Intelligent Virtual Assistant Market (Technology - Text-to-Speech Recognition and Speech Recognition (Speech Recognition Systems (Speaker Dependent and Speaker Independent) and Natural Language Processing (NLP)); Application - Websites, Contact Centers, and Messenger Bots; End User - Individual Users, Small and Medium Enterprises, and Large Enterprises) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 01/15/2018 -- According to research report, the global intelligent virtual assistant market is expected to reach US$7.9 bn by the end of 2024, from US$627.7 mn – its valuation in 2015. If these figures hold true, the market will exhibit an astounding CAGR of 32.8% between 2016 and 2024. Based on technology, the demand for speech recognition has emerged as the leading revenue generator in the global intelligent virtual assistant market. Between 2016 and 2024, the market is expected to showcase a CAGR of 33.3%. Regionally, North America emerged dominant, however, Asia Pacific is forecast to exhibit a stronger CAGR during the forecast period.
Global Intelligent Virtual Assistant Market: Snapshot
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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Demand for Intelligent Virtual Assistants to Remain Strong in Large Enterprises
On the basis of technologies, the global intelligent virtual assistant market is segmented into speech recognition and text-to-speech. The speech recognition segment held a large share of 53% in the overall market value in 2015. The segment will also exhibit the most promising prospects, progressing at a CAGR of 33.3% between 2016 and 2024. Based on application, the market is divided into messenger bots, websites, and contact centers. The website segment was the leading revenue contributor to the global intelligent virtual assistant market in 2015 with a share of around 70% in the overall market. The messenger bots segment will expand at a CAGR higher than another segment during the same period.
The key end users of intelligent virtual assistants are large enterprises, small and medium enterprises, and individual users. Among these, large enterprises will be the most prominent segment throughout the forecast horizon. The growth of the segment can be attributed to the increasing efforts by large enterprises to improve their customer care strategies. Small and medium enterprises will register a noteworthy CAGR during the same period.
North America to Lead Revenue Generation through 2024
From geographical standpoint, the global intelligent virtual assistant market is classified into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. North America held a dominant share of 40% in the overall market revenue in 2015. The presence of a large pool of multinational organizations in the U.S. is fuelling the growth of the region. These organizations have been increasingly relying on intelligent virtual assistants to enhance their relationships with clients, improve customer relationship management, and support the burgeoning demand for internet self-service. Over the coming years, the adoption of intelligent virtual assistants in the healthcare and BFSI sectors is likely to increase. With all these factors put together, the region is poised to retain its dominance through 2024.
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Europe is estimated to post moderate growth during the review period, with the EU7 at the forefront of growth. Asia Pacific holds immense potential and therefore, the region is anticipated to register impressive CAGR during the same period. The increasing emphasis on customer relationship management by both public bodies and companies is likely to trigger the demand for intelligent virtual assistants in the region.
Latin America and the Middle East and Africa are expected to experience sustainable growth in the global intelligent virtual assistant market. In MEA, countries such as the U.A.E., Turkey, Saudi Arabia, and Israel will be the sights of high growth rates during the forecast period. Some of the prominent companies operating in the global intelligent virtual assistant market are CodeBaby Corporation, eGain Communications Corp., Nuance Communications Inc., Artificial Solutions Ltd., Anboto Group, Creative Virtual Ltd., Speaktoit Inc., Next IT Corporation, and IntelliResponse Systems Inc.
Intelligent Virtual Assistant Market Analysis, by Technology
Speech Recognition Systems
Speaker Dependent Systems
Discrete Speech Recognition
Continuous Speech Recognition
Speaker Independent Systems
Discrete Speech Recognition
Continuous Speech Recognition
Natural Language Processing (NLP)
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Intelligent Virtual Assistant Market Analysis, by Application
Intelligent Virtual Assistant Market Analysis, by End-user
Small and Medium Enterprises
In addition, the report provides cross-sectional analysis of the intelligent virtual assistant market with
respect to the following geographical segments:
Rest of North America
Rest of Europe
Rest of Asia Pacific
Middle East and Africa (MEA)
Rest of the Middle East & Africa
Rest of Latin America