Intelligent Virtual Assistant (IVA) Market Analysis

Intelligent Virtual Assistant Market Analysis

Speech recognition market is expected to cross USD 7.5 billion by 2024 due to the implementation of the technology on smartphones. The technology is allowing customers to easily interact and perform tasks with smartphones. The industry verticals, such as BFSI, retail, and education, are using the technology to improve the quality of operations and conduct business operations with ease, thus aiding the intelligent virtual assistant market growth.
 

Consumer service segment captured a majority market share and is poised to observe 37% CAGR through 2024. Exponentially increasing customer expectations and the growing need among companies to fulfill their demand are propelling the demand for these services. The technology allows companies to respond dynamically to satisfy customer demands and answer their queries. It also allows companies to handle large amounts of customer requests and respond effectively & efficiently.
 

The intelligent virtual assistant market demand in large enterprises is set to surpass USD 6 billion by 2024. An increasing number of large enterprises is adopting the technology to increase revenue and reduce the dependence on humans for customer service. Industry verticals including banking, IT & telecom, and retail are replacing traditional systems with these systems to improve the return on investment.
 

SMBs segment accounted for more than 30% of the IVA market revenue share. Advantages of the technology including reduced operating costs and improved business operations are encouraging SMBs to adopt these solutions. Reduced requirements of the human workforce to cater to customer service requirements are allowing SMBs to incorporate the technology into businesses.
 

The intelligent virtual assistant market in automotive applications is predicted to exceed USD 2.8 billion by 2024 on account of the increasing use of technology in connected cars.
 

The BFSI applications is estimated to expand at 20% CAGR till 2024. The adoption of technology in the BFSI sector is mainly due to benefits offered by the technology such as quickly finding answers to queries and reducing the response time. The technology responds to customer queries while making transfers and paying bills. The technology has enabled customers to gain customer service at all times and reduce the call waiting time.
 

The Germany IVA market surpassed USD 110 million in 2017 and is forecast to achieve exponential growth owing to the adoption of smart devices in the country. Technological adoption has resulted in an increased adoption of applications such as MS Office Online and Skype in enterprise applications. Furthermore, the adoption of voice assistants in consumer devices such as smart speakers has rapidly increased in the last five years. According to a report published by Federal Association for Information Technology of Germany, about 13% of people own voice-enabled devices.
 

The Asia Pacific intelligent virtual assistant market is growing significantly over the forecast timespan propelled by the increasing need to automate and fulfill tasks such as managing schedules, playing music, and answer questions.