The intelligent virtual assistant market promises robust growth as naturalization of language picks up to set various end-applications on track for robust adoption. The virtual assistants systems were widely common in consumer applications earlier. However, the new naturalization is expected to provide the much-needed wings for these systems to either co-pilot the systems along with real customer executives, or simply execute operations on their own. The new advancements in the technology, and influx of social media are expected to drive an astonishing CAGR of 32.8% during 2016-2024 in the intelligent virtual assistant market.
Based on a recently released report by Transparency Market Research (TMR), the global intelligent virtual assistant market will drive growth at 32.8% CAGR, reaching a valuation of US$7.9 bn by 2024 from US$627.7 mn in 2015. The adoption of digital technology, from the conventional analogue systems are expected to remain a key driver apart from emerging trend in sophisticated use of technology. The greater adoption of digital mediums across telecom, defence, aviation, manufacturing, healthcare, and retail will drive robust growth for the intelligent virtual assistant market in the near future.
The high-costs of technological adoption are key concerns for global intelligent virtual assistant market. However, large enterprises, thanks to their large-scale operations benefit significantly in areas like customer service, online authentication, and data management from systems based on the intelligent virtual assistant technologies.
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These technologies have penetrated operations of large scale enterprises in various areas including customer care, operations, and sales as well. On Social media websites like Facebook, rising number of virtual assistants help people find the clothes of their choice and wear to put on based on their appearances and personal preferences.
These automated systems are also rising in demand, as increasing number of tech-savvy young people prefer the privacy and care-free shopping method to purchase clothes of their choice at their own time, and at their own pace, online. The rising demand for e-commerce, growing advancements in intelligent virtual assistant technology, and increased investment in the technology by major tech giants including Google, Amazon, Facebook among others will drive new opportunities for growth for players in the virtual assistant market.