Intelligent Virtual Assistants to See Huge Growth Through 2024

The intelligent virtual assistant (IVA) market is set to grow from its current market value of more than $1 billion to reach $11.5 billion by 2024, representing a compound annual growth rate of 37 percent, research firm Global Market Insights reported recently.

Among the technologies witnessing high growth in the IVA market is speech recognition, which is seeing increasing adoption in the automobile and smartphone sectors in particular, according to the research. Connected cars, it says, are being developed with speech recognition solutions that will allow the driver to use their cellphones and find destinations 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.

Some of the other major technologies that are witnessing high adoption include artificial intelligence, which is increasingly finding adoption in virtual agents or chatbots, according to Global Market Insights. These virtual agents find answers to customer issues or transfer calls to the right agents.

Large enterprises are incorporating these advanced technologies into their business operations to improve the customer experience.

Among industries, the healthcare sector is a large adopter of IVA technologies to improve patient care. This is especially found in the Asia-Pacific region, where the growingnumber of patients in hospitals is creating difficulties in patient management and care, according to the research.

Key vendors identified in the IVA market report include IBM, Clara Labs, Nuance Communications, InteliWISE, Artificial Solutions, Creative Virtual, eGain Communications, Anboto, and 24/7 Customer.