Selbyville, Delaware, Dec. 19, 2018 (GLOBE NEWSWIRE) --

The intelligent virtual assistant (IVA) market is expected to grow from $1 billion in 2017 to $11.5 billion by 2024, according to a 2018 Global Market Insights, Inc. report. The industry growth is due to growing demand for online self-service, self-reliance, and rapid query resolution requirements.

Websites are becoming the preferred service channels to gain information, make purchase decisions, and resolve issues. Companies are adopting the technology to improve ease of access and streamline activities. Furthermore, the companies are increasingly implementing the technology to enhance operational efficiency.

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Companies are investing in reducing overall costs to propel the intelligent virtual assistant market growth. The technology helps reduce costs from fields such as email response, technical telephonic support, and assistance on call. The implementation of the technology will enable the reduction in call wait times, reducing the resolution time and allowing call transfers in case of the escalation of an issue. The growing proliferation of IoT is expected to stimulate the intelligent virtual assistant (IVA) market demand. The use of IoT has increased the quantity and quality of data collected. IVAs respond to text or speech queries through smartphones and apps, increasing customer engagement.

Marketing assistant service is expected to grow rapidly over the forecast period due to features offered including social media management, product navigation, and web marketing. These features respond according to the marketing requirements of the customers efficiently, improving customer experience and customer loyalty.

Speech recognition is expected to witness rapid growth due to the growing demand for documentation in the adoption of electronic records, propelling the intelligent virtual assistant market share. The modernization of infrastructure and growing need to protect & secure critical data are propelling the demand for these solutions. Furthermore, these systems allow improvement of interoperability owing to the adoption of IoT, propelling the market size.

Browse key industry insights spread across 300 pages with 232 market data tables & 34 figures & charts from the report, “Intelligent Virtual Assistant (IVA) Market Size By Technology (Speech Recognition, Text-To-Speech, Voice Recognition), By Service (Customer Service, Marketing Assistant), By Application (Automotive, BFSI, Retail, IT & Telecom, Healthcare, Education), By End-Use (SMBs, Large Enterprises, Individual Users), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Russia, China, Japan, South Korea, India, Taiwan, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:

The adoption of the technology by the SMBs is expected to grow significantly over the forecast timespan due to the minimized need for full-time customer service employees will drive the intelligent virtual assistant market. The adoption of these solutions reduces the operational costs of the SMBs significantly and offers high-quality services. The technology offers marketing assistance and increased ROI, thus propelling the demand for these solutions.

The intelligent virtual assistant (IVA) market in automotive applications is expected to grow rapidly over the forecast timespan due to features such as providing personalized assistance to the drivers and delivering a safe driving experience. The technology can be integrated with systems such as automatic parking, adaptive cruise control, lane change assist, and other ADAS controls. Several vendors in the industry offer IVAs to integrate voice as a part of the in-car infotainment systems.

The North America intelligent virtual assistant market will grow rapidly over the forecast time span due to the large-scale adoption of technological advancements by the companies in this region. The major software companies, such as IBM & Microsoft, and car makers, such as BMW, are increasingly investing in the technology to enhance customer service and reduce the role of humans.

The key vendors in the intelligent virtual assistant market are Apple, Inc., Anboto, Artificial Solutions, Clara Labs, eGain Communications, Existor, IBM Corporation, Next IT Corporation, Nuance Communications, and Speaktoit, Inc. The companies are increasingly investing in product development and innovation to gain a competitive share.

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