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Published Date: 2016-08-02Number of Pages: 159

Intelligent Virtual Assistant Market (Technology - Text-to-Speech Recognition and Speech Recognition (Speech Recognition Systems (Speaker Dependent and Speaker Independent) and Natural Language Processing (NLP)); Application - Websites, Contact Centers, and Messenger Bots; End User - Individual Users, Small and Medium Enterprises, and Large Enterprises) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024

Global Intelligent Virtual Assistant Market: Snapshot 

Social media is playing an important role in the development of the global market for intelligent virtual assistants. The expanding traffic on social media platforms are prompting players to offer improved features on their sites and applications and thus, these players are banking on intelligent virtual assistants. 

According to a report by Transparency Market Research (TMR), the global intelligent virtual assistant market for is expected to proliferate at a remarkable 32.8% CAGR from 2016 to 2024, reaching a valuation of US$7.9 bn by 2024 from US$627.7 mn in 2015. The sweeping shift from analog to digital technologies in organizations worldwide is also working in favor of the market. Moreover, the burgeoning demand for effective and sophisticated work ecosystem is translating into the greater adoption of these systems across several industries such as insurance, travel, healthcare, and government. 

intelligent-virtual-assistant-market

Demand for Intelligent Virtual Assistants to Remain Strong in Large Enterprises 

On the basis of technologies, the global intelligent virtual assistant market is segmented into speech recognition and text-to-speech. The speech recognition segment held a large share of 53% in the overall market value in 2015. The segment will also exhibit the most promising prospects, progressing at a CAGR of 33.3% between 2016 and 2024. Based on application, the market is divided into messenger bots, websites, and contact centers. The website segment was the leading revenue contributor to the global intelligent virtual assistant market in 2015 with a share of around 70% in the overall market. The messenger bots segment will expand at a CAGR higher than another segment during the same period. 

The key end users of intelligent virtual assistants are large enterprises, small and medium enterprises, and individual users. Among these, large enterprises will be the most prominent segment throughout the forecast horizon. The growth of the segment can be attributed to the increasing efforts by large enterprises to improve their customer care strategies. Small and medium enterprises will register a noteworthy CAGR during the same period. 

North America to Lead Revenue Generation through 2024 

From geographical standpoint, the global intelligent virtual assistant market is classified into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. North America held a dominant share of 40% in the overall market revenue in 2015. The presence of a large pool of multinational organizations in the U.S. is fuelling the growth of the region. These organizations have been increasingly relying on intelligent virtual assistants to enhance their relationships with clients, improve customer relationship management, and support the burgeoning demand for internet self-service. Over the coming years, the adoption of intelligent virtual assistants in the healthcare and BFSI sectors is likely to increase. With all these factors put together, the region is poised to retain its dominance through 2024. 

Europe is estimated to post moderate growth during the review period, with the EU7 at the forefront of growth. Asia Pacific holds immense potential and therefore, the region is anticipated to register impressive CAGR during the same period. The increasing emphasis on customer relationship management by both public bodies and companies is likely to trigger the demand for intelligent virtual assistants in the region. 

Latin America and the Middle East and Africa are expected to experience sustainable growth in the global intelligent virtual assistant market. In MEA, countries such as the U.A.E., Turkey, Saudi Arabia, and Israel will be the sights of high growth rates during the forecast period. Some of the prominent companies operating in the global intelligent virtual assistant market are CodeBaby Corporation, eGain Communications Corp., Nuance Communications Inc., Artificial Solutions Ltd., Anboto Group, Creative Virtual Ltd., Speaktoit Inc., Next IT Corporation, and IntelliResponse Systems Inc.  

This report aims to provide a comprehensive strategic analysis of the global intelligent virtual assistant market along with revenue and growth forecasts for the period from 2014 to 2024. With advancements in virtual assistant technology and rising demand for both websites and mobile applications, the intelligent virtual assistant market is expected to experience high growth in the coming decade. Some of the factors supporting the growth of the market worldwide are the emergence of e-commerce and increased technological investment in developing regions like Asia Pacific, high demand in the health care and banking sectors, increasing Internet usage in developed regions such as North America and Europe, increasing awareness of the existing of intelligent virtual assistant, rise in demand for improved operation efficiency, and surge in demand for incorporation of new languages. The impact of these and other macro-micro economic factors has been analyzed while developing the market growth models.

This research study on the global intelligent virtual assistant market provides a detailed analysis of intelligent virtual assistants deployed for different applications by end-users depending upon their needs. The report offers an in-depth study of the market drivers, restraints, and growth opportunities. Using these factors, identifies various trends prominent in the industry and are expected to influence the market growth during the forecast period from 2016 to 2024. It includes a comprehensive coverage of the underlying economic and technological factors influencing the intelligent virtual assistant market growth. It provides the competitive landscape of key players in the intelligent virtual assistant market in order to highlight the state of competition therein. The report also provides a detailed competitive analysis of the key players in the market and identifies the various business strategies adopted by them. The study explains the penetration of each market segment within various geographies, and how these segments have accelerated the growth of the market as a whole.

The global intelligent virtual assistant market is analyzed by segmenting it on the basis of technology, application, and end-users. In terms of technology, the global intelligent virtual assistant market is classified into text-to-speech and speech recognition. The speech recognition segment further covers, speech recognition system and natural language processing. Among these, the speech recognition segment is further fragmented into user dependent and user independent speech recognition system. Moreover, these segment is further classified on the basis of speaking speed into discrete speech recognition and continuous speech recognition systems. Based on the application, the market is divided into website, contact centers and messenger bots. The market is also classified based on the end-users into individual users, small and medium enterprises and large enterprises. Geographically, the global market for intelligent virtual assistant has been segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America. The market size and forecast for each region has been provided for the period from 2014 to 2024 along with the CAGR (%) for the forecast period from 2016 to 2024. The study also includes qualitative analysis of the competitive scenario for major countries/regions such as the U.S., Canada, the U.K., Germany, France, Spain, Italy, Japan, India, Indonesia, UAE, Saudi Arabia, South Africa and Brazil in country snippet segments. Analysis by technology, application, end-users and regions helps in evaluating the present scenario and growth prospects of the intelligent virtual assistant market over the forecast period from 2016 to 2024.

A list of recommendations have been provided for new entrants to help establish a strong presence and for existing market players to take strategic decisions and to strengthen their market position in the global intelligent virtual assistant market. The report concludes with the profiles of major players in the intelligent virtual assistant market on the basis of various attributes, such as company overview, financial overview, business strategies, product portfolio, and recent developments. Major players profiled in this report include Next IT Corporation, Creative Virtual Ltd., CodeBaby Corporation, IntelliResponse Systems Inc., Nuance Communications Inc., Speaktoit Inc., Artificial Solutions Ltd., eGain Communications Corp. and Anboto Group.

Market Segmentation:

Intelligent Virtual Assistant Market Analysis, by Technology

  • Text-to-Speech Recognition
  • Speech Recognition
    • Speech Recognition Systems
      • Speaker Dependent Systems
        • Discrete Speech Recognition
        • Continuous Speech Recognition
      • Speaker Independent Systems
        • Discrete Speech Recognition
        • Continuous Speech Recognition
    • Natural Language Processing (NLP)

Intelligent Virtual Assistant Market Analysis, by Application

  • Websites
  • Contact Centers
  • Messenger Bots

Intelligent Virtual Assistant Market Analysis, by End-user

  • Individual Users
  • Small and Medium Enterprises
  • Large Enterprises

In addition, the report provides cross-sectional analysis of the intelligent virtual assistant market with respect to the following geographical segments:

  • North America
    • The U.S.
    • Canada
    • Rest of North America
  • Europe
    • The U.K.
    • Germany
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • Rest of Asia Pacific
  • Middle East and Africa (MEA)
    • The UAE
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Rest of Latin America


 
 
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