Virtual Assistants Poised for Intense Growth

Intelligent virtual assistants, which use both text-to-speech and speech recognition technologies, are increasingly entering the mobility market to help customers interact with Web sites. In fact, the intelligent virtual assistant market was valued at $352 million in 2012 and is expected to reach $2.126 billion by 2019, representing a compound annual growth rate 30.6 percent, according to Transparency Market Research.

The research also found that North America was the largest contributor to the global intelligent virtual assistant market, accounting for 39.6 percent share. Asia Pacific, meanwhile, is expected to be the fastest growing market for intelligent virtual assistants, growing at a CAGR of 32.2 percent through 2019, mainly due to an increased focus on technological investments and the proliferation of mobile devices in theregion.

The end users of intelligent virtual assistants include individual users, small and medium enterprises, and large enterprises. Large enterprise users are increasingly displaying confidence to accept intelligent virtual assistants as the solution for their business requirements.

According to Transparency, the global intelligent virtual assistant market is highly fragmented and competitive, and major industry participants include NextIT, Creative Virtual, VirtuOz, Anboto Group., CodeBaby, IntelliResponse Systems , Nuance Communications, SpeakToit, Artificial Solutions, and eGain Communications.