Albany, NY -- (SBWIRE) -- 06/05/2015 -- Increasing need to improve online self-service is projected to be the key driver for the global intelligent virtual assistant market in the foreseeable future. Intelligent virtual assistants can improve online customer service experience and optimize sales. The humanlike, intelligent virtual assistants facilitate intelligent conversation over interactive channel in several languages. Furthermore, their digital nature allows these assistants to adopt any appearance or personality.

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What do the Research Studies Say?

In an independent research commissioned by Artificial Solutions, preferences of 1,500 customers in Europe were recorded. The results of the study showed that a massive 81% of the consumers are more likely to engage with an online intelligent virtual assistant if it helped to improve their online experience. Around 70% consumers that participated in the study mentioned they would spend more time on a website if it featured a virtual assistant.A research study conducted by a market research firm based in the U.S., Transparency Market Research forecasts that the global intelligent virtual assistant market will develop at an impressive CAGR of 30.6% during the forecast period from 2013 to 2019. The firm predicts that the global intelligent virtual assistant will reach a value of US$2,126.4 million by 2019, which is approximately six times more compared to the market value of US$352.0 million recorded in 2012.

Impact of Data Explosion on the Market

The global intelligent virtual assistant market is greatly influenced by the growing data explosion. Users tend to find it convenient to employ virtual assistants rather than using conventional navigation channels to search for data. Further, enterprises benefit from the faster response time and enhanced data collection capability of intelligent virtual assistant. With elevated data explosion, the demand for smarter virtual assistants is projected to grow to a great extent.

Asia Pacific to Demonstrate Strong Growth in the Market

North America emerged as the leading contributor in the global market for intelligent virtual assistant in 2012 with around 40% market share. However, it is Asia Pacific that will demonstrate the highest CAGR of 32.2% between 2013 and 2019. The accelerating penetration of mobility will drive the Asia Pacific intelligent virtual assistant market. Facebook, LinkedIn, and Twitter were recorded as the most popular social networking sites for deploying virtual assistants in the EMEA region. By measuring consumer satisfaction rates along with the call deflection, it can be used to analyze the effectiveness of intelligent virtual assistants, which are now an integral tool for supporting a multi-channel strategy.

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Product Development Focused on Customer Satisfaction

Customer satisfaction has become a strategic asset in several industries. Alme from Next IT features a multi modal, channel, and language processing platform. V-Person from Creative Virtual can be deployed via live chat, social media, web, mobile channels using the firm's knowledge management platform – V-portal. Anboto's 5th Generation Virtual Vendor features automatic language detection, evaluation of multiple questions in one sentence, innovative image, cross selling and upselling, etc.

The top companies operating in the global intelligent virtual assistant market are focused on developing products that have multiple features, enhance consumer satisfaction, and gather intelligence. Creative Virtual, Next IT, Anboto Group, Nuance Communications, and IntelliResponse are some of the top players operating in the global intelligent virtual assistant market.

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Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

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