Rapid Rise in Data Explosion Fuels Intelligent Virtual Assistant Market in Global Arena

The increase in data explosion has created a huge demand for intelligent virtual assistants across the world. The rising focus of enterprises on enhancing customer relationships is presenting ample opportunities for participants operating in the global intelligent virtual assistant market. In 2014, the global market stood at US$579.7 mn. Supported by the expansion of the application areas of intelligent virtual assistants, analyst expect the market for the latter to develop at a CAGR of 31.80% during the period of 2015-2022 and reach a value of US$5.1 bn by the end of 2022.

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Speech Recognition Market Leads Global Industry, Large Enterprises Biggest End User

Text-to-speech and speech recognition are the two main technologies utilized in intelligent virtual assistants. Among these, the market for speech recognition dominates the global intelligent virtual assistant market. The unique features that speech recognition technology provides, such as interactive and intuitive communication, are the key reason for the growth of this market segment.

Small and medium enterprises (SMEs), large enterprises, and individual users are the major end users of intelligent virtual assistants, among which the large enterprises segment has emerged as the biggest end user of intelligent virtual assistants, owing to its higher acceptance rate compared to other end user segments.

Asia Pacific to Report Fastest Development at 33.40% CAGR between 2015 and 2022

The worldwide market for intelligent virtual assistants is spread across North America, Asia Pacific, Europe, and the Rest of the World. North America led the global intelligent virtual assistant market with a share of 39.0% in 2014. The increased application of virtual assistant solutions in personal computers and smartphones on account of their enhanced accuracy is...