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.
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.
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summary of this report @ http://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.
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more reports of this category by Grand View Research: http://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
For press release of this report - http://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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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