SELBYVILLE, Del., Feb. 25, 2020 /PRNewswire/ -- According to latest report "Intelligent Virtual Assistant Market by Technology (Speech Recognition, Text-To-Speech, Voice Recognition), Service (Customer Service, Marketing Assistant), Application (Automotive, BFSI, Retail, IT & Telecom, Healthcare, Education), End-Use (SMBs, Large Enterprises, Individual Users), Regional Outlook, Competitive Market Share & Forecast 2024", by Global Market Insights, Inc., the market valuation of intelligent virtual assistant (IVA) will cross $11 billion by 2024.
The IVA market has found a high demand, owing to benefits offered such as increasing revenue and improving consumer satisfaction. Enterprises are restructuring their customer experience strategies by adopting customer engagement solutions, such as aiding employees to achieve their sales targets.
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Modern-day industrial units have been adopting speech recognition technology at a considerable pace, which has fueled the intelligent virtual assistant market growth. The automobile sector has seen huge applications, owing to the development of connected cars with speech recognition solutions. The technology allows drivers to track routes by following speech activated commands and using their cellphones.
SMBs are expected to show a high growth rate over the coming years. The rising advantages of technologies, such as reduced operating costs and improved business quality, have encouraged SMBs to adopt assistant services at a considerably higher rate, thereby fueling the market size.
In North America's intelligent virtual assistant market, the U.S. accounted for a majority of the market share owing to the proliferation of smartphones and the high implementation of enterprise mobility and BYOD business models. Technological advancements over the years have resulted in the increased use of cloud-based tools such as Skype and MS Office Online. An increasing number of people working remotely offers huge opportunities for market revenue.
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Key players operating in the intelligent virtual assistant market include IBM Corporation, Nuance, Clara Labs, eGain Communications, and Creative Virtual. Other notable players include CX Company, InteliWISE, 24/7 Customer, Inc., Artificial Solutions, and Anboto.
Companies operating in the industry enter partnerships and collaborations to maintain a stronghold over their market share. Several industry participants are providing features such as automatic language detection, natural language understanding, continued availability, and accuracy, among others.
Table of Contents (ToC) of the report:
Chapter 3. Intelligent Virtual Assistant (IVA) Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.2.1. Smart homes industry landscape
3.2.2. Global artificial intelligence (AI) industry landscape
3.2.3. Smart speakers industry landscape
3.2.4. IoT industry landscape
3.2.5. Global smart wearables industry landscape
3.3. Industry ecosystem analysis
3.3.1. Technology providers
3.3.2. Device manufacturers
3.3.3. System integrators
3.3.4. End-user landscape
3.3.5. Vendor matrix
3.4. Technology and innovation landscape
3.4.1. Evolution of the virtual assistant industry
3.4.2. Intelligent virtual assistant architecture
3.4.3. Technological advancements in AI
3.4.4. Advancements and innovation in NLP
3.5. Regulatory landscape
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.2. Industry pitfalls & challenges
3.7. Growth potential analysis
3.7.1. Growth potential, by application
3.7.2. Growth potential, by end-use
3.8. Porter's analysis
3.8.1. Supplier power
3.8.2. Buyer power
3.8.3. Threat of new entrants
3.8.4. Threat of substitutes
3.8.5. Internal rivalry
3.9. Competitive landscape, 2017
3.9.1. Company market share analysis
3.9.2. Strategy dashboard
3.10. PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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Global Intelligent Virtual Assistant (IVA) Market revenue to cross US $11B by 2024: GMI
U.S. accounted for a majority of the IVA market share, owing to the proliferation of smartphones and the high implementation of enterprise mobility and BYOD business models.
SOURCE Global Market Insights, Inc.