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North America Intelligent Virtual assistant functions artificial intelligence for providing automated assistance to user, it could also be in a form of 2D static character images or fully animated avatar. Digital humanlike avatar are customizable, many players in this industry offers services to change its appearance according to the user’s preference. According to the Research study by Hexa Research, The market for Intelligent Virtual assistant is likely to reach around USD 3,070 million by 2020.Growing focus of resourceful consumer interaction facilitated by virtual assistants is likely to drive the market in upcoming years. Two major types of technologies used are Speech recognition technology and text to speech technology .Speech recognition provides feature for intuitive and interactive communication, is known as one of the most popular technology.In 2012, Major driving market for Intelligent Virtual Assistant was dominant consumers which contributed for around 80% of the global market. Markets forecast for small and medium companies are expected to be positive, with adoption rates that are expected to increase considerably in next few years. The market of Intelligent Virtual Assistant market is likely to grow at CAGR around 30% till 2020.Big companies are anticipated to continue for majority market share, driven by increasing focus on customer satisfaction. For ensuring the user engagement and offering real –time, for revenue generation, personalized support is crucial.
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In 2012, North America contributed for over 40% of the market globally, is likely to remain the major segment in next few years. Emerging economies are likely to witness high demand; Asia Pacific is expected to grow rapidly over the forecast period. Major Industry participants serve industries like Telecommunication, Travel, finance, retail, insurance and utilities. Efficient natural language processing capability and Robust back end knowledge base are quite important for gaining competitive benefits. Key Firms operating in the industry are Nuance communications, Next IT Corporation, Anboto Group, and Creative Virtual Ltd.
Regional Insights
North America accounted for over 40% of the global intelligent virtual assistant market in 2012; it is expected to continue dominating the market over the next six years. There exists high proliferation of internet services and mobile phones in developed markets of North America and Europe. Additionally, these regions are home to a large number of key participants. Demand from Asia Pacific is estimated to rise, and the region is expected to exhibit high growth over the forecast period. Boost in the number of smart phones on a global level is expected to fuel the intelligent virtual assistant market. Growing demand for self-reliance has boosted virtual agent acceptance and adoption. In recognition of these changing dynamics, service providers have developed multi-language platforms to better serve the need of varied users. Need for healthcare service availability and reliability on a global level in general, and in developing markets in particular, is also expected to be a viable opportunity for market entry.
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