Intelligent Virtual Assistant Market report, published by Allied Market Research, forecasts that the global market is expected to garner $3.6 billion by 2020, registering a CAGR of 35.2% during the period 2015 - 2020. North America dominates the global intelligent virtual assistant market owing to the increased adoption of IVA in countries such as the U.S. However, Asia-Pacific region is expected to exhibit a faster growth over the forecast period 2015 - 2020.
The technology segment comprises speech recognition and text-to-speech technology. Speech recognition technology segment dominated the market in 2014, and is expected to dominate throughout the forecast period 2015-2020. Intelligent virtual assistant (IVA) is used in various industry verticals such as automotive, healthcare, BFSI, retail and others. Among these verticals, BFSI was the highest revenue-generating segment, accounting for 39.9% share in 2014.
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IVA solutions are widely used in the BFSI sector, owing to faster response time, improved customer handling and high customer satisfaction. However, automotive segment would witness the fastest growth during the forecast period. The growth would be driven by the fast growing in-car infotainment systems market, as IVA is an important part of these systems, which enables the vehicle driver and passengers, to surf the internet, navigate and make calls through speech recognition technology.
Further, theIVA market based on geography is bifurcated into North America, Europe, Asia-Pacific and LAMEA. North America dominated the global intelligent virtual assistant (IVA) market, accounting for 39.5% market share in 2014. The region would maintain its dominance during the forecast period. However, Asia- Pacific would witness the highest CAGR of 38.97% during the same period.
Driving factors for the market
1 Improved customer experience
2 Cost effective solution
3 Increasing smartphone penetration
Market Restraints and Opportunities
1 Lack of awareness
2 Inclusion of natural language processing
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Intelligent Virtual Assistant Market Key Segments:
The global IVA market is segmented based on technology, vertical and geography.
By Technology
- Text-to-Speech
- Speech Recognition
By Vertical
- Automotive
- Healthcare
- BFSI
- Retail (e-commerce)
By Geography
- North America
- Europe
- Asia-Pacific
- LAMEA
Key Players
- Next IT Corporation
- Nuance Communications, Inc.
- IntelliResponse Systems, Inc.
- CodeBaby Corporation
- Creative Virtual Ltd.
- Speaktoit, Inc.
- Artificial Solutions
- eGain Corporation
- CX Company
- Anboto Group
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