Intelligent Virtual Assistant Market share to grow at over 34.9% CAGR from 2016 to 2024 - PowerPoint PPT Presentation

About This Presentation

Intelligent Virtual Assistant Market share to grow at over 34.9% CAGR from 2016 to 2024


More Information @ IVA technology provides features such as interaction in natural language, lifelike avatar, ability to recognize different languages and respond via text or voice. For example, DigitalCX by CX Company understands the questions posed by the user and provides step-by-step activities and cross sell opportunities depending on the customer interest. – PowerPoint PPT presentation

Number of Views:17


Transcript and Presenter's Notes

Title: Intelligent Virtual Assistant Market share to grow at over 34.9% CAGR from 2016 to 2024

Intelligent Virtual Assistant Market to grow at
over 34.9 CAGR by 2024 Global Market Insights
Fuel Cell Market size worth 25.5bn by 2024
Industry Overview
  • Rapid technological advancements and innovations
    will stimulate intelligent virtual assistant
    (IVA) market share over the coming period of 2016
    to 2024. According to Global Market Insights,
    Inc., Global intelligent virtual assistant
    market size is estimated to grow at an annual
    growth rate of 34.9 over the coming seven
    years. The technology assisted advantages such
    as high customer satisfaction, enhanced support,
    personalized customer service, low operating
    cost, and multiple languages device support
    will increase the demand for IVA worldwide.
    Healthcare and automotive sector are increasingly
    adopting speech recognition technology, which
    will further significantly drive IVA industry
    share. The huge investment in RD by firms to
    enhance their products and solutions portfolio in
    sync with the latest technological trends will
    noticeably influence the industry trends.
  • Automotive, healthcare, BFSI, IT telecom,
    education, and retail are some of the key
    application areas for the intelligent virtual
    assistant market. The automotive application is
    estimated to surpass a revenue of USD 2.8 billion
    by 2024, owing to the increasing incorporation of
    IVA technology for the automotive sector. For
    instance, dragon drive automotive virtual
    assistant platform for connected cars has been
    released recently, which improves the in-car
    experience of the driver.

  • The escalating healthcare sector will generate
    heavy revenue for intelligent virtual assistant
    industry over the coming period, driven by its
    increasing requirement from hospitals to request
    lab results as well as to schedule appointments.
    Retail applications will also play a significant
    role towards intelligent virtual assistant market
    growth over the coming timeframe, owing to the
    quick and cost-effective problem-solving
  • The IVA technology is segmented in terms of
    speech recognition, voice recognition, and
    text-to -speech. Speech recognition technology is
    predicted to surpass a revenue of USD 7.5 billion
    by 2024, driven by its increasing implementation
    in mobile devices. Voice recognition IVA
    technology is estimated to exhibit substantial
    growth over the coming years. The growth can be
    attributed to the increasing demand for this
    technology for voiceprints and biometric
    identification applications.
  • Based on end-use, intelligent virtual assistant
    market mainly comprises large enterprises, small
    midsized business (SMBs), and individual users.
    SMBs end user segment is projected to witness an
    annual growth rate of 37 over the coming seven
    years owing to the increasing adoption of IVA
    technology by SMBs, due to its advantages such as
    reduced operating cost and improved business

  • The IVA service includes customer service and
    marketing assistant. IVA technology helps to
    solve large number of customers problems with
    dynamically improved and refined way. This, in
    turn, will surge the demand for IVA technology
    for customer service, which is anticipated to
    exhibit a CAGR of 35 over the period of 2016 to
  • Taking into consideration the global aspects,
    North America is expected to dominate the
    industry share over the coming years, owing to
    the huge implementation of BYOD and enterprise
    mobility business model. Increasing demand for
    smartphone-assisted platform will influence North
    America IVA industry growth notably.
  • Asia Pacific intelligent virtual assistant market
    is predicted to grow at an annual growth rate of
    40 over the coming seven years. The rise in
    technological advancement will be the attributing
    factor towards the regional growth. India and
    China will be the major revenue pockets for the
    Asia Pacific IVA industry share.
  • Nuance, Clara Labs, IBM, eGain, and Creative
    Virtual are some of the leading companies
    operating in the global intelligent virtual
    assistant industry. Other notable market
    participants include InteliWise, Artificial
    Solutions, CX Company, and Anboto Group.

U.S. Intelligent Virtual Assistant (IVA) Market
size, by application, 2013-2024 (USD Million)


Browse Full Market Research Report Of
Intelligent Virtual Assistant (IVA) Market _at_
http// Request for a Sample
of this Research report _at_ https//www.gminsights.c
Stay In Touch Website Soci
al Media
Write a Comment
User Comments (0)