout the forecast period.