Intelligent Virtual Assistant Market Expected to Reach USD 2,126.4 Million in 2019: Transparency Market Research

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Jul 10, 2014, 10:30 ET

ALBANY, New York, July 10, 2014 /PRNewswire/ --

According to a new market report published by Transparency Market Research "Intelligent Virtual Assistant Market (By Technology - Text-to-Speech, Speech Recognition; By End User - Individual Users, Small and Medium Enterprise Users, Large Enterprise Users) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the market was valued at USD 352.0 million in 2012 and is expected to reach USD 2,126.4 million by 2019, growing at a CAGR of 30.6% from 2013 to 2019.

Browse the full Intelligent Virtual Assistant Market Report at http://www.transparencymarketresearch.com/intelligent-virtual-assistant-industry.html

North America was the largest contributor to the global intelligent virtual assistant market in 2012, which accounted for 39.6% share of the overall intelligent virtual assistant market. Asia Pacific is expected to be the fastest growing market for intelligent virtual assistant during the forecast period, growing at a CAGR of 32.2% from 2013 to 2019. This is mainly due to the increased focus on technological investments and proliferation of mobile devices in Asia Pacific region.

Today, intelligent virtual assistants are the new breeds of mobility solutions and business communication. Virtual assistants are increasingly entering the mobility market in order to increase business productivity. The fundamental problem faced by customers interacting with online websites of customers is the inability to find answers to their questions. Usage of next generation self service technology such as intelligent virtual assistants helps in improving the customer engagement service issues online.

There are two major types of technologies used in intelligent virtual assistants, namely, text-to-speech technology and speech recognition technology. Among these two technologies, speech recognition is the most popular technology as it provides the feature of interactive and intuitive communication. The end users of intelligent virtual assistants include individual users, small and medium enterprises, and large enterprises. Large enterprise users are increasingly displaying confidence to accept intelligent virtual assistants as the solution for their business requirements.

North America led the virtual intelligent market in 2012, followed by Europe. Asia Pacific is expected to be the fastest growing regional market for intelligent virtual assistants, expected to grow at a CAGR of 32.2% during the forecast period from 2013 to 2019. This is mainly due to the increasing investment in customer relationship management in large, medium and small enterprises.

The global intelligent virtual assistant market is highly fragmented and competitive. Major industry participants include NextIT Corp., Creative Virtual Ltd., VirtuOz Inc., Anboto Group., CodeBaby Corp., IntelliResponse Systems Inc., Nuance Communications Inc., SpeakToit Inc., Artificial Solutions UK Ltd., and eGain Communications Corp among others.

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The report studies the global intelligent virtual assistant market and provides estimates in terms of revenue (USD Million) from 2013 to 2019. Market estimates are provided on the basis of technology, end users and geography.

The global intelligent virtual assistant market has been segmented as follows:

Intelligent Virtual Assistant, by Technology

Text-to-speech
Speech recognition and natural language understanding

Intelligent Virtual Assistant, by End Users

Individual users
Small and medium enterprise users
Large enterprise users

Browse the full Intelligent Virtual Assistant Market Report at http://www.transparencymarketresearch.com/intelligent-virtual-assistant-industry.html

Intelligent Virtual Assistant, by Geography

North America
Europe
Asia Pacific
Rest of the World

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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