Intelligent Virtual Assistant (IVA) Market Analysis By Type (Speech Recognition, Text-to-Speech Recognition), By Service (Customer Service, Market Assistant), By Application (BFSI, Automotive, IT & Telecom, Retail, Healthcare, Education), By End-Use (SMEs, Large Enterprises, Individual User) And Segment Forecasts To 2024

Published: Aug, 2016 | Pages: 80 | Publisher: Grand View Research
Industry: Technology & Media | Report Format: Electronic (PDF)

The global Intelligent Virtual Assistant (IVA) market size is expected to reach USD 12.28 billion by 2024 according to a new report by Grand View Research, Inc. Demand for online self-service and growing need for self-reliance and rapid resolution of queries are expected to be the primary contributors to market growth. Online websites have become the preferred service channel for consumers gathering information, resolve issues, as well as make purchasing decisions are anticipated to drive the IVA market over the forecast period.

IVA adoption is expected to be on the rise over the upcoming years owing to its cost effectiveness. Although sales objectives have not been widely adopted for virtual agents, their potential to up sell or cross-sell is expected to be a key factor for increasing acceptance across smaller enterprises. The presence of an intelligent virtual agent on a website has helped companies achieve higher conversion rates.

Moreover, emerging trend of assistant-as-app services is expected to tap the potential of mobile applications segment. Applications engaging in conversational commerce are popping-up across several industry verticals.

Further key findings from the report suggest:

Speech recognition dominated the industry with the significant revenue share, which is expected to grow at a CAGR of over 38% from 2016 to 2024. Rising adoption of mobile computer technology across the world is expected to boost the demand for this segment. Speech recognition simplifies the ability to interact with smartphones and its applications. Moreover, rising demand for the technology in numbers of end-use industries including automotive and healthcare is expected to drive the industry over the future.

Large enterprises are expected to remain the largest end-use segment by 2024. SMEs are expected to gain market share with the CAGR of nearly 36% over the next eight years. An increasing number of enterprises have adopted the technology to fuel revenue. Verticals including financial services and banking, online retail and travel have presented higher return on investment (ROI) through implementing virtual assistant. This is mainly due to higher penetration, along with the early incorporation of social and mobile channels. Industry segments with high customer contact have been among early adopters of virtual agent incorporation.

BFSI is estimated to be a largest application segment in 2015, which is estimated to grow at a CAGR of over 35% from 2016 to 2024 owing to increased penetration of virtual assistants across the segment. Increasing penetration of smartphones and tablets is resulting in high growth in mobile banking, has become a crucial differentiator in consumer service. Banks benefits from the virtual agents by providing round the clock services and automating routine services boosting consumer satisfaction and reducing inbound calls.

North America has the significant market share of over 38% in 2015 owing the high proliferation of internet services and mobile phones. Additionally, these regions are home to a large number of key participants offering advanced solutions to several segments such as BFSI, automotive and healthcare, among others. Emerging markets of Asia Pacific, MEA and Latin America are expected to exhibit high growth, primarily due to surge in mobility in countries including India, Brazil and China.

Key industry participants include [24]7 Customer Inc., Anboto Group, Apple Inc., Artificial Solutions, Clara Labs, CodeBaby Corp., Creative Virtual Ltd., CX Company, eGain Communications, Eidoserve Inc., Existor, Google, IBM Corporation, Intel Corporation, InteliWISE S.A., Microsoft Corporation, Next IT Corporation, Nuance Communications, Oracle Corporation, Speaktoit Inc., Synthetix Ltd., and ViClone Corporation. Owing to the intense competition, the key companies and several new entrants have established cooperative relationships among themselves or with third parties to increase the ability of their technologies to address the needs of the prospective customers.

Table of Contents

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumption
1.3. List of Data Sources

Chapter 2. Executive Summary
2.1. Intelligent Virtual Assistant - Industry snapshot and key buying criteria, 2014 - 2024

Chapter 3. Intelligent Virtual Assistant Industry Outlook
3.1. Market segmentation
3.2. Market size and growth prospects
3.3. Intelligent Virtual Assistant value chain analysis
3.3.1. Vendor landscape
3.4. Intelligent Virtual Assistant market dynamics
3.4.1. Market driver analysis
3.4.1.1. Proliferating demand for efficient lighting technology
3.4.1.2. Rising demand for drivers across general lighting applications
3.4.1.3. Growing convergence of LED lighting and Internet of Things (IoT)
3.4.2. Market restraint analysis
3.4.2.1. Lack of common standards among various manufacturers
3.5. Key opportunities prioritized
3.6. Industry analysis - Porter's
3.7. Intelligent Virtual Assistant - Key competitor analysis, 2015
3.7.1. Market strategy overview
3.8. Intelligent Virtual Assistant market PESTEL analysis, 2015

Chapter 4. Intelligent Virtual Assistant Type Outlook
4.1. Speech recognition
4.1.1. Global market estimates and forecasts, 2014 - 2024
4.1.2. Text - to - speech recognition
4.1.2.1. Global market estimates and forecasts, 2014 - 2024

Chapter 5. Intelligent Virtual Assistant Service Outlook
5.1. Customer service
5.1.1. Global market estimates and forecasts, 2014 - 2024
5.1.2. Marketing assistant
5.1.2.1. Global market estimates and forecasts, 2014 - 2024

Chapter 6. Intelligent Virtual Assistant Application Outlook
6.1. BFSI
6.1.1.Global market estimates and forecasts, 2014 - 2024
6.1.2. Automotive
6.1.2.1. Global market estimates and forecasts, 2014 - 2024
6.1.3. IT & Telecom
6.1.3.1. Global market estimates and forecasts, 2014 - 2024
6.1.4. Retail
6.1.4.1. Global market estimates and forecasts, 2014 - 2024
6.1.5. Healthcare
6.1.5.1. Global market estimates and forecasts, 2014 - 2024
6.1.6. Education
6.1.6.1. Global market estimates and forecasts, 2014 - 2024
6.1.7. Others
6.1.7.1. Global market estimates and forecasts, 2014 - 2024

Chapter 7. Intelligent Virtual Assistant End - Use Outlook
7.1. Small and medium enterprise
7.1.1. Global market estimates and forecasts, 2014 - 2024
7.1.2. Large enterprise
7.1.2.1. Global market estimates and forecasts, 2014 - 2024
7.1.3. Individual user
7.1.3.1. Global market estimates and forecasts, 2014 - 2024

Chapter 8. Intelligent Virtual Assistant Regional Outlook
8.1. North America
8.1.1 Intelligent Virtual Assistant market by type, 2014 - 2024
8.1.2. Intelligent Virtual Assistant market by service, 2014 - 2024
8.1.3. Intelligent Virtual Assistant market by application, 2014 - 2024
8.1.4. Intelligent Virtual Assistant market by end - use, 2014 - 2024
8.1.5. U.S.
8.1.5.1. Intelligent Virtual Assistant market by type, 2014 - 2024
8.1.5.2. Intelligent Virtual Assistant market by service, 2014 - 2024
8.1.5.3. Intelligent Virtual Assistant market by application, 2014 - 2024
8.1.5.4. Intelligent Virtual Assistant market by end - use, 2014 - 2024
8.1.6. Canada
8.1.6.1. Intelligent Virtual Assistant market by type, 2014 - 2024
8.1.6.2. Intelligent Virtual Assistant market by service, 2014 - 2024
8.1.6.3. Intelligent Virtual Assistant market by application, 2014 - 2024
8.1.6.4. Intelligent Virtual Assistant market by end - use, 2014 - 2024
8.2. Europe
8.2.1. Intelligent Virtual Assistant market by type, 2014 - 2024
8.2.2. Intelligent Virtual Assistant market by service, 2014 - 2024
8.2.3. Intelligent Virtual Assistant market by application, 2014 - 2024
8.2.4. Intelligent Virtual Assistant market by end-use, 2014 - 2024
8.2.5. UK
8.2.5.1. Intelligent Virtual Assistant market by type, 2014 - 2024
8.2.5.2. Intelligent Virtual Assistant market by service, 2014 - 2024
8.2.5.3. Intelligent Virtual Assistant market by application, 2014 - 2024
8.2.5.4. Intelligent Virtual Assistant market by end - use, 2014 - 2024
8.2.6. Germany
8.2.6.1. Intelligent Virtual Assistant market by type, 2014 - 2024
8.2.6.2. Intelligent Virtual Assistant market by service, 2014 - 2024
8.2.6.3. Intelligent Virtual Assistant market by application, 2014 - 2024
8.2.6.4. Intelligent Virtual Assistant market by end - use, 2014 - 2024
8.3. Asia - Pacific
8.3.1. Intelligent Virtual Assistant market by type, 2014 - 2024
8.3.2. Intelligent Virtual Assistant market by service, 2014 - 2024
8.3.3. Intelligent Virtual Assistant market by application, 2014 - 2024
8.3.4. Intelligent Virtual Assistant market by end - use, 2014 - 2024
8.3.5. China
8.3.5.1. Intelligent Virtual Assistant market by type, 2014 - 2024
8.3.5.2. Intelligent Virtual Assistant market by service, 2014 - 2024
8.3.5.3. Intelligent Virtual Assistant market by application, 2014 - 2024
8.3.5.4. Intelligent Virtual Assistant market by end - use, 2014 - 2024
8.3.6. India
8.3.6.1. Intelligent Virtual Assistant market by type, 2014 - 2024
8.3.6.2. Intelligent Virtual Assistant market by service, 2014 - 2024
8.3.6.3. Intelligent Virtual Assistant market by application, 2014 - 2024
8.3.6.4. Intelligent Virtual Assistant market by end - use, 2014 - 2024
8.3.7. Japan
8.3.7.1. Intelligent Virtual Assistant market by type, 2014 - 2024
8.3.7.2. Intelligent Virtual Assistant market by service, 2014 - 2024
8.3.7.3. Intelligent Virtual Assistant market by application, 2014 - 2024
8.3.7.4. Intelligent Virtual Assistant market by end - use, 2014 - 2024
8.4. Latin America
8.4.1. Intelligent Virtual Assistant market by type, 2014 - 2024
8.4.2. Intelligent Virtual Assistant market by service, 2014 - 2024
8.4.3. Intelligent Virtual Assistant market by application, 2014 - 2024
8.4.4. Intelligent Virtual Assistant market by end - use, 2014 - 2024
8.4.5. Brazil
8.4.5.1. Intelligent Virtual Assistant market by type, 2014 - 2024
8.4.5.2. Intelligent Virtual Assistant market by service, 2014 - 2024
8.4.5.3. Intelligent Virtual Assistant market by application, 2014 - 2024
8.4.5.4. Intelligent Virtual Assistant market by end-use, 2014 - 2024
8.4.6. Mexico
8.4.6.1. Intelligent Virtual Assistant market by type, 2014 - 2024
8.4.6.2. Intelligent Virtual Assistant market by service, 2014 - 2024
8.4.6.3. Intelligent Virtual Assistant market by application, 2014 - 2024
8.4.6.4. Intelligent Virtual Assistant market by end - use, 2014 - 2024
8.5. Middle East & Africa
8.5.1. Intelligent Virtual Assistant market by type, 2014 - 2024
8.5.2. Intelligent Virtual Assistant market by service, 2014 - 2024
8.5.3. Intelligent Virtual Assistant market by application, 2014 - 2024
8.5.4. Intelligent Virtual Assistant market by end - use, 2014 - 2024

Chapter 9. Competitive Landscape
9.1. Customer Inc.
9.1.1. Company Overview
9.1.2. Financial Performance
9.1.3. Product Benchmarking
9.1.4. Strategic Initiatives
9.2. Anboto Group
9.2.1. Company Overview
9.2.2. Financial Performance
9.2.3. Product Benchmarking
9.2.4. Strategic Initiatives
9.3. Apple Inc.
9.3.1. Company Overview
9.3.2. Financial Performance
9.3.3. Product Benchmarking
9.3.4. Strategic Initiatives
9.4. Artificial Solutions
9.4.1. Company Overview
9.4.2. Financial Performance
9.4.3. Product Benchmarking
9.4.4. Strategic Initiatives
9.5. Clara Labs
9.5.1. Company Overview
9.5.2. Financial Performance
9.5.3. Product Benchmarking
9.5.4. Strategic Initiatives
9.6. CodeBaby Corp.
9.6.1. Company Overview
9.6.2. Financial Performance
9.6.3. Product Benchmarking
9.6.4. Strategic Initiatives
9.7. Creative Virtual Ltd.
9.7.1. Company Overview
9.7.2. Financial Performance
9.7.3. Product Benchmarking
9.7.4. Strategic Initiatives
9.8. CX Company
9.8.1. Company Overview
9.8.2. Financial Performance
9.8.3. Product Benchmarking
9.8.4. Strategic Initiatives
9.9. eGain Communications
9.9.1. Company Overview
9.9.2. Financial Performance
9.9.3. Product Benchmarking
9.9.4. Strategic Initiatives
9.10. Eidoserve Inc.
9.10.1. Company Overview
9.10.2. Financial Performance
9.10.3. Product Benchmarking
9.10.4. Strategic Initiatives
9.11. Existor
9.11.1. Company Overview
9.11.2. Financial Performance
9.11.3. Product Benchmarking
9.11.4. Strategic Initiatives
9.12. Google
9.12.1. Company Overview
9.12.2. Financial Performance
9.12.3. Product Benchmarking
9.12.4. Strategic Initiatives
9.13. IBM Corporation
9.13.1. Company Overview
9.13.2. Financial Performance
9.13.3. Product Benchmarking
9.13.4. Strategic Initiatives
9.14. Intel Corporation
9.14.1. Company Overview
9.14.2. Financial Performance
9.14.3. Product Benchmarking
9.14.4. Strategic Initiatives
9.15. Microsoft Corporation
9.15.1. Company Overview
9.15.2. Financial Performance
9.15.3. Product Benchmarking
9.15.4. Strategic Initiatives
9.16. Next IT Corporation
9.16.1. Company Overview
9.16.2. Financial Performance
9.16.3. Product Benchmarking
9.16.4. Strategic Initiatives
9.17. Nuance Communications
9.17.1. Company Overview
9.17.2. Financial Performance
9.17.3. Product Benchmarking
9.17.4. Strategic Initiatives
9.18. Oracle Corporation
9.18.1. Company Overview
9.18.2. Financial Performance
9.18.3. Product Benchmarking
9.18.4. Strategic Initiatives
9.19. Speaktoit Inc.
9.19.1. Company Overview
9.19.2. Financial Performance
9.19.3. Product Benchmarking
9.19.4. Strategic Initiatives
9.20. Synthetix Ltd.
9.20.1. Company Overview
9.20.2. Financial Performance
9.20.3. Product Benchmarking
9.20.4. Strategic Initiatives
9.21. ViClone Corporation
9.21.1. Company Overview
9.21.2. Financial Performance
9.21.3. Product Benchmarking
9.21.4. Strategic Initiatives

List of Tables

TABLE 1 Global IVA market, 2014 - 2024 (USD Million)
TABLE 2 Global market estimates and forecasts by region, 2014 - 2024 (USD Million)
TABLE 3 Global market estimates and forecasts by type, 2014 - 2024 (USD Million)
TABLE 5 Global market estimates and forecasts by service, 2014 - 2024 (USD Million)
TABLE 6 Global market estimates and forecasts by end - use, 2014 - 2024 (USD Million)
TABLE 7 Global market estimates and forecasts by application, 2014 - 2024 (USD Million)
TABLE 8 Global automotive demand by region, 2014 - 2024 (USD Million)
TABLE 9 Global consumer electronics demand by region, 2014 - 2024 (USD Million)
TABLE 10 Global consumer service demand by region, 2014 - 2024 (USD Million)
TABLE 11 Global Marketing Assistant demand by region, 2014 - 2024 (USD Million)
TABLE 12 Global industrial demand by region, 2014 - 2024 (USD Million)
TABLE 13 Global Large Enterprises demand by region, 2014 - 2024 (USD Million)
TABLE 14 Global demand of Intelligent Virtual Assistant for individual users by region, 2014 - 2024 (USD Million)
TABLE 15 Global BFSI demand by region, 2014 - 2024 (USD Million)
TABLE 16 Global automotive demand by region, 2014 - 2024 (USD Million)
TABLE 17 Global demand for Intelligent Virtual Assistant in IT & Telecom by region, 2014 - 2024 (USD Million)
TABLE 18 Global demand for Intelligent Virtual Assistant in Retail by region, 2014 - 2024 (USD Million)
TABLE 19 Global demand for Intelligent Virtual Assistant in Healthcare by region, 2014 - 2024 (USD Million)
TABLE 20 Global demand for Intelligent Virtual Assistant in Education by region, 2014 - 2024 (USD Million)
TABLE 21 Global demand for Intelligent Virtual Assistant in Others by region, 2014 - 2024 (USD Million)
TABLE 22 North America market by type, 2014 - 2024 (USD Million)
TABLE 23 North America market by service, 2014 - 2024 (USD Million)
TABLE 24 North America market by end-use, 2014 - 2024 (USD Million)
TABLE 25 North America market by application, 2014 - 2024 (USD Million)
TABLE 26 U.S. market by type, 2014 - 2024 (USD Million)
TABLE 27 U.S. market by service, 2014 - 2024 (USD Million)
TABLE 28 US market by end use, 2014 - 2024 (USD Million)
TABLE 29 US market by application, 2014 - 2024 (USD Million)
TABLE 30 Canada market by type, 2014 - 2024 (USD Million)
TABLE 31 Canada market by type, 2014 - 2024 (USD Million)
TABLE 32 Canada market by end use, 2014 - 2024 (USD Million)
TABLE 33 Canada market by application, 2014 - 2024 (USD Million)
TABLE 34 Europe. market by type, 2014 - 2024 (USD Million)
TABLE 35 Europe. market by service, 2014 - 2024 (USD Million)
TABLE 36 Europe market by end use, 2014 - 2024 (USD Million)
TABLE 37 Europe market by application, 2014 - 2024 (USD Million)
TABLE 38 UK market by type, 2014 - 2024 (USD Million)
TABLE 39 UK market by type, 2014 - 2024 (USD Million)
TABLE 40 UK market by end use, 2014 - 2024 (USD Million)
TABLE 41 UK market by application, 2014 - 2024 (USD Million)
TABLE 42 Germany market by type, 2014 - 2024 (USD Million)
TABLE 43 Germany market by service, 2014 - 2024 (USD Million)
TABLE 44 Germany market by end use, 2014 - 2024 (USD Million)
TABLE 45 Germany market by application, 2014 - 2024 (USD Million)
TABLE 46 Asia Pacific market by type, 2014 - 2024 (USD Million)
TABLE 47 Asia Pacific market by service, 2014 - 2024 (USD Million)
TABLE 48 Asia Pacific market by end use, 2014 - 2024 (USD Million)
TABLE 49 Asia Pacific market by application, 2014 - 2024 (USD Million)
TABLE 50 China market by supply type, 2014 - 2024 (USD Million)
TABLE 51 China market by supply type, 2014 - 2024 (USD Million)
TABLE 52 China market by end use, 2014 - 2024 (USD Million)
TABLE 53 China market by application, 2014 - 2024 (USD Million)
TABLE 54 India market by type, 2014 - 2024 (USD Million)
TABLE 55 India market by type, 2014 - 2024 (USD Million)
TABLE 56 India market by end use, 2014 - 2024 (USD Million)
TABLE 57 India market by application, 2014 - 2024 (USD Million)
TABLE 57 Japan market by type, 2014 - 2024 (USD Million)
TABLE 58 Japan market by service, 2014 - 2024 (USD Million)
TABLE 59 Japan market by end use, 2014 - 2024 (USD Million)
TABLE 60 Japan market by application, 2014 - 2024 (USD Million)
TABLE 61 Latin America. market by type, 2014 - 2024 (USD Million)
TABLE 62 Latin America. market by service, 2014 - 2024 (USD Million)
TABLE 63 Latin America market by end use, 2014 - 2024 (USD Million)
TABLE 64 Latin America market by application, 2014 - 2024 (USD Million)
TABLE 65 Brazil market by type, 2014 - 2024 (USD Million)
TABLE 66 Brazil market by service, 2014 - 2024 (USD Million)
TABLE 67 Brazil market by end use, 2014 - 2024 (USD Million)
TABLE 68 Brazil market by application, 2014 - 2024 (USD Million)
TABLE 69 Mexico market by type, 2014 - 2024 (USD Million)
TABLE 70 Mexico market by service, 2014 - 2024 (USD Million)
TABLE 71 Mexico market by end use, 2014 - 2024 (USD Million)
TABLE 72 Mexico market by application, 2014 - 2024 (USD Million)
TABLE 73 MEA market by type, 2014 - 2024 (USD Million)
TABLE 74 MEA market by service, 2014 - 2024 (USD Million)
TABLE 75 MEA market by end use, 2014 - 2024 (USD Million)
TABLE 76 MEA market by application, 2014 - 2024 (USD Million)