According to Grand View Research, the intelligent virtual assistant market generated over USD 500 million in 2014. It is likely to grow at a CAGR of 30% from 2015 to 2022. In order to provide automotive assistance to consumers, intelligent virtual assistants (IVAs) make use of artificial intelligence. The two key technologies used in the intelligent virtual assistant market are speech recognition and text-to-speech.
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At present, speech recognition is the most popular technology. It offers the features of interactive and intuitive communication. These features work well for the speech recognition segment and propel it further. For enhancing user-experience, intelligent virtual assistants offer client services at low prices. The high capability of IVAs to examine conversations between agents and users works in support of the market.
Instead of traditional navigational channels, consumers find IVAs more convenient. In 2012, several large companies contributed more than 80% share in the worldwide intelligent virtual assistant market. This was owing to improved data collection and speedy responses in these companies. Government, travel, media, finance, retail, etc. are some of the applications across which IVAs find use.
Escalating demand for IVAs across these applications would drive the demand for the market. Based on regions, the intelligent virtual assistant market is segmented into Asia Pacific, Latin America, Europe, North America and the Middle East and Africa. North America, in terms of adoption, was the largest contributor in 2014. It accounted for over 39% share in the global market. Asia Pacific is likely to be the most rapidly growing region from 2015 to 2022.
Proliferation of mobile devices and increase in technological investments in Asia Pacific would lead the region to experiencing rapid growth in the upcoming years. The major companies of the intelligent virtual assistant market are Creative Virtual Ltd., IntelliResponse, Next IT Corporation, Nuance Communications and Anboto Group.
Creative Virtual Ltd. has developed V-Portal, the latter being a knowledge management platform of the former. This platform provides access to live chat, social media and mobile channel facilities. ‘Next IT’ is yet another multi-language natural language processing platform. The other leading participants such as eGrain Communications, Artificial Solutions and CodeBaby Corp. provide continued availability, automatic language detection, accuracy, natural language understanding, etc.
Information Source: Grand View Research