TMR Sees IVA Growth of 33 Percent Per Year
The use of speech has been steadily rising in financial services, retail, and health care, with poviders of text-to-speech (TTS) and speech recognition reaping significant revenue gains from the demand for intelligent virtual assistants. As a result, Transparency Market Research (TMR) projects the worldwide intelligent virtual assistant market to grow at a compound annual rate of 33 percent, reaching $50.9 billion by 2030.
The research firm has seen speech recognition software extensively being used by the elderly and disabled, especially for reading content on websites. Globally, voice-controlled devices have gained popularity among customers for shopping, offering substantial sales opportunities for vendors of intelligent virtual assistants, TMR reported further.
Proliferating numbers of IoT connected devices and AI-empowered consumer electronics are also expanding the use cases for intelligent virtual assistants.Businesses are leveraging artificial intelligence-based digital assistants to automate office tasks like data entry and meeting scheduling and recording. Additionally, text-to-speech online tools are gaining traction for a range of networking applications, reading email messages and text content of websites.
TMR also predicts that the demand for AI-powered virtual assistants with improved speech accuracy will create new revenue streams and that echnology companies will focus on integrating new customer-friendly features to expand the scope of their offerings.