The software agent that performs the task of finding solutions for users on a website or on a computer is called as intelligent virtual assistant (IVA). The IVA market is a major part of the software market, which facilitates animated representation of the search applications. Furthermore the global software market is expected to grow at a CAGR of 7% between 2012 and 2017. The willingness of people to engage with an intelligent virtual assistant is a major driver for the growth of the market. Other drivers for the growth of the market are 24 * 7 availability of IVA faster & accurate responses compared to human assistant, etc.
However, outsourcing the development of intelligent virtual assistants is a key barrier for the growth of the market. When the development is outsourced, limitations arise due to cultural and linguistic issues, as English is not the first language in most of the countries where work is outsourced. Another challenge for the developers of IVA is to identify whether users prefer a male or female assistant. By analyzing end-user survey results, this barrier can be controlled.
The IVA enhances customer relationship software, which improves customer experience. It serves the function of company representative with higher perfection than human assistants. Report provides detailed analysis about market dynamics, top winning strategies and overview of market’s ecosystem in order to facilitate business planning by stakeholders.
Global Intelligent Virtual Assistant Market by End users
Based on user types, market is classified into large enterprises, medium enterprise, small enterprises and individual users. IVA technology has higher adoption in large enterprises due to higher need of customer experience enhancement. In future, along with large enterprises, small and medium businesses are also expected to add IVA facility due to easier availability.
Global Intelligent Virtual Assistant Market by Agent types
From agent’s perspectives, market is segmented into mobile assistants, distributed agents, multiple agents, collaborative agents and social agents. Mobile/remote assistants and distributed agents lead the market. Social agents are expected to be next market driver due to exponential social media growth and preference for chat services by end users.
Global Intelligent Virtual Assistant Market by Geography
Geographically market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Largest revenue generating region is North America, due to the need to have highly personalized services and increased focus on CRM. Increasing Smartphone proliferation is expected to catalyze market growth in Asia-Pacific.
Global Intelligent Virtual Assistant Market by Audiences
Based on audiences’ type, market is classified according to virtual assistant developers, software integrators, and technology providers. Software integrators are estimated to drive the market currently due to ease in embedding IVA service with core service portfolio. Virtual assistant developers are expected to experience higher growth along with evolving technology.
To penetrate into, IVA market companies are adopting Expansion and Agreement strategies, with which they are forming new alliances. Companies are also developing internal capabilities in order to support IVA technology. This market has strong players such as Next IT Corporation, Creative Virtual Ltd. Nuance Communications, Anboto Group and IntelliResponse. In addition to these companies, market experiences significant presence of eGain Communications, Artificial Solutions, CodeBaby Corp, Synthetix Ltd. and Vi-Clone Corp.
High Level Analysis
The report provides detailed analysis of global IVA market using Porter’s five forces model. Threat of bargaining powers of customers and suppliers is analyzed based on study of partners, and forward & backward integrations. Possible set of substitutes are studied to analyze threat of substitutes. Threat of new entrants and intersegment rivalry is estimated based on due analysis of nature of the business. The report analyzes value chain that explains competitive advantages from key intermediaries operating in this market. Market dynamics is analyzed with the strategic consideration for the benefit of stakeholders.
The global intelligent virtual assistant market is classified based on solution providers, end users, services and geographies
MARKET BY END-USERS
MARKET BY AGENT TYPES
MARKET BY GEOGRAPHY
MARKET KEY AUDIENCES