Intelligent Virtual Assistant Market to Top $11.5 Billion by 2024

The global intelligent virtual assistant (IVA) market is set to grow from its current value of more than $1 billion to more than $11.5 billion by 2024, growing at a compounded annual rate of 37 percent, according to research by Global Market Insights.

Fueling the sharp increase is the growing demand for online self-service, self-reliance, and rapid query resolution requirements, according to the research, which also found that websites are becoming the preferred service channels to gain information, make purchase decisions, and resolve issues.

Companies are adopting the technology to improve ease of access, streamline activities, enhance operational efficiency, and reduce costs, it also found.

The technology helps reduce costs from fields such as email response, technical telephonic support, and assistance on call. The implementation of the technology will allow companies to reduce call wait times and resolution times and soften call transfers in cases where escalations are needed.

Additional market stimulation will come from the growing proliferation of IoT, which the research says has increased the quantity and quality of data collected.

IVAs respond to text or speech queries through smartphones and apps Of the two, speech recognition is expected to witness higher growth due to the demand for documentation, modernization of infrastructure, and growing need to protect and secure critical data

Global Market Insights expects the financial services, automotive, IT and telecom, retail, healthcare, and education segments to see the greatest adoption, but notes that small and mid-sized businesses are increasing adoption due to the minimized need for full-time customer service employees.

While used largely for customer service, marketing assistant service is expected to grow rapidly over the forecast period due to features offered, including social media management, product navigation, and web marketing.

The research firm identified Apple, Anboto, Artificial Solutions, Clara Labs, eGain Communications, Existor, IBM, Next IT, Nuance Communications, and Speaktoit as the key vendors in the intelligent virtual assistant market.