World Intelligent Virtual Assistant (IVA) Market is Expected to Reach $3.6 Billion by 2020

Jan 27, 2016, 08:28 ET from Allied Market Research

PORTLAND, Oregon, January 27, 2016 /PRNewswire/ --

A new report published by Allied Market Research titled, "World intelligent virtual assistant (IVA) - Market Opportunities and Forecasts, 2014-2020", forecasts that the World intelligent virtual assistant (IVA) Market, would garner revenue of $3.6 billion by 2020, registering a CAGR of 35.2% during the forecast period of 2015-2020. North America dominates the world intelligent virtual assistant market owing to the increased adoption of IVA in countries such as the U.S. However, Asia-Pacific region is expected to exhibit a faster growth over the forecast period 2015-2020.

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To know more about the report, visit the website at: https://www.alliedmarketresearch.com/intelligent-virtual-assistant-market
 
The technology segment comprises speech recognition and text-to-speech technology. Speech recognition technology segment dominated the market in 2014, and is expected to dominate throughout the forecast period 2015-2020. Intelligent virtual assistant (IVA) is used in various industry verticals such as automotive, healthcare, BFSI, retail and others. Among these verticals, BFSI was the highest revenue-generating segment, accounting for 39.9% 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, automotive segment would witness the fastest growth during the forecast period. The growth would be driven by the fast growing in-car infotainment systems market, as IVA is an important part of these systems, which enables the vehicle driver and passengers, to surf the internet, navigate and make calls through speech recognition technology.

Further, the world IVA market based on geography is bifurcated into North America, Europe, Asia-Pacific and LAMEA. North America dominated the world intelligent virtual assistant (IVA) market, accounting for 39.5% market share in 2014. The region would maintain its dominance during the forecast period. However, Asia- Pacific would witness the highest CAGR of 38.97% during the same period.

Key Findings: 

  • Automotive segment is expected to exhibit huge growth potential throughout the analysis period
  • In Intelligent Virtual Assistant market, speech recognition is the most popular technology since it enables interactive and intuitive communication
  • BFSI industry vertical would exhibit the highest adoption of IVA throughout the forecast period and would continue to dominate the market throughout the analysis period
  • North America would be the dominant geography in the Intelligent virtual assistant (IVA) market throughout the forecast period (2015-2020), owing to the widespread adoption of IVA technology in different applications across different sectors

The report also outlines the competitive scenario of the world intelligent virtual assistant (IVA) market, providing a comprehensive study of the key strategies adopted by companies operating in the IVA market. Key companies profiled in the report include Next IT, Nuance Communications Inc., IntelliResponse Systems Inc., CodeBaby Corporation, Anboto Group and others.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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SOURCE Allied Market Research