Intelligent Virtual Assistant Market – Speech Recognition Technology is Expected to Showcasing High Growth Over 2018 – 2024

Speech recognition technology is witnessing high growth in the Intelligent Virtual Assistant Market due to the rise in adoption of these techniques in modern industrial solutions. The automobile and smartphone industry are the major application areas of the technology. The future connected cars are being developed with speech recognition solutions that will allow the driver to use their cellphones, find their destination with the help of maps using speech activated commands. For instance, Apple CarPlay is an application-based software that gets connected to the vehicle display system and accepts voice commands.

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The large enterprises are incorporating these advanced technologies in their business operations to improve the customer experience. These enterprises are engaged in offering sophisticated solutions to the customers that will help to ease several manual tasks with the help of speech or voice recognition systems. Such factors are driving the adoption of these solutions in large enterprises, thereby stimulating the growth in Intelligent Virtual Assistant Market. Moreover, large enterprises are engaged in incorporating such advanced solutions such as Google and BMW. For instance, in September 2018, BMW introduced Intelligent Personal Assistant Communication System that will help the drivers to communicate with their vehicles.

Increasing adoption of these solutions for customer service is predicted to accelerate the Intelligent Virtual Assistant Market growth. It assists or handles the customer query by providing an interaction with the virtual agent or chatbots. These virtual agents direct the solution of the customer issues or transfer the calls to the concerned department, thereby managing the customer calls to the specific department and reducing the confusion in call flows. Several advantages offered by such systems to the company include 24/7 support, efficiency in business operations and higher productivity.

The application of such technologies is growing rapidly in healthcare sector due to the rise in demand for improving the medical techniques that will allow the doctors or physicians to treat their patients in an effective manner. Several advantages offered by such systems in healthcare sector include personalized medication, advanced treatment plans, predictive medical care, improved diagnosis, and long-term cost saving. The Medical Virtual Assistants (MVAs) helps the healthcare organizations in collecting the insurance details, demographic information, procurement details, patient health history, finance/costing, data mining and analysis of all the records. Such rise in adoption of the virtual solutions in healthcare industry is expected to drive the Intelligent Virtual Assistant Market growth.

Regional automakers are constantly seeking ways to integrate the product in upcoming car segments to revolutionize driving experience. For instance, the German automotive giant, BMW has recently announced that its upcoming car segment would come with Intelligent Personal Assistant. Like Apple’s Siri or Amazon Alexa, the new AI-based virtual assistant would reply to voice commands and could adjust the temperature, lighting mood and music, among other things in the car efficiently, claims the company.

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North America, apart from Germany, is another region that is forecast to accumulate commendable gains by 2024, driven by the expansive technological advancements in the region. Major software companies, like, Microsoft & IBM, have also been investing in IVA, thereby enhancing the growth prospects for North America Intelligent Virtual Assistant Market.

The competitive spectrum of intelligent virtual assistant market also comprises other players like Amazon, Google, Microsoft, Apple, Inc., Artificial Solutions, eGain Communications, IBM Corporation, Nuance Communications, and Speaktoit, Inc. These companies are known to increasingly invest in product development and innovation to bring in intelligent assistance into the mainstream. Meanwhile, several tech giant firms are adding the product to their portfolio to gain added sales.

For instance, on January 7th, 2019, the world’s leading television manufacturers Samsung, LG and Hisense announced that they would open their devices to Google Assistant and Amazon Alexa. As advancements in the fields of automation, machine & deep learning, conversation interfaces, and natural language processing continue to surge, Intelligent Virtual Assistant Market share is certain to soar in the years to come.

Major Key Points from Table of Content:

Chapter 5.   Intelligent Virtual Assistant Market, By Service

5.1.  Key trends in intelligent virtual assistant market by service

5.2.  Customer service

5.2.1. Market estimates and forecast, 2013 – 2024

5.3.  Marketing assistant

5.3.1. Market estimates and forecast, 2013 – 2024

Chapter 6.   Intelligent Virtual Assistant Market, By End-Use

6.1.  Key trends in intelligent virtual assistant industry by end-use

6.2.  SMBs

6.2.1. Market estimates and forecast, 2013 – 2024

6.3.  Large enterprises

6.3.1. Market estimates and forecast, 2013 – 2024

6.4.  Individual users

6.4.1. Market estimates and forecast, 2013 – 2024

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