Report Says IVA Market to surpass USD 11.5 billion by 2024
Global Intelligent Virtual Assistant (IVA) Market is set to grow from its current market value of more than $1 billion to over $11.5 billion by 2024, according to a new research report by Global Market Insights, Inc. The IVA market is anticipated to grow significantly over the forecast timeframe due to the growing demand for online self-service, self-reliance, and rapid query resolution requirements. Websites are becoming the preferred service channels to gain information, make purchase decisions, and resolve issues.
Furthermore, the report says, the companies are increasingly implementing the technology to enhance operational efficiency. Companies are investing in reducing overall costs to propel the IVA market growth. The technology helps reduce costs from fields such as email response, technical telephonic support, and assistance on call. The implementation of the technology will enable the reduction in call wait times, reducing the resolution time, and allowing call transfers in case of the escalation of an issue. The growing proliferation of IoT is expected to stimulate the intelligent virtual assistant market growth. The use of IoT has increased the quantity and quality of data collected. IVAs respond to text or speech queries through smartphones and apps, increasing customer engagement.
Speech recognition is expected to witness rapid growth due to the growing demand for documentation in the adoption of electronic records, propelling the intelligent virtual assistant market growth. The modernization of infrastructure and growing need to protect and secure critical data are propelling the demand for these solutions.
Furthermore, these systems allow improvement of interoperability owing to the adoption of IoT, propelling intelligent virtual assistant market size. The adoption of the technology by the SMBs is expected to grow significantly over the forecast timespan due to the minimized need for full-time customer service employees will drive the IVA market. The adoption of these solutions reduces the operational costs of the SMBs significantly and offers high-quality services. The technology offers marketing assistance and increased ROI, thus propelling the demand for these solutions.
Marketing assistant service is expected to grow rapidly over the forecast period due to features offered including social media management, product navigation, and web marketing. These features respond according to the marketing requirements of customers efficiently, improving customer experience, and customer loyalty.
The IVA market in automotive applications is expected to grow rapidly over the forecast timespan due to features such as providing personalized assistance to the drivers and delivering a safe driving experience. The technology can be integrated with systems such as automatic parking, adaptive cruise control, lane change assist, and other ADAS controls. Several vendors in the industry offer IVAs to integrate voice as a part of the in-car infotainment systems.
The North America IVA market will grow rapidly over the forecast time span due to the large-scale adoption of technological advancements by the companies in this region. The major software companies, such as IBM & Microsoft, and car makers, such as BMW, are increasingly investing in technology to enhance customer service and reduce the role of humans.
According to the report, the key vendors in the intelligent virtual assistant market are Apple, Inc., Anboto, Artificial Solutions, Clara Labs, eGain Communications, Existor, IBM Corporation, Next IT Corporation, Nuance Communications, and Speaktoit, Inc. The companies are increasingly investing in product development and innovation to gain a competitive share.
Voice shopping will only become more prevalent going forward, and retailers must take an interest in the technology or risk being left behind
TrulySecure Sound ID identifies sounds within the home and can send messages to homeowners.
Carousel Industries to help banks and credit unions transform customer self-service through data-driven phone and digital assistant banking.
Accurately document patient information without being overheard by others while additionally eliminating all background noise.