Industry Trend Analysis
The global Intelligent Virtual Assistant (IVA) market was evaluated around USD 0.35 billion in the 2012 and is expected to reach approximately USD 6.90 billion by the end of 2022 while registering itself at a compound annual growth rate (CAGR) of 34.78% over the forecast period owing to the increasing adoption of various applications involving automotive, healthcare and BFSI. Advancements in technologies involving voice and speech recognition technology like Amazons’ Alexa and Apple’s Siri has been the major drivers supporting the IVA market growth. Organizations over all fields have been gaining profits from virtual assistant technology. Large companies have extensively implemented the technology as well as they are turning into the initial engagement point with the company. Besides, developing outsourced assistance trend is expected to fuel the demand for IVA market during the future. An intelligent virtual assistant (IVA) brings down the operating expenditure by reforming the industry activities and also saves the training, interviewing and advertising costs for new employees assigned to any tasks. Furthermore, need for online healthcare interactions and services have been escalating. Customers are uninformed of the accessibility of their health-related records and most of the end-users require self-service options along with their doctors. IVAs like CIVA by CodeBaby render end-to-end solutions and make sure flawless consumer engagement.
Type Outlook and Trend Analysis
In 2015, speech recognition was evaluated at a market revenue share of around 60%, which is expected to chase the rising trend during the forecast years. The preference for speech recognition has progressively rising due to the implementation of mobile computing technology. Speech recognition establishes easy interaction between Smartphone and its application. It presents benefits like transcription, translation features, and hands-free computing, which is estimated to bestow in the growth of the segment.
Service Outlook and Trend Analysis
In 2015, customer service ruled the market with revenue of around 58%, which is projected to experience major growth during the next few years. Numerous factors are bestowing for its growth, which involves a colloquial agent as an immense majority user favors to seek queries online previous to getting in touch with a call centers. Furthermore, the calls are costly and enormously cost enterprises, which can be reduced by virtual assistants.
Application Outlook and Trend Analysis
BFSI section is projected to grow at a compound annual growth rate of over 35% during the forecast years. Increasing number of tablets and smartphones ownership has advocated the banks to counter customer’s demands and present more communication means. Automotive segment is developing as a highest growing section in the market, which is likely to experience constant growth during the projected period.
End-user Outlook and Trend Analysis
During the forecast period, the small and medium enterprises (SMEs) are expected to be the considerably rising end-user section and will persist to grow with a compound annual growth rate of around 37%. Numerous advantages like abbreviated operating cost and enhanced market quality are bestowing in the escalating penetration over the section.
Regional Outlook and Trend Analysis
In 2015, the North American regional market ruled the IVA market with over 38% of revenue share and the trend is anticipated to continue during the coming years due to the promising working remotely concept and augmented infiltration of smartphones. Technological innovations have ensued in amplified use of cloud-based tools like MS Office Online and Skype. It symbolizes that an escalating population is working distantly which offers massive opportunities for the growth of the global market. Asia Pacific regional market is likely to appear as extensively growing due to the increasing demand from emerging countries like China and India. Rising demand for self-reliance has fueled virtual agent adoption and acceptance.
Competitive Outlook and Trend Analysis
The major market players in global intelligent virtual assistant (IVA) market are 7 Customer Inc., Anboto Group, Clara Labs, Apple Inc., CodeBaby Corp., Artificial Solutions, Creative Virtual Ltd., CX Company, eGain Communications, Eidoserve Inc., Existor, Google, IBM Corporation, Intel Corporation, InteliWISE S.A., Nuance Communications, Next IT Corporation, Microsoft Corporation, Synthetix Ltd., Oracle Corporation, ViClone Corporation and Api.ai. Various companies in the global market are funding the development of the sophisticated IVA for diverse industry sectors like automotive platform in an attempt to knock the total potential of the market.
The global intelligent virtual assistant (IVA) market is segmented as follows –
IT & Telecom
Small to medium enterprise
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
· What was the market size in 2012 and forecast from 2013 to 2022?
· What will be the industry market growth from 2013 to 2022?
· What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
· What are the major segments leading the market growth and why?
· Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?