Market Research Reports

Intelligent Virtual Assistant Market (By Technology - Text-to-Speech, Speech Recognition; By End User - Individual Users, Small and Medium Enterprise Users, Large Enterprise Users) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022

73pages
Published Date: 2015-09-07

Description


 

Intelligent virtual assistant acts as the primary interface between digital data and customers. This software agent performs tasks based on the input provided and by accessing the information online on various sources. Intelligent virtual assistant technology incorporates the combination of a user interface, mobile device and mobile application. The ability to organize and maintain information is one of the key characteristic of intelligent virtual assistant. At present, most websites place burden on end users to find answers to their queries. If end users are not able to find relevant information, they usually abandon the search and contact live customer service representatives. Companies need cost effective ways to effectively and efficiently respond to customer needs. Hence, most companies are turning to interactive online channels such as intelligent virtual assistants and web chats.

Key factors driving the global intelligent virtual assistant market include increasing adoption in large enterprises in order to replace traditional methods of customer engagement and innovation in the field of speech recognition technology in smartphones. Further, small and medium enterprises are anticipated to embrace intelligent virtual assistants since the cost of these software is anticipated to reduce on account of increasing competition. Moreover, with rising popularity of speech recognition applications in smartphones, the intelligent virtual assistant market is expected to witness significantly high growth in the near future. Furthermore, expanding applications of intelligent virtual assistants across end-use sectors such as healthcare, e-commerce and banking offer potential opportunities for growth in near future. This is evident from the research and development activities carried out by key players such as Nuance Communication Corp. and Next IT Corp. among others.

The global intelligent virtual assistant market is segmented by technology, end-users, and by geographic regions. Based on technology, the market is segmented into text-to-speech and speech recognition technology. Based on end-users, the intelligent virtual assistants market is segmented into individual users, small and medium enterprise, and large enterprise. The market size and forecasts in terms of revenue (US$ Mn) for each of these segments have been provided for the period 2013 to 2022, considering 2013 and 2014 as the base years. The report also provides compounded annual growth rate (CAGR) for each segment of the market for forecast period 2015 to 2022. Geographically, the intelligent virtual assistant market has been segmented into five regions, namely, North America, Europe, Asia-Pacific, Middle East and Africa (MEA) and Latin America.

The report includes market dynamics, key trends analysis and brief analysis of intelligent virtual assistant technologies such as Jibo, Siri, Cortana, Google Now and Alexa Voice. The report also includes analysis of key participants in the intelligent virtual assistant along with their role in the ecosystem. The report also highlights competitive strategies adopted by key players in the global intelligent virtual assistant market. We have included future trends that will impact the demand. 

Some of the key players in the intelligent virtual assistant marketplace include Next IT Corporation, Creative Virtual Ltd., Anboto Group, CodeBaby Corporation, IntelliResponse Systems Inc., Nuance Communications Inc., Speaktoit Inc., Artificial Solutions Ltd. and eGain Communication Corporation.

This report analyzes the global intelligent virtual assistant market in terms of revenue (US$ Mn). The market has been segmented as follows:

Intelligent Virtual Assistant Market, by Technology:

  • Text-to-speech
  • Speech Recognition

Intelligent Virtual Assistant Market, by End-users:

  • Individual Users
  • Small and Medium Enterprise
  • Large Enterprise

Intelligent Virtual Assistant Market, by Geography:

  • North America
    • U.S.
    • Rest of North America
  • Europe
    • EU7
    • CIS
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • Indian Subcontinent
    • Australasia
    • Rest of Asia Pacific
  • Middle East and Africa (MEA)
    • GCC Countries
    • North Africa
    • South Africa
    • Rest of MEA
  • Latin America
    • Brazil
    • Rest of Latin America

Table of Contents


 

Chapter 1 Preface
1.1 Research Scope
1.2 Market Segmentation
1.3 Research Methodology
      1.3.1 Sources
      1.3.2 Secondary Research
      1.3.3 Primary Research

Chapter 2 Executive Summary
2.1 Market Snapshot: Global Intelligent Virtual Assistant Market (2014 and 2022)
2.2 Global Intelligent Virtual Assistant Market, 2013 – 2022, Revenue (US$ Mn) and Y-o-Y Growth (%)
2.3 Global Intelligent Virtual Assistant Market, by Technology, 2014 (US$ Mn)
2.4 Global Intelligent Virtual Assistant Market, by End-user, 2014 (US$ Mn)
2.5 Global Intelligent Virtual Assistant Market, by Geography, 2014 (US$ Mn)

Chapter 3 Global Intelligent Virtual Assistant Market Overview
3.1 Introduction
3.2 Key Trends Analysis
3.3 Contribution and Market Potential of Jibo, Siri, Cortana, Google Now and Alexa Voice
3.4 Market Drivers
      3.4.1 Drivers
              3.4.1.1 Increasing data explosion creating demand for intelligent virtual assistant software
              3.4.1.2 Increasing focus on improving customer relationship
      3.4.2 Restraints
              3.4.2.1 Cost and complexity of software and lack of skilled resources
      3.4.3 Opportunities
              3.4.3.1 Expanding application areas offer potential growth opportunities to the market
3.5 Distribution Channel Analysis
3.6 Global Intelligent Virtual Assistant Market Analysis, By Technology, 2013 – 2022 (US$ Mn)
      3.6.1 Overview
              3.6.1.1 Global Intelligent Virtual Assistant Market, by Technology – Market Share and Forecast, 2014 vs 2022 (Value %)
      3.6.2 Text-to-speech
              3.6.2.1 Global Intelligent Virtual Assistant Market Revenue Growth for Text-to-speech, 2013 – 2022 (US$ Mn)
      3.6.3 Speech Recognition
              3.6.3.1 Global Intelligent Virtual Assistant Market Revenue Growth for Speech Recognition, 2013 – 2022 (US$ Mn)
3.7 Global Intelligent Virtual Assistant Market Analysis, By End-user, 2013 – 2022 (US$ Mn)
      3.7.1 Overview
              3.7.1.1 Global Intelligent Virtual Assistant Market, by End-user – Market Share and Forecast, 2014 vs 2022 (Value %)
      3.7.2 Individual Users
              3.7.2.1 Global Intelligent Virtual Assistant Market Revenue Growth in Individual Users, 2013 – 2022 (US$ Mn)
      3.7.3 Small and Medium Enterprise
              3.7.3.1 Global Intelligent Virtual Assistant Market Revenue Growth in Small and Medium Enterprise, 2013 – 2022 (US$ Mn)
      3.7.4 Large Enterprise
              3.7.4.1 Global Intelligent Virtual Assistant Market Revenue Growth Large Enterprise, 2013 – 2022 (US$ Mn)
3.8 Competitive Landscape
      3.8.1 Market Positioning of Key Players, 2014
              3.8.1.1 Global Intelligent Virtual Assistant Market Positioning Analysis, 2014
      3.8.2 Competitive Strategies Adopted by Leading Players
      3.8.3 Recommendations

Chapter 4 North America Intelligent Virtual Assistant Market Analysis, 2013 – 2022
4.1 Overview
      4.1.1 North America Intelligent Virtual Assistant Market Revenue and Y-o-Y Growth, 2013 – 2022 (US$ Mn)
4.2 Key Trends Analysis
4.3 North America Intelligent Virtual Assistant Market Analysis, By Technology, 2013 – 2022
      4.3.1 Overview
              4.3.1.1 North America Intelligent Virtual Assistant Market Revenue and Forecast, by Technology, 2013 – 2022 (US$ Mn)
4.4 North America Intelligent Virtual Assistant Market Analysis, By End-user, 2013 – 2022
      4.4.1 Overview
              4.4.1.1 North America Intelligent Virtual Assistant Market Revenue and Forecast, by End-user, 2013 – 2022 (US$ Mn)
4.5 North America Intelligent Virtual Assistant Market Analysis, by Geography, 2013 – 2022 (%)
      4.5.1 Overview
              4.5.1.1 North America Intelligent Virtual Assistant Market Revenue and Forecast, by Geography, 2013 – 2022 (US$ Mn)

Chapter 5 Europe Intelligent Virtual Assistant Market Analysis
5.1 Overview
      5.1.1 Europe Intelligent Virtual Assistant Market Revenue and Y-o-Y Growth, 2013 – 2022 (US$ Mn)
5.2 Key Trends Analysis
5.3 Europe Intelligent Virtual Assistant Market Analysis, By Technology, 2013 – 2022
      5.3.1 Overview
              5.3.1.1 Europe Intelligent Virtual Assistant Market Revenue and Forecast, by Technology, 2013 – 2022 (US$ Mn)
5.4 Europe Intelligent Virtual Assistant Market Analysis, By End-user, 2013 – 2022
      5.4.1 Overview
              5.4.1.1 Europe Intelligent Virtual Assistant Market Revenue and Forecast, by End-user, 2013 – 2022 (US$ Mn)
5.5 Europe Intelligent Virtual Assistant Market Analysis, by Geography, 2013 – 2022
      5.5.1 Overview
              5.5.1.1 Europe Intelligent Virtual Assistant Market Revenue and Forecast, by Geography, 2013 – 2022 (US$ Mn)

Chapter 6 Asia Pacific Intelligent Virtual Assistant Market Analysis
6.1 Overview
      6.1.1 Asia Pacific Intelligent Virtual Assistant Market Revenue and Y-o-Y Growth, 2013 – 2022 (US$ Mn)
6.2 Key Trends Analysis
6.3 Asia Pacific Intelligent Virtual Assistant Market Analysis, By Technology, 2013 – 2022
      6.3.1 Overview
              6.3.1.1 Asia Pacific Intelligent Virtual Assistant Market Revenue and Forecast, by Technology, 2013 – 2022 (US$ Mn)
6.4 Asia Pacific Intelligent Virtual Assistant Market Analysis, By End-user, 2013 – 2022
      6.4.1 Overview
              6.4.1.1 Asia Pacific Intelligent Virtual Assistant Market Revenue and Forecast, by End-user, 2013 – 2022 (US$ Mn)
6.5 Asia Pacific Intelligent Virtual Assistant Market Revenue and Forecast, by Geography, 2013 – 2022 (US$)
      6.5.1 Overview
              6.5.1.1 Asia Pacific Intelligent Virtual Assistant Market Revenue and Forecast, by Geography, 2013 – 2022 (US$ Mn)

Chapter 7 MEA Intelligent Virtual Assistant Market Analysis
7.1 Overview
      7.1.1 MEA Intelligent Virtual Assistant Market Revenue and Y-o-Y Growth, 2013 – 2022 (US$ Mn)
7.2 Key Trends Analysis
7.3 MEA Intelligent Virtual Assistant Market Analysis, By Technology, 2013 – 2022
      7.3.1 Overview
              7.3.1.1 MEA Intelligent Virtual Assistant Market Revenue and Forecast, by Technology, 2013 – 2022 (US$ Mn)
7.4 MEA Intelligent Virtual Assistant Market Analysis, By End-user, 2013 – 2022
      7.4.1 Overview
              7.4.1.1 MEA Intelligent Virtual Assistant Market Revenue and Forecast, by End-user, 2013 – 2022 (US$ Mn)
7.5 MEA Intelligent Virtual Assistant Market Analysis, by Geography, 2013 – 2022
      7.5.1 Overview
              7.5.1.1 MEA Intelligent Virtual Assistant Market Revenue and Forecast, by Geography, 2013 – 2022 (US$ Mn)

Chapter 8 Latin America Intelligent Virtual Assistant Market Analysis
8.1 Overview
      8.1.1 Latin America Intelligent Virtual Assistant Market Revenue and Y-o-Y Growth, 2013 – 2022 (US$ Mn)
8.2 Key Trends Analysis
8.3 Latin America Intelligent Virtual Assistant Market Analysis, By Technology, 2013 – 2022
      8.3.1 Overview
              8.3.1.1 Latin America Intelligent Virtual Assistant Market Revenue and Forecast, by Technology, 2013 – 2022 (US$ Mn)
8.4 Latin America Intelligent Virtual Assistant Market Analysis, By End-user, 2013 – 2022
      8.4.1 Overview
              8.4.1.1 Latin America Intelligent Virtual Assistant Market Revenue and Forecast, by End-user, 2013 – 2022 (US$ Mn)
8.5 Latin America Intelligent Virtual Assistant Market Analysis, by Geography, 2013 – 2022
      8.5.1 Overview
              8.5.1.1 Latin America Intelligent Virtual Assistant Market Revenue and Forecast, by Geography, 2013 – 2022 (US$ Mn)

Chapter 9 Company Profiles
9.1 Next IT Corporation
9.2 Creative Virtual Ltd.
9.3 CodeBaby Corp.
9.4 IntelliResponse Systems Inc.
9.5 Nuance Communications Inc.
9.6 Speaktoit Inc.
9.7 Artificial Solutions Ltd.
9.8 eGain Communications Corp.
9.9 Anboto Group

List of Figures
 

FIG. 1 Global Intelligent Virtual Assistant Market: Market Segmentation
FIG. 2 Global Intelligent Virtual Assistant Market, 2013 – 2022, Revenue (US$ Mn) and Y-o-Y Growth (%)
FIG. 3 Global Intelligent Virtual Assistant Market, by Technology, 2014 (US$ Mn)
FIG. 4 Global Intelligent Virtual Assistant Market, by End-user, 2014 (US$ Mn)
FIG. 5 Global Intelligent Virtual Assistant Market, by Geography, 2014 (US$ Mn)
FIG. 6 Customer Expectations of Online Relationship Management
FIG. 7 Intelligent Virtual Assistant System
FIG. 8 Global Intelligent Virtual Assistant Market, by Technology – Market Share and Forecast, 2014 vs 2022 (Value %)
FIG. 9 Global Intelligent Virtual Assistant Market Revenue Growth for Text-to-speech, 2013 – 2022 (US$ Mn)
FIG. 10 Global Intelligent Virtual Assistant Market Revenue Growth for Speech Recognition, 2013 – 2022 (US$ Mn)
FIG. 11 Global Intelligent Virtual Assistant Market, by End-user – Market Share and Forecast, 2014 vs 2022 (Value %)
FIG. 12 Global Intelligent Virtual Assistant Market Revenue Growth in Individual Users, 2013 – 2022 (US$ Mn)
FIG. 13 Global Intelligent Virtual Assistant Market Revenue Growth in Small and Medium Enterprise, 2013 – 2022 (US$ Mn)
FIG. 14 Global Intelligent Virtual Assistant Market Revenue Growth in Large Enterprise, 2013 – 2022 (US$ Mn)
FIG. 15 Global Intelligent Virtual Assistant Market Positioning Analysis, 2014
FIG. 16 Global Intelligent Virtual Assistant Market Shares by Geography, 2014 and 2022 (%)
FIG. 17 North America Intelligent Virtual Assistant Market Revenue and Y-o-Y Growth, 2013 – 2022 (US$ Mn)
FIG. 18 Europe Intelligent Virtual Assistant Market Revenue and Y-o-Y Growth, 2013 – 2022 (US$ Mn)
FIG. 19 Asia Pacific Intelligent Virtual Assistant Market Revenue and Y-o-Y Growth, 2013 – 2022 (US$ Mn)
FIG. 20 MEA Intelligent Virtual Assistant Market Revenue and Y-o-Y Growth, 2013 – 2022 (US$ Mn)
FIG. 21 Latin America Intelligent Virtual Assistant Market Revenue and Y-o-Y Growth, 2013 – 2022 (US$ Mn)

List of Tables

TABLE 1 Market Snapshot: Global Intelligent Virtual Assistant Market (2014 and 2022)
TABLE 2 Internet penetration (Internet users per hundred of population)
TABLE 3 North America Intelligent Virtual Assistant Market Revenue and Forecast, by Technology, 2013 – 2022 (US$ Mn)
TABLE 4 North America Intelligent Virtual Assistant Market Revenue and Forecast, by End-user, 2013 – 2022 (US$ Mn)
TABLE 5 North America Intelligent Virtual Assistant Market Revenue and Forecast, by Geography, 2013 – 2022 (US$ Mn)
TABLE 6 Europe Intelligent Virtual Assistant Market Revenue and Forecast, by Technology, 2013 – 2022 (US$ Mn)
TABLE 7 Europe Intelligent Virtual Assistant Market Revenue and Forecast, by End-user, 2013 – 2022 (US$ Mn)
TABLE 8 Europe Intelligent Virtual Assistant Market Revenue and Forecast, by Geography, 2013 – 2022 (US$ Mn)
TABLE 9 Asia Pacific Intelligent Virtual Assistant Market Revenue and Forecast, by Technology, 2013 – 2022 (US$ Mn)
TABLE 10 Asia Pacific Intelligent Virtual Assistant Market Revenue and Forecast, by End-user, 2013 – 2022 (US$ Mn)
TABLE 11 Asia Pacific Intelligent Virtual Assistant Market Revenue and Forecast, by Geography, 2013 – 2022 (US$ Mn)
TABLE 12 MEA Intelligent Virtual Assistant Market Revenue and Forecast, by Technology, 2013 – 2022 (US$ Mn)
TABLE 13 MEA Intelligent Virtual Assistant Market Revenue and Forecast, by End-user, 2013 – 2022 (US$ Mn)
TABLE 14 MEA Intelligent Virtual Assistant Market Revenue and Forecast, by Geography, 2013 – 2022 (US$ Mn)
TABLE 15 Latin America Intelligent Virtual Assistant Market Revenue and Forecast, by Technology, 2013 – 2022 (US$ Mn)
TABLE 16 Latin America Intelligent Virtual Assistant Market Revenue and Forecast, by End-user, 2013 – 2022 (US$ Mn)
TABLE 17 Latin America Intelligent Virtual Assistant Market Revenue and Forecast, by Geography, 2013 – 2022 (US$ Mn

Free Market Analysis


 

The global intelligent virtual assistant market, valued at US$ 579.7 Bn in 2014, is expected to witness growth at a CAGR of 31.8% during the period from 2015 to 2022. Intelligent virtual assistant acts as a new type of mobility solution and business communication where internet and speech is utilized together. As intelligent virtual assistants are increasingly entering mobility market, many organizations are increasing the usage of virtual assistant on their websites. Moreover, as enterprises seek to improve productivity in business operations and administration, digital workforce is expected to replace human workers. Additionally, growing need for effective and reliable means to reduce operational expenditure is expected to increase the demand for intelligent virtual assistants.

Customer self-service is the key area of technology innovation. With technologies such as text-to-speech and speech recognition software, speech recognition in call center and knowledge management in customer self-service area is replacing labor intensive interactions. Due to recent developments in the field of interactive communication with the help of software, many small and large scale enterprises have adopted virtual assistants. Different users of intelligent virtual assistant include individual users, small and medium enterprises and large enterprises. Large enterprises accounted for the largest share in the global intelligent virtual assistant market in 2014. Intensive business competition has led to an increased adoption of intelligent virtual assistant by large enterprises.

Based on the revenue generated from different geographies, North America held the largest share of around 39% in 2014 in the global intelligent virtual assistant market. This dominance is attributed to the escalating popularity of virtual assistant applications across smartphones and personal computers owing to their improved accuracy. The market is also anticipated to witness considerable growth in Europe. With increase in penetration of internet in Europe, a large number of retailers in Europe have established online strategies without investing in physical infrastructure. Online presence provides retailers with options of providing wide range of low priced faster delivery. With increased focus on technological investments, Asia Pacific region is expected to show strong growth over the forecast period for the acceptance of intelligent virtual assistant solutions. Countries especially, India, China, Korea and Japan are expected to be forefront of intelligent virtual assistant adoption.

The global intelligent virtual assistant market is fragmented in nature and large number of global and regional players contribute to the global market. Some of the key players in this market space include Next IT Corporation, Creative Virtual Ltd., VirtuOz Inc., Anboto Group., CodeBaby Corp., IntelliResponse Systems Inc., Nuance Communications Inc., Speaktoit Inc., Artificial Solutions UK Ltd., and eGain Communications Corp. among others. Different players adopt different strategies in order to sustain and strengthen their place in the global market. Nuance Communication Inc. is keen to deliver business intelligence that will help companies better communicate, support and understand their customers. Next IT Corporation engages in the development of new virtual assistance solutions for wide range of applications. The company expanded its product offerings for healthcare platform as a part of its strategy to focus on the healthcare applications

 

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