Allied Market Research forecasts the global intelligent virtual assistant (IVA) market to earn revenue of $3.6 billion by 2020, at a compounded annual growth rate of of 35.2 percent.
Among the technologies involved, speech recognition and text-to-speech are the most dominant, the firm stated in its "World Intelligent Virtual Assistant (IVA) - Market Opportunities and Forecasts, 2014-2020" report.
The financial services industry was the highest revenue-generating segment, accounting for 39.9 percent share in 2014. IVA solutions are widely used in the BFSI sector, owing to faster response time, improved customer handling, and high customer satisfaction. However, the automotive segment is expected to witness the fastest growth during the forecast period, driven by a huge surge in in-car infotainment systems that enable drivers and passengers to surf the Internet, navigate, and make calls through speech recognition technology.
North America dominated the world IVA market, accounting for 39.5 percent total market share in 2014. The region is expected to maintain its dominance during the forecast period, but, Asia-Pacific is expected to witness the highest CAGR, at 38.97 percent through 2020.
Key companies profiled in the report include Next IT, Nuance Communications, IntelliResponse Systems (acquired by 7 in November 2014), CodeBaby, and Anboto Group.
Allied Market Research's predictions closely mirror numbers released in September by Transparency Market Research, which projected the global IVA market to reach $5.1 billion by 2022, up from $579.7 million in 2014, at a compounded annual growth rate of 31.8 percent.