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Global intelligent virtual assistant market: 39% CAGR between 2012 and 2016

Press Release   •   Feb 25, 2013 11:25 GMT

The Global Intelligent Virtual Assistant market is to grow at a CAGR of 39.2 percent over the period 2012-2016. One of the key factors contributing to this market growth is the growing data explosion in enterprises. The Global Intelligent Virtual Assistant market has also been witnessing the increased demand for mobile-based virtual assistants. However, the high cost of maintenance could pose a challenge to the growth of this market.

Increased demand for mobile-based virtual assistants is one of the major trends in the Global Intelligent Virtual Assistant (IVA) market. Several vendors have come up with mobile applications with virtual assistants. For instance, Nuance Communications has developed a mobile app called Nina. Nina is a speech-based virtual assistant, developed using speech recognition, voice biometrics, and NLP technologies. Another vendor SpeakToit is also developing virtual assistants specifically for mobile devices. A SpeakToit assistant is a virtual assistant on the user's mobile device that performs tasks based on its conversation with the user. The increased penetration of smartphones is one of the major factors contributing to the growing demand for virtual assistants in mobile devices. Most of the mobile applications are deployed by the smartphone users as compared to other mobile phone users.

One of the major drivers is the growing data explosion in enterprises. In the presence of large amounts of data, enterprises need virtual assistants to automatically search the enterprise database and retrieve relevant details. In addition, the virtual assistants also go through vast product catalogs in order to guide customers to a selected product that matches their requirement.

The key vendors dominating this market space are NextIT Corp., Creative Virtual Ltd., VirtuOz Inc., and Anboto Group. The other vendors mentioned in the report are Synthetix Ltd., Ecreation Group Pte. Ltd., eGain Communications Corp., Eidoserve (GetAbby) Inc., Fido intelligence Ltd., H-care SRL, Inbenta Technologies, Incesoft Co. Ltd., Indisys, Oddcast Inc., Stanusch Technologies SA, The Selfservice Company Inc., Vi-Clone Corp., MyCyberTwin Pty. Ltd., CodeBaby Corp., InteliWISE SA, IntelliResponse Systems Inc., Nuance Communications Inc., SpeakToit Inc., and Artificial Solutions UK Ltd.

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