The global intelligent
virtual assistant market is, by nature, immensely
fragmented and is characterized by the presence of a large number of local as
well as global players. Transparency Market Research reports that in 2015,
leading companies such as Creative Virtual Ltd., Nuance Communication Inc.,
Next IT Corporation, and IntelliResponse Systems jointly accounted for a share
of around 32%. Other prominent players such as CodeBaby Corporation, Anboto
Group, Artificial Solutions Ltd., and Speaktoit Inc. have been working toward
enhancing their product portfolios and expanding their networks by establishing
partnerships with end-use enterprises.
“There has been an increased focus on the development of
intelligent virtual assistants to be used in a wide range of applications,”
states the author of the study. “This trend is reflected in the activities of a
number of companies who are providing utilities such as immediate access to the
internal guides of employees, self-service, intelligent reporting, and improved
customer experience.”
A recent example would be Nuance Communications Inc. In June
2016, the company expanded its healthcare portfolio with the use of
intelligent virtual assistant technologies such as speech recognition in its
clinical and healthcare services.
The lead analyst of the TMR study also finds that several
emerging and promising players are focused on expanding their customer base
through partnerships and acquisitions.
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Social Media Plays Crucial Role in
Development of Intelligent Virtual Assistants
The impact of social media on the development of intelligent
virtual assistant technology has been huge. “An increasing number of consumers
have been spending more time on social media platforms for various day-to-day
activities and this has tremendously impacted their purchase decisions,” states
a TMR analyst. Keeping this in mind, the growth of the intelligent virtual
assistant market in the retail sector has been remarkable with players looking
to improve customer experience and relationship.
In addition to this, the shift of organizations from analog to
digital technologies has resulted in the massive amounts of organizational
data, thereby creating the demand for intelligent virtual assistant software.
This is a key factor driving the global market.
On the down side, the complexities and cost of intelligent
virtual assistant technology are rather high, which present major challenges
for several companies. The lack of skilled resources required to effectively
use and manage this technology is also a key barrier.
View exclusive Regional Press Release: http://www.europlat.org/global-intelligent-virtual-assistant-market.htm
Asia Pacific to Exhibit Faster Growth than
that of Global Market
The opportunity in the
global intelligent virtual assistant market is forecast to rise from US$627.7
mn in 2015 to be worth a massive US$7.9 bn by 2024. The market is likely to
expand at an astounding 32.8% CAGR during the forecast period. By technology, speech
recognition is not only the leading revenue generator but is also projected to
exhibit the highest CAGR of 33.3% from 2016 to 2024. Websites form the leading
application segment in the intelligent virtual assistant market, while
messenger bots have been identified by TMR analysts as the most promising
segment.
In terms of end use,
large enterprises hold the majority share at present and small and medium
enterprises will expand at the fastest CAGR through 2024. While North America
is the leading contributor to the growth of the intelligent virtual assistant
market by region, Asia Pacific is projected to expand at a pace greater than
that of the global market.
For Technological breakthroughs, Value
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This review is based
on the findings of a TMR report titled “Intelligent Virtual Assistant Market:
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 -
2024.”
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