Intelligent Virtual Assistant Market Scope, Share | Future Estimate 2024

Posted by surendra choudhary on March 26th, 2020

The intelligent virtual assistant market promises robust growth as naturalization of language picks up to set various end-applications on track for robust adoption. The virtual assistants systems were widely common in consumer applications earlier. However, the new naturalization is expected to provide the much-needed wings for these systems to either co-pilot the systems along with real customer executives, or simply execute operations on their own. The new advancements in the technology, and influx of social media are expected to drive an astonishing CAGR of 32.8% during 2016-2024 in the intelligent virtual assistant market.

Based on a recently released report by Transparency Market Research (TMR), the global intelligent virtual assistant market will drive growth at 32.8% CAGR, reaching a valuation of US.9 bn by 2024 from US7.7 mn in 2015. The adoption of digital technology, from the conventional analogue systems are expected to remain a key driver apart from emerging trend in sophisticated use of technology. The greater adoption of digital mediums across telecom, defence, aviation, manufacturing, healthcare, and retail will drive robust growth for the intelligent virtual assistant market in the near future.

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Large Enterprises Promise Key Opportunities for Growth

The high-costs of technological adoption are key concerns for global intelligent virtual assistant market. However, large enterprises, thanks to their large-scale operations benefit significantly in areas like customer service, online authentication, and data management from systems based on the intelligent virtual assistant technologies. These technologies have penetrated operations of large scale enterprises in various areas including customer care, operations, and sales as well. On Social media websites like Facebook, rising number of virtual assistants help people find the clothes of their choice and wear to put on based on their appearances and personal preferences. These automated systems are also rising in demand, as increasing number of tech-savvy young people prefer the privacy and care-free shopping method to purchase clothes of their choice at their own time, and at their own pace, online. The rising demand for e-commerce, growing advancements in intelligent virtual assistant technology, and increased investment in the technology by major tech giants including Google, Amazon, Facebook among others will drive new opportunities for growth for players in the virtual assistant market.

Speech Recognition Remains a Key Application for Promising Opportunities

The intelligent virtual assistant market report is divided into two applications, including speech recognition, and text-to-speech. Among these, the speech recognition application is expected to hold more than 50% share of the market in the near future. speech recognition promises large rewards in adoption in customer service, retail, and telecom. The technology has reached a point where the likes of Google have demonstrated its viability for personal use in making hotel reservations by talking to non-native speakers in English while understanding the complex nuances of the conversations.

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Among applications, the report will also provide insights into contact centers, websites, chat bots, among various others. Among these, the website segment shows a major promise as it led the market with nearly 70% share in the overall market in 2015. The intelligent virtual assistant market report will also provide insightful information on key end-users including large enterprises, small enterprises, and individuals, among others.