Worldwide intelligent virtual assistant market 2014
In addition to electronic commerce, useful information traffic, weatherand customer service, the possibilities of future applications in health, business, smart home controls energy, securityand personal companionship are endless, resulting in the exponential growth of turnover and usage.
Key Topics Covered:. The global intelligent virtual assistant market size is the revenue generated from the summation of speech recognition solutions and text-to-speech solutions.
Health intelligent virtual assistant market
Thus, IVA solutions are being implemented across various organizations, such as banks, E-retailers, and healthcare among others. Lack of awareness IVA offers various application across industries. Alexa and Assistant allow stored audio clips to be deleted, but only Google offers a configuration option so they are not recorded from the onset. Another giant firm, Next IT Corp. By end-use, the intelligent virtual assistant market is bifurcated into private and commercial domains. Speech recognition makes interaction with smartphone and its application easy and is the prime factor for developers to adopt this technology. Rising usage of these cloud-based tools represents increasing number of people working remotely, which in turn offers huge opportunity for market growth. The intelligent virtual assistant market in Asia Pacific is likely to exhibit robust development, owing to increased investment by market players for technical development. The market is also classified based on the end-users into individual users, small and medium enterprises and large enterprises. Chatbots communicate with the customers with the help of Automated Speech Recognition ASR , Text to Speech, and text based technologies Application Insights Automotive is emerging as the fastest growing segment in the Intelligent Virtual Assistant IVA market, which is expected to witness continuous growth in near future. The global intelligent virtual assistant market is analyzed by segmenting it on the basis of technology, application, and end-users. In terms of technology, the global intelligent virtual assistant market is classified into text-to-speech and speech recognition. The report offers an in-depth study of the market drivers, restraints, and growth opportunities. Owing to its hands free computing, transcription and translation features, automatic speech recognition is expected to expand at the fastest CAGR of The rising focus of enterprises on enhancing customer relationships is presenting ample opportunities for participants operating in the global intelligent virtual assistant market.
Hence, cost effectiveness of IVA is the key factor for rapid adoption in enterprises. Technological advancements over the years have resulted in increased usage of cloud-based tools such as Skype and MS Office Online. The European intelligent virtual assistant market is likely to be driven by the rising demand from the automotive sector.
The IVAs offer personalized services and experiences and can also be configured to give more information on offers and promotions, which reduces the need of support team and helps build brand image and customer satisfaction.
Smart speakers are used in residential as well as commercial sectors. The report offers an in-depth study of the market drivers, restraints, and growth opportunities.
Virtual assistant market trends
It is followed by travel, retail, government, education and other sectors. However, it is poised to demonstrate an even more robust growth trend during the forecast period. This report aims to provide a comprehensive strategic analysis of the global intelligent virtual assistant market along with revenue and growth forecasts for the period from to Thus, IVA solutions are being implemented across various organizations, such as banks, E-retailers, and healthcare among others. Latin America and the Middle East and Africa are expected to experience sustainable growth in the global intelligent virtual assistant market. Demand for automation in service based companies and Integration of Artificial Intelligence AI and Internet of Things IoT coupled with the hyper usage of smartphones is anticipated to drive the growth. Increasing penetration of smartphones and tablets is resulting in high growth in mobile banking, which has become a crucial differentiator in consumer services. It also reduces live chat volume, offers quick response at the same time. Moreover, they provide round the clock assistance which is anticipated to fuel the market. The efficient functioning of these vehicles relies on artificial intelligence. Over the coming years, the adoption of intelligent virtual assistants in the healthcare and BFSI sectors is likely to increase.
Inthe global sale of smart speakers was about 98 million units, which is expected to reach million units in View Blog The increase in data explosion has created a huge demand for intelligent virtual assistants across the world.
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