The global intelligent virtual assistant market is, by nature,
immensely fragmented and is characterized by the presence of a large
number of local as well as global players. Transparency Market
Research reports that in 2015, leading companies such as Creative
Virtual Ltd., Nuance Communication Inc., Next IT Corporation, and
IntelliResponse Systems jointly accounted for a share of around 32%.
Other prominent players such as CodeBaby Corporation, Anboto Group,
Artificial Solutions Ltd., and Speaktoit Inc. have been working
toward enhancing their product portfolios and expanding their
networks by establishing partnerships with end-use enterprises.
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“There has been an increased focus on the development of
intelligent virtual assistants to be used in a wide range of
applications,” states the author of the study. “This trend is
reflected in the activities of a number of companies who are
providing utilities such as immediate access to the internal guides
of employees, self-service, intelligent reporting, and improved
customer experience.”
A recent example would be Nuance Communications Inc. In June 2016,
the company expanded its healthcare portfolio with the use of
intelligent virtual assistant technologies such as speech recognition
in its clinical and healthcare services.
The lead analyst of the TMR study also finds that several emerging
and promising players are focused on expanding their customer base
through partnerships and acquisitions.
Social Media Plays Crucial Role in Development of Intelligent
Virtual Assistants
The impact of social media on the development of intelligent virtual
assistant technology has been huge. “An increasing number of
consumers have been spending more time on social media platforms for
various day-to-day activities and this has tremendously impacted
their purchase decisions,” states a TMR analyst. Keeping this in
mind, the growth of the intelligent virtual assistant market in the
retail sector has been remarkable with players looking to improve
customer experience and relationship.
In addition to this, the shift of organizations from analog to
digital technologies has resulted in the massive amounts of
organizational data, thereby creating the demand for intelligent
virtual assistant software. This is a key factor driving the global
market.
On the down side, the complexities and cost of intelligent virtual
assistant technology are rather high, which present major challenges
for several companies. The lack of skilled resources required to
effectively use and manage this technology is also a key barrier.
Asia Pacific to Exhibit Faster Growth than that of Global Market
The opportunity in the global intelligent virtual assistant market is
forecast to rise from US$627.7 mn in 2015 to be worth a massive
US$7.9 bn by 2024. The market is likely to expand at an astounding
32.8% CAGR during the forecast period. By technology, speech
recognition is not only the leading revenue generator but is also
projected to exhibit the highest CAGR of 33.3% from 2016 to 2024.
Websites form the leading application segment in the intelligent
virtual assistant market, while messenger bots have been identified
by TMR analysts as the most promising segment.
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In terms of end use, large enterprises hold the majority share at
present and small and medium enterprises will expand at the fastest
CAGR through 2024. While North America is the leading contributor to
the growth of the intelligent virtual assistant market by region,
Asia Pacific is projected to expand at a pace greater than that of
the global market.
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