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.
Albany, NY -- (SBWIRE) -- 06/14/2016 -- Intelligent virtual assistant acts as the primary interface between digital data and customers. This software agent performs tasks based on the input provided and by accessing the information online on various sources. Intelligent virtual assistant technology incorporates the combination of a user interface, mobile device and mobile application. The ability to organize and maintain information is one of the key characteristic of intelligent virtual assistant. At present, most websites place burden on end users to find answers to their queries. If end users are not able to find relevant information, they usually abandon the search and contact live customer service representatives. Companies need cost effective ways to effectively and efficiently respond to customer needs. Hence, most companies are turning to interactive online channels such as intelligent virtual assistants and web chats.
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Key factors driving the global intelligent virtual assistant market include increasing adoption in large enterprises in order to replace traditional methods of customer engagement and innovation in the field of speech recognition technology in smartphones. Further, small and medium enterprises are anticipated to embrace intelligent virtual assistants since the cost of these software is anticipated to reduce on account of increasing competition. Moreover, with rising popularity of speech recognition applications in smartphones, the intelligent virtual assistant market is expected to witness significantly high growth in the near future. Furthermore, expanding applications of intelligent virtual assistants across end-use sectors such as healthcare, e-commerce and banking offer potential opportunities for growth in near future. This is evident from the research and development activities carried out by key players such as Nuance Communication Corp. and Next IT Corp. among others.
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. Based on end-users, the intelligent virtual assistants market is segmented into individual users, small and medium enterprise, and large enterprise. The market size and forecasts in terms of revenue (US$ Mn) for each of these segments have been provided for the period 2013 to 2022, considering 2013 and 2014 as the base years. The report also provides compounded annual growth rate (CAGR) for each segment of the market for forecast period 2015 to 2022. Geographically, the intelligent virtual assistant market has been segmented into five regions, namely, North America, Europe, Asia-Pacific, Middle East and Africa (MEA) and Latin America.
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The report includes market dynamics, key trends analysis and brief analysis of intelligent virtual assistant technologies such as Jibo, Siri, Cortana, Google Now and Alexa Voice. The report also includes analysis of key participants in the intelligent virtual assistant along with their role in the ecosystem. The report also highlights competitive strategies adopted by key players in the global intelligent virtual assistant market. We have included future trends that will impact the demand.
Some of the key players in the intelligent virtual assistant marketplace include Next IT Corporation, Creative Virtual Ltd., Anboto Group, CodeBaby Corporation, IntelliResponse Systems Inc., Nuance Communications Inc., Speaktoit Inc., Artificial Solutions Ltd. and eGain Communication Corporation.
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