Intelligent Virtual Assistant (IVA) Market Size By Technology (Speech Recognition, Text-To-Speech, Voice Recognition), By Service (Customer Service, Marketing Assistant), By Application (Automotive, BFSI, Retail, IT & Telecom, Healthcare, Education), By End-Use (SMBs, Large Enterprises, Individual Users), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Fore
Published on: 2024-07-07 | No of Pages : 240 | Industry : Media and IT
Publisher : MRA | Format : PDF&Excel
Intelligent Virtual Assistant (IVA) Market Size By Technology (Speech Recognition, Text-To-Speech, Voice Recognition), By Service (Customer Service, Marketing Assistant), By Application (Automotive, BFSI, Retail, IT & Telecom, Healthcare, Education), By End-Use (SMBs, Large Enterprises, Individual Users), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Fore
Intelligent Virtual Assistant (IVA) Market Size By Technology (Speech Recognition, Text-To-Speech, Voice Recognition), By Service (Customer Service, Marketing Assistant), By Application (Automotive, BFSI, Retail, IT & Telecom, Healthcare, Education), By End-Use (SMBs, Large Enterprises, Individual Users), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Fore
Intelligent Virtual Assistant Market Size
Intelligent Virtual Assistant (IVA) Market size exceeded USD 1 billion in 2017 and is projected to grow at 37% CAGR through 2024. Advanced features such as the ability to recognize different languages, interact in natural language, and respond via text or voice is likely to drive the industry demand. Increasing penetration of the technology in smartphones and the growing adoption of smartphones are propelling the IVA market growth.
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The technology allows consumers to perform simple tasks easily without any physical involvement of the customer. Furthermore, it also allows customers to gain necessary information effectively instead of waiting in queues for customer service. The technology is being deployed in mobile devices, enterprise websites, and social media that enable constant communication with clients. For instance, companies install virtual assistants to provide brands or product information to clients to increase the brand awareness. Additionally, it also helps in promotions by asking new users to sign into the company's loyalty account. Customer engagement solutions emphasize on providing enhanced direct experience and help companies in increasing revenue, expanding margin, and improving customer satisfaction and retention.
| Report Attribute | Details |
|---|---|
| Base Year | 2017 |
| Intelligent Virtual Assistant (IVA) Market Size in 2017 | 1 Billion (USD) |
| Forecast Period | 2018 to 2024 |
| Forecast Period 2018 to 2024 CAGR | 37% |
| 2024 Value Projection | 11.5 Billion (USD) |
| Historical Data for | 2013 to 2017 |
| No. of Pages | 300 |
| Tables, Charts & Figures | 266 |
| Segments covered | Technology, Service, Application, End-Use and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
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Intelligent Virtual Assistant Market Analysis
Speech recognition market is expected to cross USD 7.5 billion by 2024 due to the implementation of the technology on smartphones. The technology is allowing customers to easily interact and perform tasks with smartphones. The industry verticals, such as BFSI, retail, and education, are using the technology to improve the quality of operations and conduct business operations with ease, thus aiding the intelligent virtual assistant market growth.
Consumer service segment captured a majority market share and is poised to observe 37% CAGR through 2024. Exponentially increasing customer expectations and the growing need among companies to fulfill their demand are propelling the demand for these services. The technology allows companies to respond dynamically to satisfy customer demands and answer their queries. It also allows companies to handle large amounts of customer requests and respond effectively & efficiently.
The intelligent virtual assistant market demand in large enterprises is set to surpass USD 6 billion by 2024. An increasing number of large enterprises is adopting the technology to increase revenue and reduce the dependence on humans for customer service. Industry verticals including banking, IT & telecom, and retail are replacing traditional systems with these systems to improve the return on investment.
SMBs segment accounted for more than 30% of the IVA market revenue share. Advantages of the technology including reduced operating costs and improved business operations are encouraging SMBs to adopt these solutions. Reduced requirements of the human workforce to cater to customer service requirements are allowing SMBs to incorporate the technology into businesses.
The intelligent virtual assistant market in automotive applications is predicted to exceed USD 2.8 billion by 2024 on account of the increasing use of technology in connected cars.
The BFSI applications is estimated to expand at 20% CAGR till 2024. The adoption of technology in the BFSI sector is mainly due to benefits offered by the technology such as quickly finding answers to queries and reducing the response time. The technology responds to customer queries while making transfers and paying bills. The technology has enabled customers to gain customer service at all times and reduce the call waiting time.
The Germany IVA market surpassed USD 110 million in 2017 and is forecast to achieve exponential growth owing to the adoption of smart devices in the country. Technological adoption has resulted in an increased adoption of applications such as MS Office Online and Skype in enterprise applications. Furthermore, the adoption of voice assistants in consumer devices such as smart speakers has rapidly increased in the last five years. According to a report published by Federal Association for Information Technology of Germany, about 13% of people own voice-enabled devices.
The Asia Pacific intelligent virtual assistant market is growing significantly over the forecast timespan propelled by the increasing need to automate and fulfill tasks such as managing schedules, playing music, and answer questions.
Intelligent Virtual Assistant Market Share
Key players in the IVA market include
- Clara Labs
- Nuance Communications
- Creative Virtual
- InteliWISE
- Artificial Solutions
- eGain Communications
- 24/7 Customer, Inc
- Anboto
The industry is highly competitive and is driven by continuous innovations & technological advancements. These companies need to differentiate to gain a competitive edge and hence they invest heavily in R&D.
This market research report on intelligent virtual assistant (IVA) includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments
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Market, By Technology
- Speech recognition
- Text-to-speech
- Voice recognition
Market, By Service
- Customer service
- Marketing assistant
Market, By End-Use
- SMBs
- Large enterprises
- Individual users
Market, By Application
- BFSI
- Automotive
- IT & telecom
- Retail
- Healthcare
- Education
- Others
The above information is provided on the basis of the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
Table of Content
Report Content
Chapter 1. Methodology and Scope
1.1. Definition and forecast parameters
1.1.1. Definitions
1.1.2. Assumptions, methodology & forecast parameters
1.2. Data Sources
1.2.1. Primary
1.2.2. Secondary
Chapter 2. Executive Summary
2.1. Intelligent virtual assistant industry 3600 synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Technology trends
2.1.4. End-use trends
2.1.5. Application trends
Chapter 3. intelligent virtual assistant Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.2.1. Smart homes industry landscape
3.2.2. Global artificial intelligence (AI) industry landscape
3.2.3. Smart speakers industry landscape
3.2.4. IoT industry landscape
3.2.5. Global smart wearables industry landscape
3.3. Industry ecosystem analysis
3.3.1. Technology providers
3.3.2. Device manufacturers
3.3.3. System integrators
3.3.4. End-user landscape
3.3.5. Vendor matrix
3.4. Technology and innovation landscape
3.4.1. Evolution of the virtual assistant industry
3.4.2. Intelligent virtual assistant architecture
3.4.3. Technological advancements in AI
3.4.4. Advancements and innovation in NLP
3.5. Regulatory landscape
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. Increasing adoption across several industry verticals
3.6.1.2. Growing adoption of smartphones across the globe
3.6.1.3. Growing adoption of IoT and M2M technology in North America and Europe
3.6.1.4. Increasing demand by the consumers due to features such as flexibility and rapidity
3.6.1.5. Rising emphasis to enhance customer satisfaction in Asia Pacific
3.6.1.6. High demand for outsourced assistance in India
3.6.1.7. Growing popularity and demand for smart speakers in Latin America and MEA
3.6.2. Industry pitfalls & challenges
3.6.2.1. High initial costs of products
3.6.2.2. High risk pertaining to security flaws
3.6.2.3. Lack of skilled professionals
3.7. Growth potential analysis
3.7.1. Growth potential, by application
3.7.2. Growth potential, by end-use
3.8. Porter's analysis
3.8.1. Supplier power
3.8.2. Buyer power
3.8.3. Threat of new entrants
3.8.4. Threat of substitutes
3.8.5. Internal rivalry
3.9. Competitive landscape, 2017
3.9.1. Company market share analysis
3.9.2. Strategy dashboard
3.10. PESTEL analysis
Chapter 4. Intelligent Virtual Assistant Market, By Technology
4.1. Key trends in intelligent virtual assistant market by technology
4.2. Speech recognition
4.2.1. Market estimates and forecast, 2013 – 2024
4.3. Text-to-speech
4.3.1. Market estimates and forecast, 2013 – 2024
4.4. Voice recognition
4.4.1. Market estimates and forecast, 2013 – 2024
Chapter 5. Intelligent Virtual Assistant Market, By Service
5.1. Key trends in intelligent virtual assistant market by service
5.2. Customer service
5.2.1. Market estimates and forecast, 2013 – 2024
5.3. Marketing assistant
5.3.1. Market estimates and forecast, 2013 – 2024
Chapter 6. Intelligent Virtual Assistant Market, By End-Use
6.1. Key trends in intelligent virtual assistant market by end-use
6.2. SMBs
6.2.1. Market estimates and forecast, 2013 – 2024
6.3. Large enterprises
6.3.1. Market estimates and forecast, 2013 – 2024
6.4. Individual users
6.4.1. Market estimates and forecast, 2013 – 2024
Chapter 7. Intelligent Virtual Assistant Market, By Application
7.1. Key trends in intelligent virtual assistant market by application
7.2. BFSI
7.2.1. Market estimates and forecast, 2013 – 2024
7.3. Automotive
7.3.1. Market estimates and forecast, 2013 – 2024
7.4. IT & Telecom
7.4.1. Market estimates and forecast, 2013 – 2024
7.5. Retail
7.5.1. Market estimates and forecast, 2013 – 2024
7.6. Healthcare
7.6.1. Market estimates and forecast, 2013 – 2024
7.7. Education
7.7.1. Market estimates and forecast, 2013 – 2024
7.8. Others
7.8.1. Market estimates and forecast, 2013 – 2024
Chapter 8. Intelligent Virtual Assistant Market, By Region
8.1. Key trends in intelligent virtual assistant market by region
8.2. North America
8.2.1. Market estimates and forecast by technology, 2013 – 2024
8.2.2. Market estimates and forecast by service, 2013 – 2024
8.2.3. Market estimates and forecast by end-use, 2013 – 2024
8.2.4. Market estimates and forecast by application, 2013 – 2024
8.2.5. U.S.
8.2.5.1. Market estimates and forecast by technology, 2013 – 2024
8.2.5.2. Market estimates and forecast by service, 2013 – 2024
8.2.5.3. Market estimates and forecast by end-use, 2013 – 2024
8.2.5.4. Market estimates and forecast by application, 2013 – 2024
8.2.6. Canada
8.2.6.1. Market estimates and forecast by technology, 2013 – 2024
8.2.6.2. Market estimates and forecast by service, 2013 – 2024
8.2.6.3. Market estimates and forecast by end-use, 2013 – 2024
8.2.6.4. Market estimates and forecast by application, 2013 – 2024
8.3. Europe
8.3.1. Market estimates and forecast by technology, 2013 – 2024
8.3.2. Market estimates and forecast by service, 2013 – 2024
8.3.3. Market estimates and forecast by end-use, 2013 – 2024
8.3.4. Market estimates and forecast by application, 2013 – 2024
8.3.5. Germany
8.3.5.1. Market estimates and forecast by technology, 2013 – 2024
8.3.5.2. Market estimates and forecast by service, 2013 – 2024
8.3.5.3. Market estimates and forecast by end-use, 2013 – 2024
8.3.5.4. Market estimates and forecast by application, 2013 – 2024
8.3.6. UK
8.3.6.1. Market estimates and forecast by technology, 2013 – 2024
8.3.6.2. Market estimates and forecast by service, 2013 – 2024
8.3.6.3. Market estimates and forecast by end-use, 2013 – 2024
8.3.6.4. Market estimates and forecast by application, 2013 – 2024
8.3.7. Italy
8.3.7.1. Market estimates and forecast by technology, 2013 – 2024
8.3.7.2. Market estimates and forecast by service, 2013 – 2024
8.3.7.3. Market estimates and forecast by end-use, 2013 – 2024
8.3.7.4. Market estimates and forecast by application, 2013 – 2024
8.3.8. France
8.3.8.1. Market estimates and forecast by technology, 2013 – 2024
8.3.8.2. Market estimates and forecast by service, 2013 – 2024
8.3.8.3. Market estimates and forecast by end-use, 2013 – 2024
8.3.8.4. Market estimates and forecast by application, 2013 – 2024
8.3.9. Spain
8.3.9.1. Market estimates and forecast by technology, 2013 – 2024
8.3.9.2. Market estimates and forecast by service, 2013 – 2024
8.3.9.3. Market estimates and forecast by end-use, 2013 – 2024
8.3.9.4. Market estimates and forecast by application, 2013 – 2024
8.3.10. Russia
8.3.10.1. Market estimates and forecast by technology, 2013 – 2024
8.3.10.2. Market estimates and forecast by service, 2013 – 2024
8.3.10.3. Market estimates and forecast by end-use, 2013 – 2024
8.3.10.4. Market estimates and forecast by application, 2013 – 2024
8.4. Asia Pacific
8.4.1. Market estimates and forecast by technology, 2013 – 2024
8.4.2. Market estimates and forecast by service, 2013 – 2024
8.4.3. Market estimates and forecast by end-use, 2013 – 2024
8.4.4. Market estimates and forecast by application, 2013 – 2024
8.4.5. China
8.4.5.1. Market estimates and forecast by technology, 2013 – 2024
8.4.5.2. Market estimates and forecast by service, 2013 – 2024
8.4.5.3. Market estimates and forecast by end-use, 2013 – 2024
8.4.5.4. Market estimates and forecast by application, 2013 – 2024
8.4.6. India
8.4.6.1. Market estimates and forecast by technology, 2013 – 2024
8.4.6.2. Market estimates and forecast by service, 2013 – 2024
8.4.6.3. Market estimates and forecast by end-use, 2013 – 2024
8.4.6.4. Market estimates and forecast by application, 2013 – 2024
8.4.7. Japan
8.4.7.1. Market estimates and forecast by technology, 2013 – 2024
8.4.7.2. Market estimates and forecast by service, 2013 – 2024
8.4.7.3. Market estimates and forecast by end-use, 2013 – 2024
8.4.7.4. Market estimates and forecast by application, 2013 – 2024
8.4.8. South Korea
8.4.8.1. Market estimates and forecast by technology, 2013 – 2024
8.4.8.2. Market estimates and forecast by service, 2013 – 2024
8.4.8.3. Market estimates and forecast by end-use, 2013 – 2024
8.4.8.4. Market estimates and forecast by application, 2013 – 2024
8.5. Latin America
8.5.1. Market estimates and forecast by technology, 2013 – 2024
8.5.2. Market estimates and forecast by service, 2013 – 2024
8.5.3. Market estimates and forecast by end-use, 2013 – 2024
8.5.4. Market estimates and forecast by application, 2013 – 2024
8.5.5. Brazil
8.5.5.1. Market estimates and forecast by technology, 2013 – 2024
8.5.5.2. Market estimates and forecast by service, 2013 – 2024
8.5.5.3. Market estimates and forecast by end-use, 2013 – 2024
8.5.5.4. Market estimates and forecast by application, 2013 – 2024
8.5.6. Mexico
8.5.6.1. Market estimates and forecast by technology, 2013 – 2024
8.5.6.2. Market estimates and forecast by service, 2013 – 2024
8.5.6.3. Market estimates and forecast by end-use, 2013 – 2024
8.5.6.4. Market estimates and forecast by application, 2013 – 2024
8.6. Middle East & Africa (MEA)
8.6.1. Market estimates and forecast by technology, 2013 – 2024
8.6.2. Market estimates and forecast by service, 2013 – 2024
8.6.3. Market estimates and forecast by end-use, 2013 – 2024
8.6.4. Market estimates and forecast by application, 2013 – 2024
8.6.5. Saudi Arabia
8.6.5.1. Market estimates and forecast by technology, 2013 – 2024
8.6.5.2. Market estimates and forecast by service, 2013 – 2024
8.6.5.3. Market estimates and forecast by end-use, 2013 – 2024
8.6.5.4. Market estimates and forecast by application, 2013 – 2024
8.6.6. UAE
8.6.6.1. Market estimates and forecast by technology, 2013 – 2024
8.6.6.2. Market estimates and forecast by service, 2013 – 2024
8.6.6.3. Market estimates and forecast by end-use, 2013 – 2024
8.6.6.4. Market estimates and forecast by application, 2013 – 2024
8.6.7. South Africa
8.6.7.1. Market estimates and forecast by technology, 2013 – 2024
8.6.7.2. Market estimates and forecast by service, 2013 – 2024
8.6.7.3. Market estimates and forecast by end-use, 2013 – 2024
8.6.7.4. Market estimates and forecast by application, 2013 – 2024
Chapter 9. Company Profiles
9.1. 24/7 CUSTOMER, INC.
9.1.1. Business overview
9.1.2. Financial data
9.1.3. Product landscape
9.1.4. Strategic outlook
9.1.5. SWOT analysis
9.2. Amazon, Inc.
9.2.1. Business overview
9.2.2. Financial data
9.2.3. Product landscape
9.2.4. Strategic outlook
9.2.5. SWOT analysis
9.3. Anboto
9.3.1. Business overview
9.3.2. Financial data
9.3.3. Product landscape
9.3.4. Strategic outlook
9.3.5. SWOT analysis
9.4. Apple, Inc.
9.4.1. Business overview
9.4.2. Financial data
9.4.3. Product landscape
9.4.4. Strategic outlook
9.4.5. SWOT analysis
9.5. Artificial Solutions
9.5.1. Business overview
9.5.2. Financial data
9.5.3. Product landscape
9.5.4. Strategic outlook
9.5.5. SWOT analysis
9.6. Clara Labs
9.6.1. Business overview
9.6.2. Financial data
9.6.3. Product landscape
9.6.4. Strategic outlook
9.6.5. SWOT analysis
9.7. CodeBaby Corporation
9.7.1. Business overview
9.7.2. Financial data
9.7.3. Product landscape
9.7.4. Strategic outlook
9.7.5. SWOT analysis
9.8. Creative Virtual
9.8.1. Business overview
9.8.2. Financial data
9.8.3. Product landscape
9.8.4. Strategic outlook
9.8.5. SWOT analysis
9.9. CX Company
9.9.1. Business overview
9.9.2. Financial data
9.9.3. Product landscape
9.9.4. Strategic outlook
9.9.5. SWOT analysis
9.10. eCreation
9.10.1. Business overview
9.10.2. Financial data
9.10.3. Product landscape
9.10.4. Strategic outlook
9.10.5. SWOT analysis
9.11. eGain Communications
9.11.1. Business overview
9.11.2. Financial data
9.11.3. Product landscape
9.11.4. Strategic outlook
9.11.5. SWOT analysis
9.12. Eidoserve Inc.
9.12.1. Business overview
9.12.2. Financial data
9.12.3. Product landscape
9.12.4. Strategic outlook
9.12.5. SWOT analysis
9.13. Existor
9.13.1. Business overview
9.13.2. Financial data
9.13.3. Product landscape
9.13.4. Strategic outlook
9.13.5. SWOT analysis
9.14. GetAbby
9.14.1. Business overview
9.14.2. Financial data
9.14.3. Product landscape
9.14.4. Strategic outlook
9.14.5. SWOT analysis
9.15. Google, Inc.
9.15.1. Business overview
9.15.2. Financial data
9.15.3. Product landscape
9.15.4. Strategic outlook
9.15.5. SWOT analysis
9.16. IBM Corporation
9.16.1. Business overview
9.16.2. Financial data
9.16.3. Product landscape
9.16.4. Strategic outlook
9.16.5. SWOT analysis
9.17. Inbenta
9.17.1. Business overview
9.17.2. Financial data
9.17.3. Product landscape
9.17.4. Strategic outlook
9.17.5. SWOT analysis
9.18. Intel
9.18.1. Business overview
9.18.2. Financial data
9.18.3. Product landscape
9.18.4. Strategic outlook
9.18.5. SWOT analysis
9.19. IntelliResponse
9.19.1. Business overview
9.19.2. Financial data
9.19.3. Product landscape
9.19.4. Strategic outlook
9.19.5. SWOT analysis
9.20. Microsoft Corporation
9.20.1. Business overview
9.20.2. Financial data
9.20.3. Product landscape
9.20.4. Strategic outlook
9.20.5. SWOT analysis
9.21. Next IT
9.21.1. Business overview
9.21.2. Financial data
9.21.3. Product landscape
9.21.4. Strategic outlook
9.21.5. SWOT analysis
9.22. Nuance Communications
9.22.1. Business overview
9.22.2. Financial data
9.22.3. Product landscape
9.22.4. Strategic outlook
9.22.5. SWOT analysis
9.23. Oracle
9.23.1. Business overview
9.23.2. Financial data
9.23.3. Product landscape
9.23.4. Strategic outlook
9.23.5. SWOT analysis
9.24. SelfService Company
9.24.1. Business overview
9.24.2. Financial data
9.24.3. Product landscape
9.24.4. Strategic outlook
9.24.5. SWOT analysis
9.25. Speaktoit Inc
9.25.1. Business overview
9.25.2. Financial data
9.25.3. Product landscape
9.25.4. Strategic outlook
9.25.5. SWOT analysis
9.26. Synthetix Ltd.
9.26.1. Business overview
9.26.2. Financial data
9.26.3. Product landscape
9.26.4. Strategic outlook
9.26.5. SWOT analysis
9.27. Viclone Corporation
9.27.1. Business overview
9.27.2. Financial data
9.27.3. Product landscape
9.27.4. Strategic outlook
9.27.5. SWOT analysis