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. 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.
India IVA Market Revenue by Application, 2014 - 2024 (USD Million) |
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.
Full
Research Report On Global Intelligent Virtual Assistant (IVA) Market Analysis:
www.grandviewresearch.com/industry-analysis/intelligent-virtual-assistant-industry
www.grandviewresearch.com/industry-analysis/intelligent-virtual-assistant-industry
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.
View more
reports of this category by Grand View Research at:
www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
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
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia
Pacific
- India
- China
- Japan
- Latin
America
- Brazil
- Mexico
- Middle
East & Africa
View press
release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-intelligent-virtual-assistant-industry
www.grandviewresearch.com/press-release/global-intelligent-virtual-assistant-industry
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, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more
information: www.grandviewresearch.com
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