Intelligent Virtual Assistant Market to be worth US$7.9 bn by 2024 As Growing Focus on Strengthening Customer Relations Spurs
Technological advancements resulting from the digital revolution have significantly transformed consumer expectations. This, in turn, has spurred the introduction of a more sophisticated and effective work ecosystem for customers. Intelligent virtual assistants are one such example and the adoption of this technology can now be seen in various industries such as healthcare, travel, insurance, and government.
Based on this rapidly growing trend, the global intelligent virtual assistant market is projected to expand at a remarkable CAGR of 32.8% from 2016 to 2024. The opportunity in the market was pegged at US$627.7 mn in 2015 and is expected to be worth US$7.9 bn by 2024.
Intelligent Virtual Assistants Find Major Scope for Application in Messenger Bots
Intelligent virtual assistants comprise two key technologies: text-to-speech and speech recognition. In 2015, speech recognition technology was the most preferred segment and accounted for around 53% of the revenue.
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Intelligent virtual assistants find application in websites, contact centers, and messenger bots. In 2015, the website segment generated the maximum revenue with a share of around 70% in the overall intelligent virtual assistant market. While the segment is projected to retain its dominance during the forecast period, the messenger bots segment is expected to register the highest CAGR in terms of revenue from 2016 to 2024.
The key end users of intelligent virtual assistants are small and medium enterprises, individual users, and large enterprises. Large enterprises are expected to be the primary adopters of intelligent virtual assistants since most of them have growing businesses and are looking to change their customer care strategies.
Large Enterprises in U.S. Driving Adoption of Intelligent Virtual Assistant Technology in North America
The global market for intelligent virtual assistant market is geographically segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. By revenue, North America led the worldwide intelligent virtual assistants market, accounting for an estimated 40% share in 2015. The region is anticipated to retain its dominant position throughout the forecast period. The North America intelligent virtual assistants market is primarily driven by the presence of large enterprises in the U.S. These companies have been increasingly adopting intelligent virtual assistants to improve client relationships, enhance customer relationship management, and support the growing demand for web self-service. An increased adoption of intelligent virtual assistant technology is predicted in the healthcare and banking sectors in the region in the coming years.
The intelligent virtual assistant market in Europe is projected to witness moderate growth during the forecast period, with the EU7 countries presenting the most attractive opportunities for players.
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The intelligent virtual assistant market in Asia Pacific has been witnessing rapid growth and is expected register the highest CAGR from 2016 to 2024. Public bodies and companies in the region have been looking to enhance their competitive advantage by engaging with customers in a more efficient manner. As intelligent virtual assistants provide a means of doing so, this trend can benefit the Asia Pacific economy.
The intelligent virtual assistant markets in Latin America and the Middle East and Africa are anticipated to witness sustainable growth in the near future, with countries such as Saudi Arabia, the UAE, Israel, and Turkey presenting lucrative investment options.
eGain Communications Corp., CodeBaby Corporation, Artificial Solutions Ltd., Nuance Communications Inc., Creative Virtual Ltd., Anboto Group, Next IT Corporation, Speaktoit Inc., and IntelliResponse Systems Inc. are some of the leading players operating in the global intelligent virtual assistant market.