IVA Market is forecast to Rise at a CAGR of 34.78% during 2012-2022

This study provides insights about the IVA Market in regards to its uses and benefits. We at Crystal Market Research (CMR) provide updated information that is beneficial in decision making regarding business investments.

Competitive Outlook and Trend AnalysisThe major market players in global intelligent virtual assistant (IVA) market are [24]7 Customer Inc., Anboto Group, Clara Labs, Apple Inc., CodeBaby Corp., Artificial Solutions, Creative Virtual Ltd., CX Company, eGain Communications, Eidoserve Inc., Existor, Google, IBM Corporation, Intel Corporation, InteliWISE S.A., Nuance Communications, Next IT Corporation, Microsoft Corporation, Synthetix Ltd., Oracle Corporation, ViClone Corporation and Api.ai. Various companies in the global market are funding the development of the sophisticated IVA for diverse industry sectors like automotive platform in an attempt to knock the total potential of the market.

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The Global IVA Market is segmented as follows –

By TypeSpeech recognition
Text-To-Speech recognition

By ServiceCustomer service
Marketing assistant

By ApplicationBFSI
IT & Telecom
Retail
Automotive
Healthcare
Education

Others

By End-userSmall to medium enterprise
Large enterprise
Individual user

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Regional Insights:In 2015, the North American regional market ruled the IVA market with over 38% of revenue share and the trend is anticipated to continue during the coming years due to the promising working remotely concept and augmented infiltration of smartphones. Technological innovations have ensued in amplified use of cloud-based tools like MS Office Online and Skype. It symbolizes that an escalating population is working distantly which offers massive opportunities for the growth of the global market. Asia Pacific regional market is likely to appear as extensively growing due to the increasing demand from emerging countries like China and India. Rising demand for self-reliance has fueled virtual agent adoption and acceptance.

Industry Trend AnalysisThe Global IVA Market was evaluated around USD 0.35 billion in the 2012 and is expected to reach approximately USD 6.90 billion by the end of 2022 while registering itself at a compound annual growth rate (CAGR) of 34.78% over the forecast period owing to the increasing adoption of various applications involving automotive, healthcare and BFSI. Advancements in technologies involving voice and speech recognition technology like Amazons’ Alexa and Apple’s Siri has been the major drivers supporting the IVA market growth. Organizations over all fields have been gaining profits from virtual assistant technology. Large companies have extensively implemented the technology as well as they are turning into the initial engagement point with the company. Besides, developing outsourced assistance trend is expected to fuel the demand for IVA market during the future. An intelligent virtual assistant (IVA) brings down the operating expenditure by reforming the industry activities and also saves the training, interviewing and advertising costs for new employees assigned to any tasks. Furthermore, need for online healthcare interactions and services have been escalating. Customers are uninformed of the accessibility of their health-related records and most of the end-users require self-service options along with their doctors. IVAs like CIVA by CodeBaby render end-to-end solutions and make sure flawless consumer engagement.

Table of Contents:1.Introduction
2.Executive Summary
3.Market Overview
4.Intelligent Virtual Assistant (IVA) Market, By Technology
5.Intelligent Virtual Assistant (IVA) Market, By Service
6.Intelligent Virtual Assistant (IVA) Market, By End User
7.Intelligent Virtual Assistant (IVA) Market, By Application
8.Intelligent Virtual Assistant (IVA) Market, By Region
9.Company Profiles
...

BFSI section is projected to grow at a compound annual growth rate of over 35% during the forecast years. Increasing number of tablets and smartphones ownership has advocated the banks to counter customer’s demands and present more communication means. Automotive segment is developing as a highest growing section in the market, which is likely to experience constant growth during the projected period.

List of Tables:Table 1.Global Intelligent Virtual Assistant (IVA) Market, By Technology, 2012-2022 ($Million)
Table 2.Speech Recognition Market, By Region, 2012-2022 ($Million)
Table 3.Text-to-Speech Market, By Region, 2012-2022 ($Million)
Table 4.Voice Recognition Market, By Region, 2012-2022 ($Million)
Table 5.Global Intelligent Virtual Assistant (IVA) Market, By Service, 2012-2022 ($Million)

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