The
global Intelligent Virtual Assistant (IVA) market size is expected to reach USD
12.28 billion by 2024 according to a new report by Grand View Research, Inc.
Demand for online self-service and growing need for self-reliance and rapid
resolution of queries are expected to be the primary contributors to market
growth.
 |
| India IVA Market Revenue by Application, 2014 - 2024 (USD Million) |
Online websites have become the preferred service channel for consumers
gathering information, resolve issues, as well as make purchasing decisions are
anticipated to drive the IVA market over the forecast period.
IVA
adoption is expected to be on the rise over the upcoming years owing to its
cost effectiveness. Although sales objectives have not been widely adopted for
virtual agents, their potential to up sell or cross-sell is expected to be a
key factor for increasing acceptance across smaller enterprises. The presence
of an intelligent virtual agent on a website has helped companies achieve
higher conversion rates.
Moreover,
emerging trend of assistant-as-app services is expected to tap the potential of
mobile applications segment. Applications engaging in conversational commerce
are popping-up across several industry verticals.
In depth research report on Intelligent Virtual
Assistant (IVA) Market
Further key findings from the report suggest:
•
Speech recognition dominated
the industry with the significant revenue share, which is expected to grow at a
CAGR of over 38% from 2016 to 2024. Rising adoption of mobile computer
technology across the world is expected to boost the demand for this segment.
Speech recognition simplifies the ability to interact with smartphones and its
applications. Moreover, rising demand for the technology in numbers of end-use
industries including automotive and healthcare is expected to drive the
industry over the future.
•
Large enterprises are expected
to remain the largest end-use segment by 2024. SMEs are expected to gain market
share with the CAGR of nearly 36% over the next eight years. An increasing
number of enterprises have adopted the technology to fuel revenue. Verticals
including financial services and banking, online retail and travel have
presented higher return on investment (ROI) through implementing virtual
assistant. This is mainly due to higher penetration, along with the early
incorporation of social and mobile channels. Industry segments with high
customer contact have been among early adopters of virtual agent incorporation.
•
BFSI is estimated to be a
largest application segment in 2015, which is estimated to grow at a CAGR of
over 35% from 2016 to 2024 owing to increased penetration of virtual assistants
across the segment. Increasing penetration of smartphones and tablets is
resulting in high growth in mobile banking, has become a crucial differentiator
in consumer service. Banks benefits from the virtual agents by providing round
the clock services and automating routine services boosting consumer
satisfaction and reducing inbound calls.
•
North America has the
significant market share of over 38% in 2015 owing the high proliferation of
internet services and mobile phones. Additionally, these regions are home to a
large number of key participants offering advanced solutions to several
segments such as BFSI, automotive and healthcare, among others. Emerging
markets of Asia Pacific, MEA and Latin America are expected to exhibit high
growth, primarily due to surge in mobility in countries including India, Brazil
and China.
•
Key industry participants
include [24]7 Customer Inc., Anboto Group, Apple Inc., Artificial Solutions,
Clara Labs, CodeBaby Corp., Creative Virtual Ltd., CX Company, eGain
Communications, Eidoserve Inc., Existor, Google, IBM Corporation, Intel Corporation,
InteliWISE S.A., Microsoft Corporation, Next IT Corporation, Nuance
Communications, Oracle Corporation, Speaktoit Inc., Synthetix Ltd., and ViClone
Corporation. Owing to the intense competition, the key companies and several
new entrants have established cooperative relationships among themselves or
with third parties to increase the ability of their technologies to address the
needs of the prospective customers.
Grand View Research has segmented the global
IVA market based on type, service, application, end-use and region:
IVA Type Outlook (Revenue, USD Million, 2014 - 2024)
•
Speech recognition
•
Text-to-speech recognition
IVA Service Outlook (Revenue, USD Million, 2014 -
2024)
•
Customer service
•
Marketing assistant
IVA Application Outlook (Revenue, USD Million, 2014
- 2024)
•
BFSI
•
Automotive
•
IT & Telecom
•
Retail
•
Healthcare
•
Education
•
Others
IVA End-Use Outlook (Revenue, USD Million, 2014 -
2024)
•
Small and medium enterprises
•
Large enterprises
•
Individual user
IVA Regional Outlook (Revenue, USD Million, 2014 -
2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
·
Asia Pacific
o
India
o
China
o
Japan
·
Latin America
o
Brazil
o
Mexico
·
Middle East & Africa
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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