Increasing Traffic on Social Media Sites Encouraging Adoption of Intelligent Virtual Assistant

Tech giants worldwide are investing large sums in the development of systems and platforms that use artificial intelligence that helps consumers find an answer to every question they think of. The driving force behind such developments is the increasing consumer demands for simpler lifestyles. Among the various technologies available to us in recent times that are acknowledged for their role in making lives easier, intelligent virtual assistants form a towering part.

Social media plays a vital role in the development of the global market for intelligent virtual assistants. The increasing traffic on social media sites are prompting players in the social media industry to include better features on their platform and therefore, a raft of them are banking on intelligent virtual assistants. A case in point is Facebook’s artificial intelligence assistant, M. Taking it one step forward, in April 2017, rolled out a feature to all iOS and Android Facebook Messenger users in the U.S. in which M will pop into chats to provide suggestions for stickers and payments.

According to a report by Transparency Market Research (TMR), the global market for intelligent virtual assistants is estimated to expand at a tremendous CAGR of 32.8% between 2016 and 2024, reaching a valuation of US$7.9 bn by 2015 from US$627.7 mn in 2015. The paradigm shift from analog to digital technologies in organizations across the globe is translating into the greater uptake of intelligent virtual assistant software. Moreover, the rising demand for sophisticated and effective work ecosystem is leading to the increasing adoption of this system across various industries such as travel, healthcare, insurance, and government.

What are the key growth strategies adopted by key players to stay relevant in the global intelligent virtual assistant market?

Players in the global intelligent virtual assistant market are increasingly focusing towards developing products that can be used in a large range of applications. A TMR analyst states that a number of players are involved in providing utilities such as control home appliances through voice commands, immediate access to the internal guides of employees, and intelligent reporting. To put this in perspective, Google in May 2016, unveiled a virtual assistant, Google Assistant that responds to spoken or written questions. This assistant will also be incorporated into Google Home, a speaker and voice-recognition hub that gives instructions to appliances in your home.

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What is the nature of the competitive landscape of the global intelligent virtual assistant market?

The global market for intelligent virtual assistants is an immensely fragmented arena in nature. The market features a large number of local as well as global players, competing fiercely in terms of product innovation. In 2015, the top four torch bearers, namely Next IT Corporation, Nuance Communication Inc., Creative Virtual Ltd., and IntelliResponse Systems, collectively commanded a share of around 32% of the overall market. The competition in the market is likely to intensify in the near future as the majority of key players are working towards expanding their product portfolios and enhancing their networks by forming partnerships with end-use enterprises.


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