Intelligent Virtual Assistant (IVA) Market Size, Report 2020

The global intelligent virtual assistant (IVA) market size is expected to grow at a CAGR of over 30% and exceed USD 5 billion by 2022. Ascending need for online self assistance owing to facilitate end users with ease of use is likely to drive the market growth.

The proliferating number of mobile users coupled with wireless subscribers is expected to witness significant growth. Reduction in service operational cost along with enhanced user experience is expected to impact intelligent virtual assistant market. Deflection in cost from expensive channels such as technical support telephone contacts, email response and call back are anticipated to fuel demand. Vital factors such as superior data collection and faster response time are expected to boost the demand. Increasing implementation of these devices facilitate reduction of hold times owing to diversion of high volume low value calls. In addition, IVA system also facilitates with avenue for reduction in resolution time in case of escalation owing to transfer of content to a telephone agent. 

Large scale execution of the system in industry sectors such as travel, insurance, media, retail, finance and government are anticipated to boost demand. Factors such as availability of vital analytics, account support and cross-selling to existing customers are also expected to elevate demand. Inadequate awareness amongst end users is estimated to act as key challenge for this market. Moreover, insufficient standardization is likely to witness colossal impacts on market.

The intelligent virtual assistant market can be segmented based on technology and end-user. Based on technology, it can be segmented as text-to-speech and speech recognition. By end-user, it can also be segmented into individual, small & medium enterprise and large enterprise.

Asia Pacific intelligent virtual assistant market is anticipated to grow at a CAGR of over 33% and it is expected witness highest growth rates owing to increasing technological investments along with proliferation of mobile devices in the region. North America is likely to exhibit moderate growth owing to dominant market conditions. Europe, Middle-East and Africa is estimated to witness considerable growth rates owing to intelligent virtual assistant deployment on social networking sites in the region.

Industry participants with substantial intelligent virtual assistant market share encapsulate Next IT Corporation, has developed a healthcare conversational platform for the healthcare professionals in order to carry out personalised conversation with the patients. Creative Virtual Ltd, has developed a system named V-person that can be deployed using live chats, web, mobile channel and social media. Other industry participants include Anboto Group, CodeBaby Corporation, IntelliResponse Systems, Nuance Communications, Speaktoit, Artificial Solutions Ltd, inbenta, ecreations creative solutions,existor and eGain Communication Corporation among others.