The global intelligent virtual assistant market (IVA) is expected to reach USD 3.07 billion by 2020, according to a new study by San Francisco-based market research and consulting company Grand View Research, Inc. The high emphasis on efficient customer interaction assisted by virtual assistants is estimated to fuel this demand. A rising need to manage huge data, particularly in large enterprises, is anticipated to escalate growth over the next four years.
The global IVA market size was valued at USD 572.2 million in 2014. By transforming customer interactions and mobility solutions, the industry is encountering increasing demand across several application areas, including travel, utilities and telecommunication sector.
There are several benefits offered by IVA technology, such as quick self-service options, enhanced user-experience and improvements in overall productivity. In addition, it improves interactions on smartphones as well as traditional online web-portals with advances in language-based speech recognition and analytics. Personalized engagement that exhibits the capability of identifying a person talking provides avenues for intelligent virtual assistant market growth. Further, as natural language interaction algorithms mature, the effectiveness will increase substantially with the emergence of smart machines and advent of contextually aware personal assistants.
The study found that commercial applications may gain more impetus as the technology matures. Development and vendor initiatives to provide innovation across this sector and growing adoption in consumer applications, for example Google Now, Apple Siri and Microsoft Cortana will likely drive further growth.
North America intelligent virtual assistant market by end-use, 2012 - 2020 (USD Million)
To sustain demand over the coming years, it will be essential for the IVA industry to implement standardization and increase awareness among end users.