Intelligent Virtual Assistant Market to See 32% CAGR Through 2022

The global market for intelligent virtual assistants is forecast to reach $5.1 billion by 2022, up from $579.7 million in 2014, at a compounded annual growth rate of 31.8 percent, according to a report from Transparency Market Research.

The report also identifies the two major types of technologies used in intelligent virtual assistants, namely text-to-speech and speech recognition. Among them, it says speech recognition is the most popular, as it provides the feature of interactive and intuitive communication.

The report also says that while individuals are still the largest users of intelligent virtual assistants, businesses of all sizes are increasingly displaying confidence in accepting intelligent virtual assistants as the preferred solution for their business requirements.

According to the report, North America was the largest contributor to the global intelligent virtual assistant market in 2014, accounting for around 39 percent of the total market. Asia Pacific is expected to be the fastest growing market, achieving a CAGR of 33.4 percent, mainly due to the increased focus on technological investments and a high proliferation of mobile devices.

The report also identifies NextIT, Creative Virtual, VirtuOz, Anboto Group., CodeBaby, IntelliResponse, Nuance Communications, Speaktoit, Artificial Solutions, and eGain as the main players in the market

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