Albany, NY -- (SBWIRE) -- 10/02/2018 -- Social media is playing an important role in the development of the global market for intelligent virtual assistants. The expanding traffic on social media platforms are prompting players to offer improved features on their sites and applications and thus, these players are banking on intelligent virtual assistants.

According to a report by Transparency Market Research (TMR), the global intelligent virtual assistant market for is expected to proliferate at a remarkable 32.8% CAGR from 2016 to 2024, reaching a valuation of US$7.9 bn by 2024 from US$627.7 mn in 2015. The sweeping shift from analog to digital technologies in organizations worldwide is also working in favor of the market. Moreover, the burgeoning demand for effective and sophisticated work ecosystem is translating into the greater adoption of these systems across several industries such as insurance, travel, healthcare, and government.

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The global intelligent virtual assistant market is analyzed by segmenting it on the basis of technology, application, and end-users. In terms of technology, the global intelligent virtual assistant market is classified into text-to-speech and speech recognition. The speech recognition segment further covers, speech recognition system and natural language processing. Among these, the speech recognition segment is further fragmented into user dependent and user independent speech recognition system. Moreover, these segment is further classified on the basis of speaking speed into discrete speech recognition and continuous speech recognition systems.

Based on the application, the market is divided into website, contact centers and messenger bots. The market is also classified based on the end-users into individual users, small and medium enterprises and large enterprises. Geographically, the global market for intelligent virtual assistant has been segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America. The market size and forecast for each region has been provided for the period from 2014 to 2024 along with the CAGR (%) for the forecast period from 2016 to 2024.

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The study also includes qualitative analysis of the competitive scenario for major countries/regions such as the U.S., Canada, the U.K., Germany, France, Spain, Italy, Japan, India, Indonesia, UAE, Saudi Arabia, South Africa and Brazil in country snippet segments. Analysis by technology, application, end-users and regions helps in evaluating the present scenario and growth prospects of the intelligent virtual assistant market over the forecast period from 2016 to 2024.