Intelligent Virtual Assistant Market Expected to Reach US$ 5.1 Billion by 2022, Globally: Transparency Market Research

ALBANY, New York, September 14, 2015 /PRNewswire/ --

According to a new market report published by Transparency Market Research "Intelligent Virtual Assistant Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2022",the market for intelligent virtual assistant,globally, is forecast to reach US$5.1Bn by 2022. Intelligent virtual assistants are the new breeds of mobility solutions and business communication. Virtual assistants are increasingly entering the mobility market where they are being utilized in order to increase business productivity. The fundamental problem faced by customers interacting with online websites is the inability to find the most appropriate answer to their questions. Usage of next generation self-service technology such as intelligent virtual assistants helps in improving the customer engagement service issues online.

Full Research Report on Intelligent Virtual Assistant Market with detailed figures and segmentation at: http://www.transparencymarketresearch.com/intelligent-virtual-assistant-industry.html

The global intelligent virtual assistant market was valued at US$579.7Mnin 2014 and is forecast to grow at a CAGR of 31.8% from 2015to 2022.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 at present 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 in accepting intelligent virtual assistants as the preferred solution for their business requirements.

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Based on geography, the intelligent virtual assistant market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. In terms of regional adoption, North America was the largest contributor to the global intelligent virtual assistant market in 2014, accounting for around 39% 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 from 2015 to 2022, growing at a CAGR of 33.4% from 2015 to 2022. This is mainly due to the increased focus on technological investments and high proliferation of mobile devices in the Asia Pacific region.

The global intelligent virtual assistant market is highly fragmented and competitive. Some  of the key industry participants in this market include NextIT Corporation, 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.

Browse the Press Release of this report, here: http://www.transparencymarketresearch.com/pressrelease/intelligent-virtual-assistant-industry.htm

This report analyzes the global intelligent virtual assistant market in terms of revenue (US$ Mn). The market has been segmented as follows:

Intelligent Virtual Assistant Market, by Technology: 

• Text-to-speech
• Speech Recognition

Intelligent Virtual Assistant Market, by End-users: 

• Individual Users
• Small and Medium Enterprise
• Large Enterprise

Intelligent Virtual Assistant Market, by Geography: 

• North America
  • U.S.
  • Rest of North America
• Europe
  • EU7
  • CIS
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • Indian Subcontinent
  • Australasia
  • Rest of Asia Pacific
• Middle East and Africa (MEA)
  • GCC Countries
  • North Africa
  • South Africa
  • Rest of MEA
• Latin America
  • Brazil
  • Rest of Latin America

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