ALBANY, N.Y.--(BUSINESS WIRE)--Transparency Market Research announces the release of a report titled “Intelligent Virtual Assistant Market (By Technology- Text-to-Speech, Speech Recognition; By End User- Individual Users, Small and Medium Enterprise Users, Large Enterprise Users) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”.
The report states that the global intelligent virtual assistant market was worth US$352.0 million in 2012 and, expanding at an impressive CAGR of 30.6% from 2013 to 2019, is projected to be worth US$2,126.4 million in 2019.
The research report categorizes the intelligent virtual assistant market on the basis of end user, technology, and geography. By end user, the intelligent virtual assistant market is segmented into large enterprises, small and medium enterprises, and individual users. With surging business requirements, large enterprises have turned to intelligent virtual assistance for solutions, thereby making it the largest end-user segment of the market.
By technology, the intelligent virtual assistant market is divided into speech recognition and text-to-speech. Of the two, speech recognition technology is more popularly used since it offers intuitive and interactive communication to its users.
On the basis of geography, North America emerged as the leader of the global market in 2012, with Europe following suit. Growing at a whopping 32.2% CAGR from 2013 to 2019, the Asia-Pacific market for intelligent virtual assistants is projected to be the fastest-growing regional segment during the forecast period.
The report indicates that the intelligent virtual assistant market is rather fragmented and immensely competitive. The leading players in the intelligent virtual assistance market include IntelliResponse Systems Inc., NextIT Corp., Anboto Group, Creative Virtual Ltd., Nuance Communications Inc., Artificial Solutions Ltd., eGain Communications Corp., SpeakToit Inc., and CodeBaby Corp.
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About Transparency Market Research
Transparency Market Research (TMR) is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.