The expectations of consumers from digital services have significantly transformed owing to the escalating technological advancements taking place during the era of digital revolution. To meet the unmet demands of consumers, IT companies are now aiming at providing consumers with a more effective, technologically advanced, and sophisticated work ecosystem. Intelligent virtual assistants help enterprises in portfolio expansion and avail quick access to data along with enhanced consumer experience. The high impact of social media on the purchase decisions of consumers has led to a significant development in technological advancements in intelligent virtual assistant systems.
According to a study published by Transparency Market Research, the global intelligent virtual assistant market is projected to expand at an impressive CAGR of 32.8% between 2016 and 2024. In 2015, the global market for intelligent virtual assistants was valued at US$627.7 mn and is likely to touch a valuation of US$7.9 bn by the end of 2024.
What factors are likely to augment the adoption of intelligent virtual assistants?
The struggle of organizations to shift to digital technologies from the conventional analog ones have resulted in the creation of numerous organizational data. Due to this, the demand for intelligent virtual assistants is increasing significantly as they aid in organizing, internally circulating, and protecting the confidential data of organizations. Moreover, the increasing adoption of intelligent virtual assistant systems in the retail sector to enhance customer experience is likely to drive the growth of the global intelligent virtual assistant market. Various research activities being initiated by companies for the technological developments in intelligent virtual assistants are also likely to further augment their demand in the coming years.
For instance, an online data application company, Rhiza, in August 2016, declared the launch of an intelligent virtual assistant for business platforms. The assistant, named Rhizabot, has the ability to deliver quick and clear answers to business-riented questions asked by users.
Similarly, in June 2016, Nuance Communications Inc. broadened its healthcare portfolio using an intelligent virtual assistant. It used speech recognition to enhance its healthcare and clinical services.
What challenges can the global intelligent virtual assistants market face in the coming years?
The initial cost of installing intelligent virtual assistants is significantly high. As a result of this, numerous middle and small enterprises and organizations are refraining from their adoption. Although intelligent virtual assistants have several benefits in terms of data storage, circulation and security, complexities in the implementation process make it difficult for organizations to adopt them on a large scale. To operate and manage intelligent virtual assistant systems and understand their complexities, skilled workforce and smart devices are required. However, the lack of these is expected to extensively affect the adoption of intelligent virtual assistant systems in the coming years. Moreover, the lack of awareness among consumers regarding the benefits of intelligent virtual assistant systems and lack of sufficient knowledge about its working is further anticipated to inhibit the growth of the global intelligent virtual assistant systems.
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What opportunities can vendors of intelligent virtual assistant systems gain from the market in future?
The emergence of natural language processing, which is the process of interaction between human language and computer linguistics, is likely to provide companies operating in the global intelligent virtual assistant systems market with lucrative growth opportunities. Companies are researching new technologies to adopt the latest breakthroughs in the intelligent virtual assistant systems. Moreover, the increasing application of intelligent virtual assistant in contact centers, messenger bots, and websites are also opportunities companies can capitalize on.
Owing to the burgeoning virtual intelligence market in the region, Asia Pacific is expected to exhibit strong growth and emerge dominant by 2024 in the global intelligent virtual assistant market. The key players operating in the global intelligent virtual assistant market are eGain Communications Corp., Artificial Solutions Ltd., CodeBaby Corporation, Nuance Communications Inc., Anboto Group, Creative Virtual Ltd., Speaktoit Inc., IntelliResponse Systems Inc., and Next IT Corporation.