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Intelligent Virtual Assistant Market to Grow at 30.6% CAGR Due to Data Explosion

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Intelligent virtual assistant acts as a new type of mobility solution and business communication where internet and speech is utilized together.

Intelligent virtual assistants, the software applications that act as the primary interface between a digital system and the user of the system, are increasingly gaining popularity as the new business communication and mobility solutions for a variety of digital systems. Found quite often in smartphones in the form of apps such as Siri, Cortana, or Google Talk, intelligent virtual assistants are also rapidly expanding across diverse business sectors. In trivial business operations and processes that require interaction with customers on a regular basis, businesses are considering replacing humans with such applications for their numerous cost benefits. The idea is simple, rather than having a dedicated human resource for answering customer queries of a rather trivial nature, which could be no less a burden on businesses’ overall finances, the onetime cost to buy the software application for an intelligent virtual assistant would definitely pay-off better.

Rooting on this and many other benefits of intelligent virtual assistant, such as the overall curiosity about how smart/crisp the interaction between humans and machines can get and the ease of use of these applications, developers of virtual assistants are hoping a bright future for their offerings. Cost-strained businesses in today’s highly competitive markets are also increasingly adopting these applications.

Market Research Studies Foresee Significant Development of Global Intelligent Virtual Assistant Market

A recent market research report published by Transparency Market Research states that the global market for intelligent virtual assistants will expand at an astounding 31.8% CAGR between 2015 and 2022. Found as a common element in today’s most popular smartphone operating systems, the mounting sales of smartphones will help massively in fuelling demand for virtual assistants in the near future. With this, the rising use of intelligent virtual assistants in large-, medium-, and small-sized enterprises to replace the traditional means of customer engagement with an innovative and cost-effective alternative will also drive the market for these applications.

The market presents huge opportunities in terms of development of speech recognition technology in smartphones and other digital interfaces. The rising use of intelligent digital assistants in the fields of e-commerce, banking, and healthcare will also open growth avenues for the global market for intelligent virtual assistants.

Global Intelligent Virtual Assistant Market: Demand Dynamics and Competitive Landscape

The North America market for intelligent virtual assistants held over 39% of the global market in 2014. The dominance of this regional market can be credited to the high popularity of virtual assistants in consumer electronics devices such as smartphones, tablet computers, and personal computers. The improved accuracy of intelligent virtual assistants also aided their rising adoption across regional markets such as Asia Pacific and Europe.

The competitive landscape of the global intelligent virtual assistant market is highly fragmented owing to the presence of a large number of global as well as regional vendors. Among the numerous companies operating in the market, the primary ones include Creative Virtual Ltd., Artificial Solutions UK Ltd., Next IT Corporation, IntelliResponse Systems Inc., VirtuOz Inc., CodeBaby Corp., Anboto Group., eGain Communications Corp., Nuance Communications Inc., and Speaktoit Inc.

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