Global Intelligent Virtual Assistant Market size worth over $11bn by 2024

1. Intelligent Virtual Assistant (IVA) Market size worth over $11bn by 2024: Global Market Insights Inc. Fuel Cell Market size worth $25.5bn by 2024

2. Key Insights from Intelligent Virtual Assistant Market: • Speech recognition is expected to witness significant growth with a CAGR of over 37% from 2016 to 2024 owing to the high demand for speech recognition technology across the medical and automotive applications. • Moreover, increasing focus of technology giants including Microsoft and IBM to minimize the error rate is expected to significantly contributes towards high intelligent virtual assistant market share. The ability to covert a person's voice into a recognizable data pattern is projected to propel the demand for voice recognition over the coming years. • IVA market share as service assistant is anticipated to witness high adoption over the future as it is capable of assisting businesses on customer requirements and work flow balance, thereby, delivering immediate productivity. Intelligent virtual assistant market share as customer assistants is projected to grow considerably at nearly 35% CAGR over the forecast timeline.

3. Continued… • The technology provides advantages such as enhance support, low operating cost, high customer satisfaction, personalized service to customers, multiple language & device support. Furthermore, it proves to be a key differentiator that increases consumer loyalty, income and sales. • Intelligent virtual assistant market size is expected to witness significant demand across the retail industry owing to the features they offer such as responding efficiently to consumers queries and issues in a cost-effective manner. IVA offer personalized and expert service to customers irrespective of time, geography and channel without any sale support. This increases consumer satisfaction and lowers cost, which is expected to impel demand over the next few years. • Enterprises are witnessing high adoption rate as it provides user friendly self-service feature which is much faster and convenient as compared to talking to a live agent. High IVA market adoption rate is further accredited to increasing focus on customer satisfaction and cost reduction.

4. Continued… • For instance, Nuance’s Nina is the first virtual integrated assistant in the UK insurance sector. Dominos Pizza’s ‘Dom’, ING Bank’s ‘Inge’, and JetStar Airline’s ‘Jess’ are virtual assistants designed to deliver a convincing, multi-channel, automatic customer service experience for the enterprise and consumer segment. • U.S. intelligent virtual assistant market size contributed significantly to the overall revenue in 2015, with CAGR forecast to exceed the global average. • Companies contributing to the intelligent virtual assistant market share include IBM Corporation, Nuance, Clara Labs, InteliWISE, eGain Communications, Creative Virtual, CX Company, 24/7 Customer Inc., Artificial Solutions and Anboto among others.

5. U.S. Intelligent Virtual Assistant (IVA) Market size, by application, 2013-2024 (USD Million)

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7. 360° Analysis • Application Trends • Automotive applications will rapidly gain share to exceed USD 2.8 billion by 2024. Several industry players are developing advanced virtual assistants for the automotive sector to leverage the full potential. Recently, in 2016, Nuance announced the release of its latest virtual assistant platform, Dragon Drive Automotive Assistant for connected cars, which enables drivers to personalize their in-car experience. The incorporation of the technology helps ensure driving assistance to mitigate risks, which is expected to fuel intelligent virtual assistant market share. • Service Trends • Customer service segment is expected to observe substantial growth at over 35% CAGR from 2016 to 2024. Rising customer expectations have led organizations to embrace a strategy of continuous customer-centric adaptation. Advanced IVAs respond in a dynamically refined and improved way to best satisfy the customer’s needs.

8. Continued • Technology Trends • Speech recognition is expected to cross USD 7.5 billion by 2024 owing to the expansion of the technology on mobile devices. Increasing global mobile device adoption will boost the segment demand over the future. Moreover, rising penetration of the technology in applications such as automotive and healthcare is expected to propel segment growth. • Regional Trends • North America led the global revenue in 2015 and is expected to continue dominating the industry due to high smartphones adoption and demand along with the implementation of the enterprise mobility and BYOD business model. Asia Pacific intelligent virtual assistant market size will witness significant growth at over 40% CAGR from 2016 to 2024. Considerable self-reliance demand is forecast to be the chief driver. Attractive India and China intelligent virtual assistant market share will also be responsible for driving growth across the region.

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