Intelligent Virtual Assistant Market Witness Astonishing Growth by Forecast 2024 -2030

Speech Recognition Software Preferred in Hospitals to Reduce Overheads amidst COVID-19

The South Asian Association for Regional Cooperation (SAARC) is deploying speech recognition support to clients who are keen on purchasing speech recognition software for commercial purposes. Speech recognition software are in high demand amidst the COVID-19 (coronavirus) pandemic in order to provide remote services to users in the realms of banking and financial services and the retail shopping sector. Thus, companies in the intelligent virtual assistant market should capitalize on the demand for speech recognition software, especially to help individuals with mobility impairments, visual impairments, and senior citizens amidst the ongoing COVID-19 pandemic.

Speech recognition products are expected to register a sudden spike during the coronavirus era, since voice-to-text solutions have become the need of the hour. Speech to text converting software are improving internal efficiencies in healthcare organizations. Speech recognition tools are reducing unnecessary overheads for the healthcare industry and is being highly preferred by hospitals with budget-strapped resources.

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These factors are expected to drive the intelligent virtual assistant market during the forecast period.

Intelligent Virtual Assistant Vendors Achieve Wide Distribution of TTS in Wireless Devices

Popular products such as Google’s Alexa and Siri in iOS phones are set to create lucrative growth opportunities for companies in the intelligent virtual assistant market. Text-to-speech (TTS) use is growing in network applications such as in synthetic voice reading of email messages and textual content of websites. Intelligent virtual assistant vendors are focusing on niche applications for TTS such as developing limited vocabularies in order to deliver quality in specific applications. These factors are helping the intelligent virtual assistant market to mature from an estimated value position of US$ 2.9 Bn in 2024 to US$ 50.9 Bn by the end of 2030.

TTS is achieving wide distribution in the market for intelligent virtual assistant for content from up-to-the minute information services. Vendors are broadening their revenue streams in motor vehicles, wireless devices, games, and toys.

ML and Big Data Help Improve Speech Accuracy Rates in Devices

Innovative uses of speech recognition such as in smartwatches, computers, and cars are some of the key drivers that are bolstering growth for the intelligent virtual assistant market. These factors are slated to register an astonishing CAGR of 33% for the market during the forecast period. The ever-increasing mobile phone usage is another key driver, which is establishing stable revenue streams for intelligent virtual assistant vendors. Apart from electronics, companies are tapping into incremental opportunities in the realms of finance, marketing, human resource (HR), and even public transportation.

Companies in the intelligent virtual assistant market are aiming to bring down business costs associated with the integration of speech recognition systems, whilst simplifying outdates processes and increasing overall efficiency. Backed by proficiency in machine learning (ML), Big Data, and cloud processing, companies are improving speech accuracy rates.

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High-quality TTS Acquires Prominence in Network Applications for Reading Names to Customers

New innovations in the text-to-speech technology are bringing about a significant change in the intelligent virtual assistant market. However, several TTS systems tend to offer unnatural and unpleasant speech to uses. Hence, companies in the intelligent virtual assistant market should increase efforts to acquire large databases of speech recordings. They should increase their R&D activities to incorporate carefully designed responses and specific emotions to resonate with the users. Likewise, speech recognition technologies are also found to achieve higher accuracy when tailored to specific applications.

The ultimate goal for intelligent virtual assistant vendors is to produce TTS synthesis with a speech that is indistinguishable from human speech. As such, high-quality TTS is being used in network applications such as for reading names and addresses back to customers. On the other hand, low-quality TTS is acquiring prominence in automotive systems and mobile devices, since it requires less memory storage.

Redundant Office Tasks Simplified with Speech Recognition Technology

The speech recognition technology is being highly publicized in workplaces. AI (Artificial Intelligence) – digital assistants are revolutionizing the intelligent virtual assistant market. Speech recognition has potentially replaced manual searching of electronic documents. Hence, companies in the intelligent virtual assistant market are taking the leap to tap opportunities in office security to replace swiping of cards and biometric punching.

Voice recognition has strong business potentials in long data entry processes, as companies augment the advantages of AI in voice search. Other aspects such as lighting and temperature control in office settings are predicted to increase the overall office efficiency. Microsoft’s Cortana is gaining global recognition for handling onerous office tasks, such as scheduling of meetings and recording minutes of the meeting. Likewise, the Skype Translator listens to users’ spoken and written patterns in the likes to optimize it with machine learning technologies.

Voice Controlled Devices Bolster Uptake of Grocery Products via Virtual Shopping Baskets

Companies in the intelligent virtual assistant market are exploring lucrative opportunities in the retail sector. For instance, Amazon’s voice controlled device called Echo helps users to add items in their shopping list and read the news. Intelligent virtual assistant vendors are increasing efforts to develop voice-controlled devices that build a shopping order with simple voice commands. The simplification of adding grocery items to virtual shopping baskets is found to generate increased sales for online grocery shops. Thus, mobile app startups can collaborate with grocery shop franchises to develop apps with voice recognition to ease the shopping convenience of customers.

Vendors in the intelligent virtual assistant market are teaming up with software developers to enhance technological capabilities of existing voice-controlled devices.

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Analysts’ Viewpoint

Speech recognition tools are acquiring prominence in the healthcare industry amidst the COVID-19 pandemic. Vendors should increase R&D to develop real-time translation earphones and back them with crowdfunding campaigns.

Producing speech that is indistinguishable from human speech is only available in limited applications. This indicates that the market landscape is fairly consolidated where leading market players have an edge over small players. Hence, emerging companies in the intelligent virtual assistant market should increase their research spending to accelerate the production of TTS products induced with tailored responses and carefully designed emotions for the users’ queries.

Intelligent Virtual Assistant Market: Overview

  • The intelligent virtual assistant market is expected to register a CAGR of 33% between 2024 and 2030. The market is projected to be driven by increasing scope of advancement in multicore and artificial intelligence technology for the consumer electronics sector across the globe.
  • The global intelligent virtual assistant market is expected to reach US$ 50.9 Bn by 2030 from US$ 2.9 Bn in 2024. Increasing adoption of digitized technology and IoT connected devices is expected to drive the growth of the intelligent virtual assistant market.
  • The intelligent virtual assistant market in Asia Pacific and Europe is anticipated to expand at a rapid pace during the forecast period, followed by South America and Middle East & Africa.
  • North America remained the dominant leader in the global intelligent virtual assistant market in year 2019, primarily due to strong adoption of virtual technologies and intelligent devices in the region
  • North America is projected to witness significant growth in the global intelligent virtual assistant market during the forecast period. Increasing adoption of connected and IoT technologies and smart homes is expected to drive the consistent growth of the North America intelligent virtual assistant market.

Intelligent Virtual Assistant Market Definition

  • The intelligent virtual assistant market report provides analysis of the global intelligent virtual assistant market for the period 2024 – 2030, wherein 2019 is the base year and 2024 to 2030 is the forecast period. Data for 2024 has been included as historical information.
  • The report studies the intelligent virtual assistant market from the perspective of different components and industry verticals

Intelligent Virtual Assistant Market– Snapshot

  • North America is expected to witness highest opportunity addition in the intelligent virtual assistant market globally, with Europe being the next closest region

Key Growth Drivers of Intelligent Virtual Assistant Market

  • Data Explosion Creating Demand for Intelligent Virtual Assistant Software: The shift in organizations from analog to digital technologies has led to tremendous growth in the amount of organizational data. Within the next few years, more than a quarter of the global population is anticipated to be using wireless devices. Hence, the virtual assistant market is expected to show sustainable growth during the forecast period. More companies are storing their information on the Internet due to the high penetration of data. However, as the volume of data grows, traditional navigation search systems end up analyzing users’ interest in surfing company websites. This, in turn, leads to potential loss of customers for a company due to lag in the processing of traditional data processing and slow response. Intelligent virtual assistants provide an efficient search engine platform, enabling users to find the information they are looking for. Hence, increase in the amount of available information is expected to drive the intelligent virtual assistant market. Usage of the Internet is expected to witness a rise from a moderate to high level halfway through the forecast period, due to the expected rise in consumer awareness and increased use of smartphones (iOS and Android). This will also lead to extensive adoption of virtual assistants.
  • Increased Adoption of Multi-core Technologies in Connecting Devices: Speech recognition technology is used in a wide range of applications, from complex enterprise systems to industrial robotics. Speech recognition technology with features enabling search, discovery, capture, and analysis tools support organizations to gain insights about unstructured data, which is about 90% of the digital information (transcription, text, and voice recordings) in organizations. Penetration of speech recognition into various sectors, such as medicine, government, and consumer products and services is leading to the growth of the language technology and the intelligent virtual assistant market. Innovative products and services in the market are integrating intelligence to the infrastructure, adding speech recognition technology for interactivity. It exploded in 2011 with usable software solutions for voice interface in phones. Nuance Communications sells a natural language product and intelligent virtual assistant with natural language processing. The software with embedded technology for speech recognition and text with platforms supporting communication are offering high growth opportunities in the market. This has led to growth of the intelligent virtual assistant market.

Key Challenges Faced by Intelligent Virtual Assistant Market Players

  • Virtual assistants are built using a collection of technologies. The primary objective of a virtual assistant is to integrate various components such as fax, email, web chat, video, voice, and social feeds such as Facebook and Twitter. Customers usually look for a human-like experience, and ordinarily intelligent virtual assistants are too complex to use for businesses without adequate resources. The cost and complexity of the virtual assistant software is therefore high. With the increase in data usage, virtual assistance needs to save all the knowledge base, and maintenance of this huge database is a time intensive task. This results in steep maintenance costs for virtual assistants. The impact of the cost and complexity of software and the lack of skilled resources are expected to reduce from a high level in the short term to medium in the long term of the forecast period.

Intelligent Virtual Assistant Market: Company Profile Snapshot

  • The research study includes profiles of leading companies operating in the global intelligent virtual assistant market. Key players profiled in the report include –
    • Amazon Web Services
    • Anboto Group.
    • Apple Inc.
    • Artificial Solutions Ltd.
    • Baidu
    • CodeBaby Corp.
    • Creative Virtual Ltd.
    • CX Company
    • eGain Communications Corp.
    • Inbenta Technologies
    • IntelliResponse Systems Inc.
    • Next IT Corporation
    • Nuance Communications Inc.
    • Samsung Electronics
    • Sony Corporation
    • Speaktoit Inc.
    • Uniphore Software Solutions Pvt. Ltd.
    • Voicebox Technologies Corp
    • VoiceVault Inc.
  • Companies are shifting toward advanced technology to gain competitive advantage in the intelligent virtual assistant market apart from maintaining their position in the market.

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