Intelligent Virtual Assistant Market: Social Media Plays Crucial Role in Development of Intelligent Virtual Assistants

Intelligent Virtual Assistants Find Major Scope for Application in Messenger Bots

Intelligent virtual assistants comprise two key technologies: text-to-speech and speech recognition. In 2015, speech recognition technology was the most preferred segment and accounted for around 53% of the revenue.

Intelligent virtual assistants find application in websites, contact centers, and messenger bots. In 2015, the website segment generated the maximum revenue with a share of around 70% in the overall intelligent virtual assistant market. While the segment is projected to retain its dominance during the forecast period, the messenger bots segment is expected to register the highest CAGR in terms of revenue from 2016 to 2024.

The key end users of intelligent virtual assistants are small and medium enterprises, individual users, and large enterprises. Large enterprises are expected to be the primary adopters of intelligent virtual assistants since most of them have growing businesses and are looking to change their customer care strategies.

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Social Media Plays Crucial Role in Development of Intelligent Virtual Assistants

The impact of social media on the development of intelligent virtual assistant technology has been huge. “An increasing number of consumers have been spending more time on social media platforms for various day-to-day activities and this has tremendously impacted their purchase decisions,” states a TMR analyst. Keeping this in mind, the growth of the intelligent virtual assistant market in the retail sector has been remarkable with players looking to improve customer experience and relationship.

In addition to this, the shift of organizations from analog to digital technologies has resulted in the massive amounts of organizational data, thereby creating the demand for intelligent virtual assistant software. This is a key factor driving the global market.

On the down side, the complexities and cost of intelligent virtual assistant technology are rather high, which present major challenges for several companies. The lack of skilled resources required to effectively use and manage this technology is also a key barrier.

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Asia Pacific to Exhibit Faster Growth than that of Global Market

The opportunity in the global intelligent virtual assistant market is forecast to rise from US$627.7 mn in 2015 to be worth a massive US$7.9 bn by 2024. The market is likely to expand at an astounding 32.8% CAGR during the forecast period. By technology, speech recognition is not only the leading revenue generator but is also projected to exhibit the highest CAGR of 33.3% from 2016 to 2024. Websites form the leading application segment in the intelligent virtual assistant market, while messenger bots have been identified by TMR analysts as the most promising segment.

In terms of end use, large enterprises hold the majority share at present and small and medium enterprises will expand at the fastest CAGR through 2024. While North America is the leading contributor to the growth of the intelligent virtual assistant market by region, Asia Pacific is projected to expand at a pace greater than that of the global market.

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