- Application of software in banking & financial services and retail shopping to spur sales in intelligent virtual assistant market; speech recognition tools find substantial business value in healthcare industry
- Companies leaning on innovation in TTS technology, and integrating AI and ML to improve speech accuracy; Asia Pacific and Europe to witness massive avenues
ALBANY, N.Y., Feb. 11, 2022 /PRNewswire/ -- The use of speech recognition tools has been steadily rising in several networking applications notably in financial services, retail sector, and healthcare industry. Providers of text-to-speech (TTS) software have reaped significant revenue gains from the demand for intelligent virtual assistant for wireless devices and consumer electronics for reading text content in websites. The intelligent virtual assistant market is projected to reach US$ 50.9 Bn by 2030.
In recent years particularly in the South Asian Association for Regional Cooperation (SAARC), speech recognition software has been extensively used by the elderly and the individuals with mobility impairments. Globally, voice-controlled devices have gained popularity among customers for shopping, thus offering substantial sales opportunities for companies in the intelligent virtual assistant market, finds an in-depth TMR study.
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Businesses are leveraging AI (artificial intelligence)-based digital assistants for automating and simplifying various office tasks including data entry processes. Companies are witnessing new profitable opportunities in using these for automating meetings' scheduling and recording. Widespread demand for TTS software in automotive systems and mobile devices is reinforcing the revenue growth, notes the study on the global intelligent virtual assistant market.
Key Findings of Intelligent Virtual Assistant Market Study
- Massive Demand for Speech Recognition Software in Retail Shopping and Financial Services to Drive Profitable Opportunities: Technology companies are garnering revenues gains from the growing demand for text-to-speech (TTS) software and speech recognition systems in financial services industries. Financial service providers are increasingly adopting virtual assistants for websites and apps to meet the customers' transaction needs. The focus toward customer-centric approach in the retail sector has led retail businesses to leverage intelligent virtual assistant for enhancing shopping experience through virtual shopping baskets.
- Use of TTS Technology in Networking Applications to Open Lucrative Streams: Text-to-speech online tools are gaining traction for range of networking application, finds the analysts scrutinizing lucrative avenues for enterprises in the intelligent virtual assistant market. Of note, smart virtual assistants are widely used for synthetic voice reading of email messages and text content of websites. Software providers offering AI virtual assistants are constantly leaning on expanding the databases of speech recordings to gain revenues in the near future, observe the authors of the intelligent virtual assistant market.
- Companies Harness Big Data and ML for Meeting Niche Applications: The demand for AI-powered virtual assistants with improved speech accuracy will create new revenue streams, find the study on the intelligent virtual assistant market. Technology companies are keen on integrating new customer-friendly features to expand the scope of their offerings. Some leading players are keen on leveraging AI to innovate in high-quality TTS to tap into incremental opportunities.
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Intelligent Virtual Assistant Market: Key Drivers
- Proliferating numbers of IoT connected devices and AI-empowered consumer electronics are expanding the use cases of intelligent virtual assistants.
- Rise in use of speech recognition technology is enhancing customer interactions. A sizable percentage of unstructured data reside in digital devices in medicine, government, and consumer products and services. This is enriching the prospects of the intelligent virtual assistant market.
- Demand for virtual assistants for content for providers of latest information services has extended lucrative prospect.
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Intelligent Virtual Assistant Market: Regional Growth Dynamics
- Opportunities in Asia Pacific and Europe are expected to rise rapidly in the coming few years. Rise in application of speech to text converting software in several networking applications is expected to open up abundant profitable opportunities for the regional markets.
- North America is expected to be a lucrative market, underpinned by the widespread uptake of virtual assistant technologies and smart wireless devices. The region held a major share of the global intelligent virtual assistant market in 2019. The adoption of cloud-based service providers has been generating ample opportunities for technology companies developing smart virtual assistants.
Intelligent Virtual Assistant Market: Key Players
Some of the key players in the intelligent virtual assistant market are
- Baidu
- Artificial Solutions Ltd.
- Apple Inc.
- Anboto Group
- Amazon Web Services
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Global Intelligent Virtual Assistant Market: Segmentation
Intelligent Virtual Assistant Market, by Technology
- Text-to-speech
- Speech Recognition
Intelligent Virtual Assistant Market, by Application
- Websites
- Contact Centers
- Messenger Bots
Intelligent Virtual Assistant Market, by End User
- Large Enterprises
- Small & Medium Enterprise
- Individual Users
Intelligent Virtual Assistant Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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