Transparency Market Research recently announced the availability of a new report on the Intelligent Virtual Assistant market. The Transparency report comes on the heels of a similar study published by TechNavio this spring. The TechNavio study predicted a compound annual growth rate (CAGR) for the IVA market of 39.32 percent over the period 2013-2018, The Transparency report projects numbers that are a little shy of that, calling for a CAGR of 30.6% from 2013 to 2019. They valued the IVA market at $352 million in 2012 and project it to reach $2.1 billion by 2019.
According to the report summary, North America accounted for 39.2% of the total IVA market share, while Asia Pacific is projected to be the fastest growing market for the technology in the coming years. Europe follows North America in its current usage of IVAs.
The report cites the major industry participants as NextIT, Creative Virtual, VirtuOz, Anboto Group, CodeBaby, IntelliResponse, Nuance, SpeakToit, Artificial Solutions, and eGain. Obviously, the market continues to be fragmented, even though the listed companies don’t all address the same target customers or use cases. SpeakToit is somewhat of an outlier in the group, as they provide a mobile personal assistant and embeddable intelligent assistant platform, but don’t really target the enterprise CRM market. For that matter, CodeBaby has a bit of a different target customer as well and, probably for that reason, didn’t appear in either the TechNavio report of the Enterprise Virtual Assistant report published earlier this year by Opus Research.
In investigating the IVA space, Transparency Market Research evaluated three distinct end user segments: individual users, small and medium enterprise users, and large enterprise users. They also looked separately at text-to-speech technology versus speech recognition. I take that to mean that they evaluated IVAs that only take text input separately from those that have built in speech recognition features.
The report also evaluates the market and vendors based on Porter’s Five Forces Analysis, where (according to Wikipedia) the five forces are:
- Threat of new entrants
- Threat of substitute products or services
- Bargaining power of customers (buyers)
- Bargaining power of suppliers
- Intensity of competitive rivlary
If you’re curious to find out more, the report is available for purchase directly from Transparency Market Research, with a single user license priced at $4795.