Intelligent Virtual Assistant Market was valued USD 1005.2 million in 2016 and is anticipated to grow at a CAGR of 36.7% during forecast period as the scope and its applications are rising enormously across the globe. Intelligent virtual assistants (IVA) are also termed, as a smart virtual assistant or intelligent personal assistant is a software that interacts with humans by understanding natural language voice commands and perform a task for a user. It understands information in written or spoken words.
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The key driving factors responsible for the growth of Intelligent
Virtual Assistant market :
The factors that are playing a
major role in the growth of intelligent virtual assistant industry are high
demand for online self-service and self-reliance, cost-efficient service,
rising use of smartphones, high demand for intelligent virtual assistant
software in large enterprises and rising technological innovations. However,
lack of knowledge may restrain overall market growth in the years to come. IVA
market is segmented based on type, service, application, end-user, and region.
Text-to-speech recognition and
speech recognition are the types that are explored in intelligent virtual
assistant (IVA) industry. Speech recognition sector accounted for the
substantial market share of intelligent virtual assistant and is estimated to
lead overall market in the years to come. Also, the sector is estimated to grow
at highest CAGR in the years to come. The reason could be high demand among
consumers as it makes easier to interact with smartphone and its application.
Based on service type, marketing
assistant, customer service, and others classify intelligent virtual assistant
market. Marketing assistant sector accounted for the significant market share
of intelligent virtual assistant and is estimated to lead overall market in the
years to come.
The IVA industry is categorized
based on applications like education, BFSI, healthcare, automotive, retail, IT
& telecom, and others. BFSI sector accounted for substantial market share
of intelligent virtual assistant and is estimated to lead overall market in the
years to come. The reason could be it saves time and is easy to use. Also,
automotive sector is estimated to grow at the fastest pace in the years to
come.
Based on end-users, intelligent
virtual assistant market is classified into individual user, small and medium
enterprise (SME), large enterprise, and others. Large enterprises sector
accounted for the significant market share of intelligent virtual assistant and
is estimated to lead overall market in the years to come. Also, small and
medium enterprise (SME) sector is estimated to grow at the fastest pace in the
years to come.
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