Key players operating in the IVA market are IBM, Clara Labs, Nuance Communications, InteliWISE, Artificial Solutions, Creative Virtual, eGain Communications, Anboto and 24/7 Customer, Inc. among others.

Selbyville, Delaware, USA - January 16, 2019 /MarketersMedia/ —

Intelligent Virtual Assistant (IVA) Market Trends By Technology (Speech Recognition, Text-To-Speech, Voice Recognition)
Speech recognition technology is witnessing high growth in the intelligent virtual assistant market due to the rise in adoption of these techniques in modern industrial solutions. The automobile and smartphone industry are the major application areas of the technology. The future connected cars are being developed with speech recognition solutions that will allow the driver to use their cellphones, find their destination with the help of maps using speech activated commands. For instance, Apple CarPlay is an application-based software that gets connected to the vehicle display system and accepts voice commands.

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Intelligent Virtual Assistant (IVA) Market Share By Service (Customer Service, Marketing Assistant)
Increasing adoption of these solutions for customer service is predicted to accelerate the intelligent virtual assistant market growth. It assists or handles the customer query by providing an interaction with the virtual agent or chatbots. These virtual agents direct the solution of the customer issues or transfer the calls to the concerned department, thereby managing the customer calls to the specific department and reducing the confusion in call flows. Several advantages offered by such systems to the company include 24/7 support, efficiency in business operations and higher productivity. These benefits are encouraging the adoption of such solutions in service industry, thereby providing an impetus to the IVA market.

Intelligent Virtual Assistant (IVA) Market Size By Application (Automotive, BFSI, Retail, IT & Telecom, Healthcare, Education)
The application of such technologies is growing rapidly in healthcare sector due to the rise in demand for improving the medical techniques that will allow the doctors or physicians to treat their patients in an effective manner. Several advantages offered by such systems in healthcare sector include personalized medication, advanced treatment plans, predictive medical care, improved diagnosis, and long-term cost saving. The Medical Virtual Assistants (MVAs) helps the healthcare organizations in collecting the insurance details, demographic information, procurement details, patient health history, finance/costing, data mining and analysis of all the records. Such rise in adoption of the virtual solutions in healthcare industry is expected to drive the intelligent virtual assistant market growth.

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Intelligent Virtual Assistant (IVA) Market Outlook By End-Use (SMBs, Large Enterprises, Individual Users)
The large enterprises are incorporating these advanced technologies in their business operations to improve the customer experience. These enterprises are engaged in offering sophisticated solutions to the customers that will help to ease several manual tasks with the help of speech or voice recognition systems. Such factors are driving the adoption of these solutions in large enterprises, thereby stimulating the growth in intelligent virtual assistant market. Moreover, large enterprises are engaged in incorporating such advanced solutions such as Google and BMW.

Intelligent Virtual Assistant (IVA) Market Growth By Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Russia, China, Japan, South Korea, India, Brazil, Mexico, Saudi Arabia, UAE, South Africa)
The Asia Pacific intelligent virtual assistant market is expected to generate high demand for these solutions due to the increasing requirement of such advanced technologies in healthcare sector. Increasing number of patients in hospitals is offering several difficulties to the staff in patient management and care. Such factors are encouraging the hospitals and medical institutions to incorporate advanced solutions in their facilities, thereby driving the IVA market growth. Moreover, countries such as China and India are also witnessing high adoption of these solutions for providing self-service to the customers.

The North America intelligent virtual assistant market will grow rapidly over the forecast time span due to the large-scale adoption of technological advancements by the companies in this region. The major software companies, such as IBM & Microsoft, and car makers, such as BMW, are increasingly investing in the technology to enhance customer service and reduce the role of humans.

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