Intelligent Virtual Assistant (IVA) Market - Industry Growth Analysis & Forecast By 2024

IVA Market is expected to exceed USD 11.5 billion by 2024. The technological advancements and innovations being incorporated in several industries such as automotive and retail to assist the customers in operating the industrial solutions or services is expected to drive the IVA market growth. Some of the major technologies that are witnessing high adoption include machine learning and AI. These technologies are allowing the manufacturers to integrate the virtualized assisting solutions that can be connected to several industrial machines.
Speech recognition technology is witnessing high growth in the IVA market due to the rise in adoption of these techniques in modern industrial solutions. The automobile and smartphone industry are the major application areas of the technology. The future connected cars are being developed with speech recognition solutions that will allow the driver to use their cellphones, find their destination with the help of maps using speech activated commands. For instance, Apple CarPlay is an application-based software that gets connected to the vehicle display system and accepts voice commands.
Increasing adoption of these solutions for customer service is predicted to accelerate the IVA market growth. It assists or handles the customer query by providing an interaction with the virtual agent or chatbots. These virtual agents direct the solution of the customer issues or transfer the calls to the concerned department, thereby managing the customer calls to the specific department and reducing the confusion in call flows. Several advantages offered by such systems to the company include 24/7 support, efficiency in business operations and higher productivity. These benefits are encouraging the adoption of such solutions in service industry, thereby providing an impetus to the IVA market.
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The large enterprises are incorporating these advanced technologies in their business operations to improve the customer experience. These enterprises are engaged in offering sophisticated solutions to the customers that will help to ease several manual tasks with the help of speech or voice recognition systems. Such factors are driving the adoption of these solutions in large enterprises, thereby stimulating the growth in IVA market. Moreover, large enterprises are engaged in incorporating such advanced solutions such as Google and BMW. For instance, in September 2018, BMW introduced Intelligent Personal Assistant Communication System that will help the drivers to communicate with their vehicles.
The application of such technologies is growing rapidly in healthcare sector due to the rise in demand for improving the medical techniques that will allow the doctors or physicians to treat their patients in an effective manner. Several advantages offered by such systems in healthcare sector include personalized medication, advanced treatment plans, predictive medical care, improved diagnosis, and long-term cost saving. The Medical Virtual Assistants (MVAs) helps the healthcare organizations in collecting the insurance details, demographic information, procurement details, patient health history, finance/costing, data mining and analysis of all the records. Such rise in adoption of the virtual solutions in healthcare industry is expected to drive the IVA market growth.
The Asia Pacific IVA market is expected to generate high demand for these solutions due to the increasing requirement of such advanced technologies in healthcare sector. Increasing number of patients in hospitals is offering several difficulties to the staff in patient management and care. Such factors are encouraging the hospitals and medical institutions to incorporate advanced solutions in their facilities, thereby driving the IVA market growth. Moreover, countries such as China and India are also witnessing high adoption of these solutions for providing self-service to the customers.
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Key players operating in the IVA market are IBM, Clara Labs, Nuance Communications, InteliWISE, Artificial Solutions, Creative Virtual, eGain Communications, Anboto and 24/7 Customer, Inc. among others. These companies are engaged in developing industry specific solutions that will provide their customers option to customize the solution based on the industrial requirement. Moreover, the technological advancements and innovations in these industry verticals is expected to be a great opportunity for the IVA market players.
Table of Contents
Chapter 1. Methodology and Scope
	
1.1. Definition and forecast parameters	
		
1.1.1. Definitions
		
1.1.2. Assumptions, methodology & forecast parameters
	
	
	
1.2. Data Sources	
		
1.2.1. Primary
		
1.2.2. Secondary
	
	
Chapter 2. Executive Summary
	
2.1. Intelligent virtual assistant industry 360 degree synopsis, 2013 - 2024	
		
2.1.1. Business trends
		
2.1.2. Regional trends
		
2.1.3. Technology trends
		
2.1.4. End-use trends
		
2.1.5. Application trends