Presently, enterprises are focused on adopting cost-effective methodologies to provide effective and efficient customer services. Intelligent virtual assistant is a cost-effective technology, which assists multiple customers to gain access to a service, quickly and effectively. IVA also leads to an instant response from the system, improved data collection, and reduction in the dependency on manual customer support for any queries. Thus, IVA solutions are being implemented across various organizations, such as banks, E-retailers and healthcare among others. Increasing smartphone penetration, growing adoption of intelligent virtual assistant software in large enterprises, and inclusion of natural language understanding technology are the key factors driving the global IVA market. IVA facilitates user interaction with smartphones and other devices such as in-car infotainment system, PCs and laptops to access any kind of required information such as payment procedures, doctor availability and appointments, navigation, and news and entertainment among others.
The world intelligent virtual assistant (IVA) market is segmented on the basis of technology, vertical and geography. Based on technology, the market is segmented into speech recognition and text-to-speech technology. Further, IVA technology finds its major application across various verticals such as automotive, BFSI, healthcare, Retail (e-commerce) and others.Based on geography, the world intelligent virtual assistant (IVA) market is bifurcated into North America, Europe, Asia-Pacific and LAMEA (Latin America Middle East and Africa). North America and Europe are so far the major adopters of intelligent virtual assistant technology. The enterprises in the region are increasingly adopting this technology to enhance their customer engagement along with reduced cost of operation. However, Asia-Pacific would witness the highest CAGR of 38.97% during the forecast period.
POTENTIAL BENEFITS FOR STAKEHOLDERS:
- The report provides a detailed analysis of the world intelligent virtual assistant market with current and future growth trends, driving factors, opportunities, and challenges
- The report includes a comprehensive analysis of market segments to provide insights on the market dynamics
- Porter’s Five Forces analysis highlights the potential of buyers and suppliers as well as provides insights on the competitive structure of the market to devise effective growth strategies and facilitate better decision-making
- Value chain analysis provides key inputs on the role of stakeholders involved at various stages of the value chain
- SWOT analysis of the key market players highlights their strengths and weaknesses coupled with potential opportunities present in the market
INTELLIGENT VIRTUAL ASSISTANT MARKET KEY SEGMENTS
The world intelligent virtual assistant market is segmented based on technology, vertical and geography.
MARKET BY VERTICAL
- Retail (e-commerce)
MARKET BY TECHNOLOGY
- Speech Recognition
MARKET BY GEOGRAPHY
- North America
- Next IT Corporation
- Nuance Communications, Inc.
- IntelliResponse Systems, Inc.
- CodeBaby Corporation
- Creative Virtual Ltd.
- Speaktoit, Inc.
- Artificial Solutions
- eGain Corporation
- CX Company
- Anboto Group
1.1 Report description
1.2 Key benefits
1.3 Key market segments
1.4 Research methodology
1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models
CHAPTER 2 EXECUTIVE SUMMARY
2.1 CXO perspective
CHAPTER 3 MARKET OVERVIEW
3.1 Market definition and scope
3.2 Key Findings
3.2.1 Top impacting factor
3.2.2 Top winning strategies
3.2.3 Top investment pockets
3.3 Value chain analysis
3.4 Porters five forces analysis
3.4.1 Bargaining power of supplier
3.4.2 Bargaining power of buyers
3.4.3 Threat of new entrants
3.4.4 Threat of substitutes
3.4.5 Industry Rivalry
3.5 Key market players positioning
3.6.1 Improved customer experience
3.6.2 Cost effective solution
3.6.3 Increasing smartphone penetration
3.7.1 Lack of awareness
3.8.1 Inclusion of natural language processing
CHAPTER 4 WORLD INTELLIGENT VIRTUAL ASSISTANT MARKET, BY TECHNOLOGY
4.1 Speech Recognition
4.1.1 Key market trends
4.1.2 Key drivers and opportunities
4.1.3 Market size and forecast
4.2.1 Key market trends
4.2.2 Key drivers and opportunities
4.2.3 Market size and forecast
CHAPTER 5 WORLD INTELLIGENT VIRTUAL ASSISTANT MARKET, BY VERTICAL
5.1.1 Key market trends
5.1.2 Key drivers and opportunities
5.1.3 Market size and forecast
5.2.1 Key market trends
5.2.2 Key drivers and opportunities
5.2.3 Market size and forecast
5.3.1 Key market trends
5.3.2 Key drivers and opportunities
5.3.3 Market size and forecast
5.4 Retail (e-commerce)
5.4.1 Key market trends
5.4.2 Key drivers and opportunities
5.4.3 Market size and forecast
5.5.1 Key market trends
5.5.2 Key drivers and opportunities
5.5.3 Market size and forecast
CHAPTER 6WORLD INTELLIGENT VIRTUAL ASSISTANT MARKET, BY GEOGRAPHY
6.1 North America
6.1.1 Key market trends
6.1.2 Key drivers and opportunities
6.1.3 Market size and forecast
6.2.1 Key market trends
6.2.2 Key drivers and opportunities
6.2.3 Market size and forecast
6.3.1 Key market trends
6.3.2 Key drivers and opportunities
6.3.3 Market size and forecast
6.4 Latin America Middle East and Africa (LAMEA)
6.4.1 Key market trends
6.4.2 Key drivers and opportunities
6.4.3 Market size and forecast
CHAPTER 7 COMPANY PROFILE
7.1 Next IT Corporation
7.1.1 Company Overview
7.1.2 Strategic Moves and Developments
7.1.3 SWOT analysis of Next IT Corporation
7.2 Nuance Communications Inc.
7.2.1 Company overview
7.2.2 Business Performance
7.2.3 Strategic Moves and Developments
7.2.4 SWOT analysis of Nuance Communications Inc.
7.3 IntelliResponse Systems Inc.
7.3.1 Company overview
7.3.2 Strategic Moves and Developments
7.3.3 SWOT analysis of IntelliResponse Systems Inc.
7.4 CodeBaby Corporation
7.4.1 Company overview
7.4.2 Strategic Moves and Developments
7.4.5 SWOT analysis of CodeBaby Corporation
7.5 Creative Virtual Ltd
7.5.1 Company overview
7.5.2 Strategic Moves and Developments
7.5.3 SWOT analysis of Creative Virtual Ltd
7.6 Speaktoit Inc.
7.6.1 Company overview
7.6.2 Strategic Moves and Developments
7.6.3 SWOT analysis of Speaktoit, Inc.
7.7 Artificial Solutions Ltd.
7.7.1 Company overview
7.7.2 Strategic Moves and Developments
7.7.3 SWOT analysis of Artificial Solutions Ltd.
7.8 eGain Corporation
7.8.1 Company overview
7.8.2 Business Performance
7.8.3 Strategic Moves and Developments
7.8.4 SWOT analysis of eGain Corporation
7.9 CX Company
7.9.1 Company overview
7.9.2 Strategic Moves and Developments
7.9.3 SWOT analysis of CX Company
7.10 Anboto Group
7.10.1 Company overview
7.10.2 SWOT analysis of Anboto Group
List of Tables
Table 1 World Intelligent Virtual Assistant Market Revenue By Geography, 2014 2020 ($Million)
Table 2 World Intelligent Virtual Assistant Market Revenue By Technology, 2014 2020 ($Million)
Table 3 World Intelligent Virtual Assistant Speech Recognition Technology Market Revenue By Geography, 2014 2020 ($Million)
Table 4 World Intelligent Virtual Assistant Text-To-Speech Technology Market Revenue By Geography, 2014 2020 ($Million)
Table 5 World Intelligent Virtual Assistant Market Revenue By Vertical, 2014 2020 ($Million)
Table 6 World Automotive Intelligent Virtual Assistant Market Revenue By Geography, 2014 2020 ($Million)
Table 7 World Healthcare Intelligent Virtual Assistant Market Revenue By Geography, 2014 2020 ($Million)
Table 8 World BFSI Intelligent Virtual Assistant Market Revenue By Geography, 2014 2020 ($Million)
Table 9 World Retail (E-Commerce) Intelligent Virtual Assistant Market Revenue By Geography, 2014 2020 ($Million)
Table 10 World Others Intelligent Virtual Assistant Market Revenue By Geography, 2014 2020 ($Million)
Table 11 North America Intelligent Virtual Assistant Market Revenue By Vertical, 2014 2020 ($Million)
Table 12 North America Intelligent Virtual Assistant Market Revenue By Technology, 2014 2020 ($Million)
Table 13 Europe Intelligent Virtual Assistant Market Revenue By Vertical, 2014 2020 ($Million)
Table 14 Europe Intelligent Virtual Assistant Market Revenue By Technology, 2014 2020 ($Million)
Table 15 Asia-Pacific Intelligent Virtual Assistant Market Revenue By Vertical, 2014 2020 ($Million)
Table 16 Asia-Pacific Intelligent Virtual Assistant Market Revenue By Technology, 2014 2020 ($Million)
Table 17 LAMEA Intelligent Virtual Assistant Market Revenue By Vertical, 2014 2020 ($Million)
Table 18 LAMEA Intelligent Virtual Assistant Market Revenue By Technology, 2014 2020 ($Million)
Table 15 Snapshot Of Next It Corporation
Table 16 Snapshot Of Nuance Communications Inc.
Table 17 Snapshot Of Intelliresponse Systems Inc.
Table 18 Snapshot Of Codebaby Corporation
Table 19 Snapshot Of Creative Virtual Ltd
Table 20 Snapshot Of Speaktoit, Inc.
Table 21 Snapshot Of Artificial Solutions Ltd.
Table 22 Snapshot Of Egain Corporation
Table 23 Snapshot Of Cx Company
Table 24 Snapshot Of Anboto Group
List of Figures
Fig. 1 Top Impacting Factors
Fig. 2 Top Winning Strategies
Fig. 3 Top Investment Pockets By Vertical
Fig. 4 Value Chain Analysis
Fig. 5 Porters Five Forces Analysis
Fig. 6 Key Market Players Positioning
Fig. 7 SWOT Analysis Of Next IT Corporation
Fig. 8 Revenue Generated By Nuance Communications Inc., 2013 - 2015 ($Million)
Fig. 9 SWOT Analysis Of Nuance Communications Inc.
Fig. 10 SWOT Analysis Of Intelliresponse Systems Inc.
Fig. 11 SWOT Analysis Of Codebaby Corporation
Fig. 12 SWOT Analysis Of Creative Virtual Ltd
Fig. 13 SWOT Analysis Of Speaktoit, Inc.
Fig. 14 SWOT Analysis Of Artificial Solutions Ltd.
Fig. 15 Revenue Generated By Egain Corporation, 2013 - 2015 ($Million)
Fig. 16 SWOT Analysis Of Egain Corporation
Fig. 17 SWOT Analysis Of Cx Company
Fig. 18 SWOT Analysis Of Anboto Group
The technology segment comprises speech recognition and text-to-speech technology. Speech recognition technology segment dominated the market in 2014, and is expected to dominate throughout the forecast period 2015-2020. Intelligent virtual assistant (IVA) is used in various industry verticals such as automotive, healthcare, BFSI, retail and others. Among these verticals, BFSI was the highest revenue-generating segment, accounting for 39.9% share in 2014. IVA solutions are widely used in the BFSI sector, owing to faster response time, improved customer handling and high customer satisfaction. However, automotive segment would witness the fastest growth during the forecast period. The growth would be driven by the fast growing in-car infotainment systems market, as IVA is an important part of these systems, which enables the vehicle driver and passengers, to surf the internet, navigate and make calls through speech recognition technology.
Further, the world IVA market based on geography is bifurcated into North America, Europe, Asia-Pacific and LAMEA. North America dominated the world intelligent virtual assistant (IVA) market, accounting for 39.5% market share in 2014. The region would maintain its dominance during the forecast period. However, Asia- Pacific would witness the highest CAGR of 38.97% during the same period.
- Automotive segment is expected to exhibit huge growth potential throughout the analysis period
- In Intelligent Virtual Assistant market, speech recognition is the most popular technology since it enables interactive and intuitive communication
- BFSI industry vertical would exhibit the highest adoption of IVA throughout the forecast period and would continue to dominate the market throughout the analysis period
- North America would be the dominant geography in the Intelligent virtual assistant (IVA) market throughout the forecast period (2015-2020), owing to the widespread adoption of IVA technology in different applications across different sectors
The report also outlines the competitive scenario of the world intelligent virtual assistant (IVA) market, providing a comprehensive study of the key strategies adopted by companies operating in the IVA market. Key companies profiled in the report include Next IT, Nuance Communications Inc., IntelliResponse Systems Inc., CodeBaby Corporation, Anboto Group and others.
- Artificial Solutions Ltd.
- CX Company
- CodeBaby Corporation
- Creative Virtual Ltd
- eGain Corporation
- IntelliResponse Systems Inc.
- Next IT Corporation
- Nuance Communications Inc.
- Speaktoit Inc.
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.