Intelligent Virtual Assistant Industry Size, Growth, Analysis, Statistics, Trends, Research Report 2024

Text-only Preview

1 | P a g e
Intelligent Virtual Assistant Market size to grow at 34.9%
CAGR from 2016 to 2024: Global Market Insights Inc.
Intelligent Virtual Assistant Market size is expected to exceed USD 11 billion by 2024;
according to a new research report by Global Market Insights, Inc.
Growing focus on customer engagement to enhance user experience is expected to drive the
intelligent virtual assistant market size in the future. Virtual assistants are deployed in mobile
devices, enterprise websites, and social media that enable them to have constant
communication with clients. For instance, companies install them to provide brand or product
information to clients. In addition, it helps in promotions by asking new users to sign in to the
company's loyalty account. Customer engagement solutions emphasize on providing enhanced
direct experience and help companies to increase revenue and improve customer satisfaction
and retention.
Growing focus on streamlining business activities to lower the overall operating cost will also
propel the intelligent virtual assistant market size. IVAs have application across several
business processes such as interviewing, employee trainin g and advertising that allow
enterprises to minimize the cost.
With the help of smartphones and other mobile devices, tasks such as checking in with staff,
location based reminders, searching through emails, and scheduling meetings makes the work
life of the employee more efficient. Thus, the increasing penetration of mobile devices is
expected to provide a fillip to the intelligent virtual assistant market share.
U.S. Intelligent Virtual Assistant (IVA) Market size, by application, 2013-2024 (USD Million)
2 | P a g e
Browse key industry insights spread across 180 pages with 130 market data tables & 100
figures & charts from the report, “Intelligent Virtual Assistant (IVA) Market Size By
Technology (Speech Recognition, Text-To-Speech, Voice Recognition), By Service
(Customer Service, Marketing A ssistant), By Application (Automotive, BFSI, Retail, IT &
Telecom, Healthcare, Education), By End-Use (SMBs, Large Enterprises, Individual Users),
Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Fran ce, Italy,
Spain, China, India, Japan, South Korea, Brazil, Mexico), Application Potential, Price
Trends, Competitive Market Share & Forecast, 2016 2024” in detail along with the table of
Speech recognition is expected to witness significant growth with a CAGR of
over 37% from 2016 to 2024 owing to the high demand for speech recognition
technology across the medical and automotive applications.
Moreover, increasing focus of technology giants including Microsoft and IBM to
minimize the error rate is expected to significantly contributes towards high
intelligent virtual assistant market share. The a bility to covert a person's voice
into a recognizable data pattern is projected to propel the demand for voice
recognition over the coming years.
IVA market share as service assistant is anticipated to witness high adoption
over the future as it is capable of assisting businesses on customer
requirements a nd work flow balance, thereby, delivering immediate
productivity. Intelligent virtual assistant market share as customer assistants is
projected to grow considerably at nearly 35% CAGR over the forecast timeline.
The technology provides advantages such as e nhance support, low operating
cost, high customer satisfaction, personalized service to customers, multiple
language & device support. Furthermore, it proves to be a key differentiator that
increases consumer loyalty, income and sales.
Intelligent virtual assistant market size is expected to witness significant
demand across the retail industry owing to the features they offer such as
Key insights of Intelligent Virtual Assistant (IVA) Market:
3 | P a g e
responding efficiently to consumers queries and issues in a cost-effective
manner. IVA offer personalized and expert service to customers irrespective of
time, geography and channel without any sale support. This increases
consumer satisfaction and lowers cost, which is expected to impel demand over
the next few years.
Enterprises are witnessing high adoption rate as it provides user friendly self-
service feature which is much faster and convenient as compared to talking to
a live agent. High IVA market adoption rate is further accredited to increasing
focus on customer satisfaction and cost reduction.
For instance, Nuance’s Nina is the first virtual integrated assistant in the UK
insurance sector. Dominos Pizza’s ‘Dom’, ING Bank’s ‘Inge’, and JetStar
Airline’s ‘Jess’ are virtual assistants designed to deliver a convincing, multi-
channel, automatic customer service experience for the enterprise and
consumer segment.
U.S. intelligent virtual assistant market size contributed significantly to the
overall revenue in 2015, with CAGR forecast to exceed the global average.
Companies contributing to the intelligent virtual assistant market share include
IBM Corporation, Nuance, Clara Labs, InteliWISE, eGain Communications,
Creative Virtua l, CX Company, 24/7 Customer Inc., Artificial Solutions and
Anboto among others.
Intelligent virtual assistant market research report includes in-depth coverage of the industry,
with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the
following segments:
IVA market by technology
o Speech Recognition
o Text-to-Speech
o Voice Recognition
IVA market by service
o Customer Service
o Marketing Assistant
IVA market by end-use
o SMBs
o Large Enterprises
o Individual Users
IVA market by application
Segmentation of Intelligent Virtual Assistant (IVA) Market: