Intelligent Virtual Assistant Market Achieves Growth as Large Enterprises Look to Improve Customer Care Strategies

The global intelligent virtual assistant market is foretold to be developed by the rise of social media playing a significant role. Intelligent virtual assistants could be largely banked upon for providing enhanced features on apps and websites after being encouraged by the escalating traffic on different social media platforms. The market could be favored by the colossal shift from analog to digital technologies. Government, healthcare, travel, insurance, and other several industries have been witnessing a growing adoption of intelligent virtual assistant due to the expanding demand for sophisticated and effective work ecosystems.

Top market research firm, Transparency Market Research (TMR) has envisaged the global intelligent virtual assistant market to rise at a CAGR of 32.8% during the forecast period 2016-2024. In 2015, the market was valued at a US$0.6 bn. However, by the end of 2024, it could attain a valuation of US$7.9 bn.

The seventh edition of the annual Best in Biz Awards honored Pega’s Intelligent Virtual Assistant with a bronze position for Best New Product of the Year. Pega has won the award in the Enterprise category for the second time in a row.

Will Speech Recognition Improve Demand?

The world intelligent virtual assistant market is foreseen to gain momentum owing to the rise of technologies such as text-to-speech and speech recognition. Amongst these, the demand for speech recognition could see a greater growth in the foreseeable future. In 2015, it held a massive share of 53.0% in the market. Researchers anticipate it to offer more promising opportunities in the coming years considering its expected CAGR of 33.3%. With an overpowering share of close to a 70.0%, the websites market for intelligent virtual assistant is projected to make a larger contribution in the near future. However, there could be opportunities in other applications as well, such as contact centers and messenger bots. Amongst these, the messenger bots market could rise at a higher CAGR.

On the basis of end user, the world intelligent virtual assistant market is prognosticated to be classified into individual users, small and medium enterprises, and large enterprises. Throughout the forecast tenure, large enterprises could account for a prominent position in the market in terms of growth. The rise of large enterprises market for intelligent virtual assistant could be attributed to increasing efforts directed toward the improvement of customer care strategies. However, small and medium enterprises could exhibit a notable CAGR in the near future.


How will U.S. Help North America to Lead?

The U.S. accommodating a widespread pool of multinational companies is envisioned to help North America to secure a strong position in the international intelligent virtual assistant market. In 2015, the region held a 40.0% share in the market. Multinational companies in the U.S. are researched to increasingly depend on intelligent virtual assistants to mitigate the snowballing demand for internet self-service, improve customer relationship management, and develop relations with clients. The banking, financial services, and insurance (BFSI) and healthcare industries are predicted to witness a rise in the adoption of intelligent virtual assistant.

With the EU7 at the vanguard of growth in the region, Europe could register a moderate CAGR during the course of the forecast period. Nevertheless, Asia Pacific could also display a strong CAGR growth due to swelling emphasis on customer relationship management.

Companies such as Nuance Communications Inc., eGain Communications Corp., and CodeBaby Corporation could make their presence felt in the worldwide intelligent virtual assistant market.

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