On account of the presence of a large number of local and global players, the global intelligent virtual assistant market is witnessing a highly fragmented vendor landscape. The leading players, comprising Nuance Communication Inc., IntelliResponse Systems, Next IT Corporation, and Creative Virtual Ltd. held nearly 32% of the global market in 2015, finds Transparency Market Research (TMR) in a study. Some of the other prominent names operating in the global intellectual virtual assistant market are Artificial Solutions Ltd., CodeBaby Corporation, Anboto Group, and Speaktoit Inc.
A majority of the market players are focusing on expanding their product portfolio and regional presence via merger and acquisition. Also they have become more willing to spend on innovations to enable intelligent virtual assistant usage across diverse applications. This trend is gradually picking pace, as more companies provide utilities such as self-service, access to internal employee guides, improved customer experience, and intelligent reporting.
For instance, Nuance Communications Inc., in June 2016 expanded its healthcare offering using intelligent virtual assistant technologies in healthcare and clinical services. Besides this, an increasing number of smaller market players are looking to boost their portfolio through strategic partnerships. Such strategies adopted by the players will significantly impact the global intelligent virtual assistant’s market over the course of the forecast period.
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According to TMR, the global intelligent virtual assistant market is expected to reach US$7.9 bn by the end of 2024, from US$627.7 mn – its valuation in 2015. If these figures hold true, the market will exhibit an astounding CAGR of 32.8% between 2016 and 2024. Based on technology, the demand for speech recognition has emerged as the leading revenue generator in the global intelligent virtual assistant market. Between 2016 and 2024, the market is expected to showcase a CAGR of 33.3%. Regionally, North America emerged dominant, however, Asia Pacific is forecast to exhibit a stronger CAGR during the forecast period.
“Social media has had immense impact on the development of the intelligent virtual assistant technology,” said a lead TMR analyst. As consumers worldwide spend more time on social media and become increasingly dependent on these platforms for daily errands, their purchase decisions are highly influenced by what they see on the internet. Against the backdrop, the deployment of intelligent virtual assistant has gained pace in the retail sector. This again is driven by increased focus of players on offering improved customer experience.
In addition, the paradigm shift of various organizations from analog to digital technologies has led to the creation of staggering volume of data, subsequently fuelling the demand for intelligent virtual assistant. Driven by these factors, the global market is forecast to exhibit strong growth in the forthcoming years.
High Cost of Intelligent Virtual Assistant Technology may limit their Adoption
On the flip side, high cost of intelligent virtual assistant and high cost associated with it pose threat to the global intellectual virtual assistant market. The market may reel under the lack of skilled resources as well. These challenges can refrain effective utilization of intelligent virtual assistant, thus creating challenges for the market.
