The global intelligent virtual assistant market is segmented by technology, end-users, and by geographic regions. Based on technology, the market is segmented into text-to-speech and speech recognition technology.
Albany, NY -- (SBWIRE) -- 01/19/2016 -- The global intelligent virtual assistant market, valued at US$ 579.7 Bn in 2014, is expected to witness growth at a CAGR of 31.8% during the period from 2015 to 2022. Intelligent virtual assistant acts as a new type of mobility solution and business communication where internet and speech is utilized together. As intelligent virtual assistants are increasingly entering mobility market, many organizations are increasing the usage of virtual assistant on their websites. Moreover, as enterprises seek to improve productivity in business operations and administration, digital workforce is expected to replace human workers. Additionally, growing need for effective and reliable means to reduce operational expenditure is expected to increase the demand for intelligent virtual assistants.
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Customer self-service is the key area of technology innovation. With technologies such as text-to-speech and speech recognition software, speech recognition in call center and knowledge management in customer self-service area is replacing labor intensive interactions. Due to recent developments in the field of interactive communication with the help of software, many small and large scale enterprises have adopted virtual assistants. Different users of intelligent virtual assistant include individual users, small and medium enterprises and large enterprises. Large enterprises accounted for the largest share in the global intelligent virtual assistant market in 2014. Intensive business competition has led to an increased adoption of intelligent virtual assistant by large enterprises.
Based on the revenue generated from different geographies, North America held the largest share of around 39% in 2014 in the global intelligent virtual assistant market. This dominance is attributed to the escalating popularity of virtual assistant applications across smartphones and personal computers owing to their improved accuracy. The market is also anticipated to witness considerable growth in Europe. With increase in penetration of internet in Europe, a large number of retailers in Europe have established online strategies without investing in physical infrastructure. Online presence provides retailers with options of providing wide range of low priced faster delivery. With increased focus on technological investments, Asia Pacific region is expected to show strong growth over the forecast period for the acceptance of intelligent virtual assistant solutions. Countries especially, India, China, Korea and Japan are expected to be forefront of intelligent virtual assistant adoption.
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The global intelligent virtual assistant market is fragmented in nature and large number of global and regional players contribute to the global market. Some of the key players in this market space include Next IT Corporation, Creative Virtual Ltd., VirtuOz Inc., Anboto Group., CodeBaby Corp., IntelliResponse Systems Inc., Nuance Communications Inc., Speaktoit Inc., Artificial Solutions UK Ltd., and eGain Communications Corp. among others. Different players adopt different strategies in order to sustain and strengthen their place in the global market. Nuance Communication Inc. is keen to deliver business intelligence that will help companies better communicate, support and understand their customers. Next IT Corporation engages in the development of new virtual assistance solutions for wide range of applications. The company expanded its product offerings for healthcare platform as a part of its strategy to focus on the healthcare applications.
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