Albany, NY, Feb. 05, 2016 (GLOBE NEWSWIRE) -- According to a recent market research report published by Transparency Market Research, the global intelligent virtual assistant market is estimated to expand healthily at a CAGR of 31.80% during the period between 2015 and 2022. The report, projects the global intelligent virtual assistant market to be worth US$5.1 bn by 2022. The overall market was valued at US$0.57 bn in 2014.
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An intelligent virtual assistant works as the primary interface between digital data and computers. The software performs tasks on the basis of input provided and by accessing online information. Intelligent virtual assistant technology implements the combination of a mobile device, mobile application, and user interface. The report points out that the increasing data generation has created demand for intelligent virtual assistant software. To improve customer relationships, websites are taking help of interactive online channels such as web chats and intelligent virtual assistants. However, the global intelligent virtual assistant market will be restrained by the cost and complexity of the software and lack of skilled resources. The report states that the overall market has a huge opportunity to grow with the expanding application of intelligent virtual assistant software across sectors such as e-commerce, banking, and healthcare.
On the basis of technology, the report segments the global intelligent virtual assistant market into speech recognition and text-to-speech. Currently, speech recognition is the most popular technology, as it offers the benefit of intuitive and interactive communication. Innovation in the field of speech recognition technology in smartphones has further boosted the demand for the technology.
In terms of end use, the report categorizes the global intelligent virtual assistant market into individual users, small and medium enterprises, and large enterprises. Large enterprises are increasingly adopting intelligent virtual assistants as the preferred solution for their business requirements. As the cost of intelligent virtual assistant software is decreasing, small and medium enterprises are expected to embrace the technology to stay ahead in the market.
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The report studies the global intelligent virtual assistant market’s performance in five key regions: North America, Europe, Latin America, the Middle East and Africa, and Asia Pacific. In 2014, North America emerged as the largest market for intelligent virtual assistants and accounted for a 39% market share. However, during the forecast horizon, Asia Pacific is anticipated to be the fastest growing region in the market, expanding at a CAGR of 33.4%. The rapid growth of the market in Asia Pacific can be attributed to the increased focus on technological investments and high adoption of mobile devices in the region.
The report profiles some of the key players in the global intelligent virtual assistant market such as Creative Virtual Ltd., Next IT Corporation, IntelliResponse Systems Inc., CodeBaby Corp., Speaktoit Inc., Nuance Communications Inc., Artificial Solutions Ltd., Anboto Group, and eGain Communications Corp. The report further provides insightful information about each of the key market participants.
Global Intelligent Virtual Assistant Market has been segmented as:
Global Intelligent Virtual Assistant Market, by Technology
- Text-to-speech
- Speech Recognition
Global Intelligent Virtual Assistant Market, by End-Users
- Individual Users
- Small and Medium Enterprise
- Large Enterprise
Global Intelligent Virtual Assistant Market, by Geography:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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