As indicated by Acumen Research and consulting, the global intelligent virtual assistant (IVA) market size is evaluated to reach around USD 12 billion by 2026 and CAGR to develop around 38% over the estimate time frame. Increasing penetration of the technology in smartphones, advanced features offered by intelligent virtual assistant, growing adoption of smartphones and technological advancements have boosted the growth of the global Intelligent Virtual Assistant (IVA) market. The market in the Asia Pacific is likely to expand at highest CAGR due to the rising demand from the emerging economies including India and China. Additionally, increasing expansion of multi-language platforms and rising need for easy availability of healthcare service
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Increasing Penetration of the Technology in Smartphones is Expected to Fuel the Market Growth over the Forecast Period
The rising popularity of smartphones and growing penetration of the intelligent virtual assistant technology in smartphones are fuelling the global intelligent virtual assistant market growth during the forecast period. This technology permits the customers to execute easy tasks effortlessly without any physical participation of the consumer. Besides, the technology also permits users to achieve essential data efficiently instead of waiting in queues for customer service. The technology is rapidly being implemented in enterprise websites, mobile devices and social media which facilitate stable communication with clients. For instance, various organizations install virtual assistants in order to offer brands or product data to customers in order to expand the brand mindfulness. In addition, it likewise helps in advancements by requesting that new clients sign into the organization's loyalty account. Customer engagement solutions mainly focuse on offering improved through experience and facilitate companies in improving customer fulfilment, expanding margin and increasing revenue.
Speech Recognition Segment to Dominate the Market
On the basis of type, the intelligent virtual assistant (IVA) market is segmented into speech recognition, test-to-speech recognition. Speech recognition segment is forecasted to dominate the market grow at the highest growth rate throughout the forecast period owing to the rising adoption of mobile computer technology worldwide as this technology makes it easier for consumers to interact with smartphones and its applications. Proliferating demand for intelligent virtual assistant technology in various applications including BFSI, automotive and healthcare and technological innovations are some of the factors positively influencing the growth of the market. Also, rising demand for enterprise software solutions including ERP, CRM, EAM, and CMS is projected to fuel the overall segment growth during the forecast period.
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Asia Pacific to Continue to Grow at Maximum Growth Rate during the Forecast Period
Geographically, the global intelligent virtual assistant (IVA) market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is anticipated to rising demand from the emerging economies including India and China. Increasing expansion of multi-language platforms and rising need for easy availability of healthcare service in the region is escalating the demand for intelligent virtual assistant (IVA) which further fuelling the growth of the regional market. Adoption of various innovative technologies, continuous technological advancements heavy investments in cloud computing and big data are some of the major factors augmenting the regional market growth. Growing IT infrastructure development and continuous technological advancements are fuelling the growth of the Asia Pacific intelligent virtual assistant (IVA) market. North America is also anticipated to grow at substantial growth rate over the forecast period due to continuous technological advancements over the decade. Various IT companies are from the region are implementing digitization of legacy systems and strategic initiatives to develop their IT infrastructure. Early adoption of various innovative technologies and increasing investments in big data, cloud and data analytics are some of the major factors augmenting the regional market growth. Also, growing adoption of intelligent virtual assistant technology in the BFSI sector is boosting the market growth.
Oracle Corporation, Google LLC, IBM Corporation and Nuance Communications, are Likely to Continue to Lead the Global Intelligent Virtual Assistant (IVA) Market
The global intelligent virtual assistant (IVA) market is characterized by the presence of experienced and established players. Some of the key players include Apple, Inc., Oracle Corporation, Google LLC, IBM Corporation, InteliWISE, Nuance Communications, Microsoft Corporation, eGain Communications, Artificial Solutions, 24/7 Customer, Inc., Clara Labs, Creative Virtual and Anboto.
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