Stakeholders envisage facilities management market share to proliferate at a robust pace in the wake of unprecedented surge in smart city projects. Smart cities—integrated, powered and enabled by digital technologies—have propelled commercial spaces, transportation sector, namely. In recent years, awareness of facilities management has heightened owing to expanding tourism and hospitality industries.
Palpable surge in investments in construction and real estate is expected to underscore robust-looking facilities management market size. For instance, the Canadian government issued an additional funding of US$ 81.2 bn in 2017 across five main funding streams, including green infrastructure; public transit; social infrastructure; trade & transportation projects and meeting the ‘unique’ needs of rural and northern communities. Apparently, the unique needs include facilities to underpin food security, improved broadband connectivity and local access roads.
The Investing in Canada plan propounded in Budget 2016 and expanded on in Budget 2017, aims to build advanced economic cities. With burgeoning construction projects, demand for various services, including maintenance, construction, electric, operation and mechanical work has soared in recent times.
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Facilities management market size is projected to surpass US$ 2 trillion by 2025, according to the latest research report by Global Market Insights, Inc.
Despite companies in the late 2000s focused on insourcing, of late there has been notable surge in outsourcing consumption. Companies tend to streamline their operations by embracing outsourcing that reduces business risks, expands profitability, grows competitiveness, enhances productivity and lets companies focus on their major business and competitive advantage.
As such, the outsourced services segment is slated to expand profoundly during the forecast period. That said, seemingly tepid adoption of outsourced FM services may dent the growth of the industry. Meanwhile, given that outsourcing apparently enhances operational efficiency, the outsourced services will underscore facilities management market size.
Popularity of smart homes and offices, including HVAC systems, fire safety systems, elevators, mechanical equipment has augured well for hard services segment that is set to hold significant share during the forecast period. As such, potential dominance of hard service segment is slated to bolster facilities management market share by 2025.
North America facilities management market is anticipated to expand robustly against the backdrop of proliferating tourism industry. With huge revenue at stake, governments globally are vying to woo would-be travelers to their countries led by aggressive marketing and favorable policies.
According to International Trade Administration (ITA), the U.S. travel and tourism industry garnered an economic output of over US$ 1.6 trillion in 2017. The dramatic upsurge witnessed in the number of tourists has been instrumental in rendering facilities management services across shopping malls, airports, amusement parks, and large food centers.
Leading companies are grappling to secure a government deal for FM services to augment their profitability and expand facilities management market size. In Q1 2019, Madrid City Government inked a four-year contract worth 18.62 mn with the facility management company ACCIONA. Reportedly, the Madrid City picked ACCIONA to enhance energy efficiency in 400 municipal buildings, including sports centers, schools, social and cultural centers, among others.
Author Name : Sunil Jha
Fraud detection and prevention (FDP) market share is gaining immense momentum due to increasing cases of corporate economic theft and other financial crimes which lead to considerable revenue losses. Additionally, growing demand to track and secure real-time transactions is driving technological advancements in the field of digital payment, adding impetus to global fraud detection and prevention industry trends.Several government initiatives aim at securing online financial transactions carried out by the citizens and are spreading awareness about e-payment fraudulence along with levying stringent regulations.The burgeoning e-commerce sector is substantially driving the digital payments domain and providing opportunities to people involved in fraudulent activities. The e-commerce market in emerging countries is particularly ripe for the taking, with Indian e-commerce sector itself projected to surpass USD 120 billion by 2020. Rising penchant for online shopping and e-banking will certainly offer lucrative growth prospects for FDP industry.
Enumerated below is a summary of the top trends that are likely to be driving fraud detection and prevention market outlook over 2019-2025:
Increased deployment of fraud analytics
Growing number of cases of fraud in the banking, corporate, and e-commerce sectors is steering the demand for a reliable and accurate fraud detection systems in order to control the economic losses. Lately, fraud analytics has gained increasing demand as an effective FDP technology to help enterprises track or predict wrongdoings.
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Fraud analytics comprises an amalgamation of analytic technology coupled with human interaction that assists in the detection of possible fraud or theft. Fraud analytics help in identifying hidden patterns, facilitate data integration, harness the unstructured data, enhance the existing efforts and facilitates real-time alerts and reporting, thereby making them an integral component of fraud detection and prevention market.
Application in credit and debit card frauds
Rising dependence on plastic money globally is intensifying the global FDP market scope. According to reports, as of 2016, the total value of card payments recorded in the U.S. was estimated at USD 5.96 trillion. In terms of numbers, credit cards segment had recorded a remarkable growth rate at 10.2% while debit cards grew by 6%. Evidently, there has been a rise in the adoption of credit and debit cards among people, raising the probability fraud.
There are several forms of credit and debit card frauds such as:
- Counterfeit card fraud
- Card ID theft
- Fake card
- Card Not Present (CNP) fraud
- Manual or electronic card imprints
The government and many key industry players are undertaking initiatives to spread awareness among the people regarding card usage and precautions that must be followed. The Reserve Bank of India, for instance has laid down guidelines to strengthen electronic banking transactions with an aim to facilitate customer protection. Growing demand for debit and credit cards has led to an increased adoption of fraud detection and prevention solutions.
Growing adoption in the banking sector
Increase in employment levels have led to a rise in disposable incomes worldwide, propelling the banking industry globally. Banking sector is witnessing rising demand for online services and credit cards in Asian countries like Japan, China, India, among others, owing to the rise in industrialization and globalization.
As per reports, for the fiscal year 2017-18, the total bank deposits in India increased at a notable CAGR of 11.66% and was slated to increase rapidly in the forthcoming years. Rising demand for a robust digital banking infrastructure has given rise to technological innovations such as IMPS, NEFT, mobile banking and other forms of digital payment methods.
Suring bank fraudulence in terms of check tampering, credit and debit card fraud cases, cash transaction monitoring and incorrect accounts keeping may lead to huge economic losses to countries. A burgeoning banking sector will undoubtedly complement the global fraud detection and prevention industry forecast.
Financial market trends in North America
While the demand for FDP services has been rising across several regions such as Europe, MEA and APAC, North America is likely to emerge as one of the more profitable revenue terrains for fraud detection and prevention industry share.
The financial and insurance sector in the U.S. was valued at USD 1.5 trillion and represents one of the most liquid financial markets in the world.
The robust financial sector in North America is experiencing increasing attempts at financial frauds and thefts. Reportedly, over 74% of the financial institutions based in North America have reported online or mobile fraud losses. It was estimated that by 2022, the financial organizations would spend over USD 9.3 billion annually on tools for fraud detection and prevention.
The presence of global financial multinationals as well as leading security service providers in North America will significantly amplify fraud detection and prevention industry size in the years ahead.
Author Name : Shreshtha Dhatrak
Rising demand for affordable and reliable communication services worldwide will be one of the key trends driving voice over internet protocol (VoIP) market growth over the forecast period. VoIP is a rapidly advancing technology that uses internet to make phone calls rather than conventional telephone systems. The cost of using a VoIP service is relatively low, especially for long-distance communication. Companies are increasingly leveraging VoIP solutions to improve their productivity and enhance mobility.
APAC VoIP Market Size, By Country, 2018 & 2025 (USD Billion)
The voice over internet protocol (VoIP) market has garnered major share in developed nations owing to presence of high-speed broadband infrastructures which eliminate the need for maintaining a separate telecommunications network. In addition to making voice calls, VoIP can also conduct video conferencing calls, eventually allowing businesses to visually communicate with co-workers and clients to discuss deals, files, documents and agendas more effectively.
VoIP makes recording calls more efficient and easier, further enabling companies to integrate different communication services into a single device or software. With rapid technological advancements and recent innovations, VoIP market outlook has witnessed an immense transformation lately. For instance, in 2019, caller ID app Truecaller announced the beta-testing of its new app feature that allows users to make voice calls over IP. With such advancements, VoIP market trends are likely to expand and the industry players may garner a huge customer base, thereby augmenting business growth over the forecast period.
Voice over Internet Protocol (VoIP) market share is slated to record significant gains from the international VoIP call segment. Demand for international VoIP calling services is estimated to increase exponentially over coming years, on account of its low-cost service offering. Several affordable international calling plans are being offered by VoIP service providers that allow organizations to conduct business across borders at low calling rates. Credible reports also estimate international VoIP calls market to hold major share of over 50% by 2025.
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VoIP providers also allow users to make calls to landline and mobile phone numbers without any restrictions. Being internet-based, the technology can effectively handle media types such as images, videos and texts along with voice. Rising technological advancements will propel VoIP industry growth. For example, VoIP service plans come with advanced features like caller ID with name, call waiting, conference calls and call forwarding among other.
An instance of initiatives that will effectively generate new growth opportunities in VoIP market include the one made by North Dakota Department of Human Services which recently awarded a $3.3 million worth call center contract to Noridian Healthcare Solutions. The grant will support North Dakota’s Medicaid providers and customers by answering queries associated with Medicaid claims payment, submission of claims, and prior authorization.
Europe voice over internet protocol (VoIP) market will witness commendable growth over the coming years. Especially across Germany, the VoIP industry is recording lucrative growth on account of the region’s strong telecommunication infrastructure. Consumer demand and adoption of broadband high-speed Internet services is also considerable within the nation. With rising demand for cheaper communications service and increasing use of VoIP solution, the region is forecast to be a major ground for VoIP market growth over the coming years.
Supportive government initiatives are also likely to expand Europe VoIP market size over coming years. For instance, as per Europe 2020 strategy, all Europeans are expected to own fast broadband services (over 30 Mbps) by 2020, a mission for which EU has implemented a series of regulatory measures and policies and has made around €15 billion available to Member States in the period 2014-2020.
Voice over Internet Protocol (VoIP) is an advanced communication technology that enables organizations to cost-effectively streamline different communication platforms to improve business productivity. International call centers are increasingly using VoIP to reduce cost expenditure and facilitate voice calls at affordable prices.
With growing traction in European countries and extensive use of internet-based voice communication apps worldwide, demand for VoIP solutions will increase significantly over coming years. Report from Global Market Insights, Inc., estimates voice over internet protocol (VoIP) market size to exceed USD 55 billion by 2025.
Author Name : Mateen Dalal
North America video conferencing market to witness remarkable gains over 2018-2024, healthcare applications to drive the regional industry expansion
Owing to the increasing availability of advanced connectivity solutions, the video conferencing market has been able to witness a rapid development in conjunction with the growing demand for communications infrastructure. Governments and various industry verticals are gradually realizing the benefits of long-distance video communication to leverage the expertise and skills of people from around the world. The video conferencing industry has enabled corporates, local authorities, academic institutes and healthcare services to expand beyond physical connections and into the virtual era. Continuous developments in technology and reducing implementation costs will propel the global video conferencing market trends in the years to come.
U.S. Video Conferencing Market Revenue, By Component, 2017 & 2024, (USD Million)
Essentially, teleconferencing helps to establish a productive line of communication between two parties to minimize time and cost spent on traveling and to provide quicker assistance at the time of any emergency. A critical application of the video conferencing industry is in the healthcare segment, where patients residing in one part of the world can avail the services of medical professionals practicing in another section of the globe. Add to that, it also helps to connect hospital staff with doctors, suppliers, vendors of any other entity which is involved in the functioning of a facility but is located elsewhere, expanding the scope of the video conferencing market.
A proof of the utility of video conferencing was recently demonstrated in Canada by the Western Hospital in Alberton, Prince Edward Island. The hospital has been conducting a six month long pilot project in which admitted patients, who do not have a family doctor, are consulted by a doctor using tele-rounding technology. Basically, hospital staff takes a cart equipped with a display monitor from patient to patient for video conferencing and the doctor would be having access to the concerned patient’s files and testing results. About half-way into the pilot, there have been nearly 1,200 consultations for about 60 patients and the hospital has records considerable reduction in duration of stay and re-admittance rate.
The results of the Western Hospital pilot suggest the extensive possibilities offered by the video conferencing industry to enhance the efficiency of healthcare professionals and services as a whole. Increasing number of healthcare facilities in Canada and also in the U.S. are deploying video-call and teleconferencing systems to keep pace with the rapidly growing industry. North America, which procured a substantial proportion of the worldwide video conferencing market in 2017, has some of the most advanced healthcare systems and facilities. Initiatives taken by governments in region will further boost the adoption of video conferencing across a slew of patient care services.
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Expounding the focus of governments on the video conferencing industry, the U.S. Department of Agriculture will be providing up to USD 39.6 million to support the Distance Learning and Telemedicine (DLT) Grant Program. Slated to benefit over 4.5 million people in 40 states, the program will involve developing rural health care and education networks, including purchase and installation of video conferencing equipment. Citing another example to describe the significance of remote consultation to medical services, Frazer Health in British Columbia has started using video conferencing to connect cardiac patients at Abbotsford Regional Hospital and Surrey Memorial Hospital to electrophysiologists working at Royal Columbian Hospital.
Speaking further, the move has helped eliminate the need for transporting a patient to another hospital for only receiving diagnosis, besides enabling faster access to treatments for irregular heartbeats or probable life threatening heart conditions. Royal Columbian is also using the technology to connect mental health patients with community teams before discharging them. Bringing healthcare and education together, the North America video conferencing market has found a novel application area in student counseling. In early November this year, Athol Hospital in Massachusetts, was granted USD 1.05 million to provide teleconferencing to students of the Ralph C. Mahar and Athol high schools via two-way video conferencing.
Effectively, with an aim to bring a suitable tele-behavioral health service, the project will entail improving the performance of students in school, help them with social or emotional problems and record enhanced trials. The interminable possibilities of two-way video communication are visibly highlighted by these examples. Swift adoption of the technology across the globe will accelerate the video conferencing market expansion in the coming years, the size of which is projected to cross USD 20 billion by 2024.
Author Name : Pankaj Singh
An intrinsic outline of infrared (IR) LED market in terms of the end-use landscape: automotive applications to drive the global demand over 2018-2024
Driven by the rapidly surging deployment of IR LEDs across a plethora of application verticals, the global infrared (IR) LED market has emerged one of the most transformative business spheres over the last few years. Companies forming a part of the automotive, consumer electronics, medical equipment, and myriad other industrial sectors are increasingly using IR assisted products. The use of IR LED helps to maintain working stability, accuracy, improve security, and reliability. The emerging technology trends such as automated driving assistance system, IoT, augmented reality, and artificial intelligence have also had a positive influence on the product demand.
Japan infrared LED market size, by application, 2017 & 2024 (USD Million)
In most of the countries, in order to control the chances of accidents, automakers have been developing connected cars in which IR LEDs have been used prominently. It is thus rather overt that the advent of technically advanced features in every end-use sector will stimulate the infrared (IR) LED industry share. In line with the surging use of sensors in the various products, equipment, and vehicular systems, giants in infrared LED market have been investing in the enhancement of their product ranges.
A summary of the IR LED market trends from the automotive and consumer electronics sectors has been outlined below:
In the last few years, the automotive industry has witnessed a remarkable transformation with the advent of electric vehicles, connected cars, and self-driving cars. In addition, the growing concern among the automakers about the safety of occupants and the driver has encouraged them to bring new sensor assisted technologies such as excellent night vision, parking assistance, and blind spot detection. One of the renowned German automakers, Mercedes has implemented the Night View Assist system in its newly launched vehicle models that have full-LED headlamps incorporated with anti-dazzle infrared technology. The deployment of such IR LED technologies helps drivers bypass animals and pedestrians at night.
In addition, the company has also deployed a thermal imaging and IR camera which could enhance the chances of spotting the objects ahead of the vehicle effectively. The use of IR technologies and innovative features in the recently developed automobiles for improving the safety, driving efficacy, and comfort is poised to propel infrared LED industry share. For the record, in 2017, the automotive sector accounted for 30% share of the infrared LED industry.
Speaking more about innovations, it is prudent to mention that in order to gain competitive benefits, many companies are striving to launch new products in the automotive industry that could have a significant influence on IR LED industry outlook. For instance, recently, in January 2018, the Taiwan based company, Innolux Corporation has launched the first active matrix (AM) based Mini LED technology that has been used in automotive backlight panels. In addition, they are planning to develop a free shaped LCD for improving the appearance and design of future concept vehicles.
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With the deployment of next-generation technologies such as IoT, AR, and AI, consumer electronics sector has emerged as one of the revenue generating business areas lately. In this regard, the giants in the infrared LED market have already increased their focus on research and development activities. Currently the leading smartphone makers and security system providers are innovating a new range of sensor technologies for deploying the same in smartphones and security cameras. As on today, for attracting more customers, smartphone makers are adopting new product designs like the multiple camera setup where they are extensively using sensors and LEDs. Recently, Nokia has unveiled its plan to develop a new smartphone having five rear cameras that could be incorporated with IR focusing apparatus, five lenses, and LED flash.
In another instance, a multinational lighting manufacturer, Osram is planning to invest 1 billion euros to expand an LED chip factory across Malaysia, the products of which will be used in phones, laptops, drones, fitness watches, security cameras, and automobiles. Moreover, Osram has been continuously involved in the invention of infrared LED chip for optimizing the effectiveness of security cameras. The Increasing requirement of CCTV cameras across the Asia Pacific region will further generate lucrative opportunities for the players in the infrared LED industry.
The extensive deployment of technology across the automotive and consumer electronics industries will have a favorable influence on the infrared LED market. The involvement of many industries in digitalization for improving work efficiency, product performance, and consumer comfort also will fuel the product demand over the years ahead. In line with the shifting trends toward digitalization, infrared (IR) LED market will generate a revenue of more than USD 1 billion by the end of 2024.
Author Name :Sunil Hebbalkar
Internet of things has brought a revolution of sorts in the security & surveillance landscape globally. IP camera industry, in this context, stands as a major beneficiary of this change. As per reliable estimates, in the year 2016, the global shipments for IP cameras surpassed 15 million units. Add to it, reliable sources affirm that in the year 2014, IP camera shipments in smart home exceeded 1.3 million units – data strongly attesting the role of IOT and connected infrastructure in the lucrative growth chart of IP camera industry.
UK IP camera market, by public/government application, 2019 & 2025 (USD Million)
Reportedly, the smart home segment is anticipated to depict synonymous demand for networked cameras in the ensuing years with an estimated shipment of more than 20 million units by the end of 2019. Having said this, the growth prospects of IP camera market from residential applications is quite vividly huge. In fact, as per a report compiled by Global Market Insights, Inc. IP camera industry size from residential applications is estimated to register an appreciable CAGR over 2019-2025, driven by applications including the likes of home surveillance systems, access control, remote monitoring, intelligent building control, and HVAC management.
Elaborating further on the application portfolio of IP camera market, the domains spanning healthcare, retail, industrial, and real estate, transport, BFSI, and education have contributed immensely to the IP camera market proliferation. Backed by the falling price of these HD network cameras coupled the growing adoption of open standards, these high-resolution HD network cameras have phenomenally penetrated the commercial and governmental sectors.
In response to the opportunistic waves across principal application avenues, the competitive landscape of IP camera market is thriving with product innovations and developments, having pricing and technology upgradations as the center focus parameters. Not to mention, M&As and collaborative deals between security and technology players is emerging as a top-notch growth strategy, to sustain in this ferociously dynamic landscape.
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It is imperative to mention that Infrared cameras have stood as one of the major product segments of IP camera market and is expected to show significant growth trends in the forecast years. In fact, all the major product developments canopied under IP camera industry are hinged on technology interventions.
As per reliable estimates, the worldwide security technology and services market generated a revenue of more than USD 75 billion in 2016. Being on the forefront when it comes to technology appetite, the U.S. stood tall in the IP camera industry share battle in 2018, with North America accounting for 35% of the global IP camera market share.
Pelco, a subsidiary of Schneider Electric, is one such name which has created a buzz in the IP camera industry and has undeniably contributed immensely to the U.S. IP camera market landscape. The global surveillance solution leader recently announced its partnership with Ipsotek, UK headquartered video analytics leader, in a bid to bring strong solutions on board to combat security risks. For the record, Pelco plans to leverage Ipsotek’s specialization in detecting behaviors in the real-time videos, thereby delivering alerts to operators and reducing false alarms.
In 2017, Pelco, with its collaboration with V5 Systems, expanded its Sarix Professional IP surveillance cameras reach to outdoor security markets, particularly in areas with no or low fixed power and communication facilities. The company is predominantly active in exploring the untapped opportunities in IP camera market space, on a global scale. The firm also made it to the headlines with its announcement of showcasing its innovative solutions at Intersec 2018. The solutions are deemed to address the Middle East and Africa regions particularly and will elaborate on Pelco’s partnership with three reported industry magnates – Ipsotek, Gallagher Command Center, Ruckus Wireless.
Reportedly, Pelco, in January 2018 collaborated with Ruckus Wireless to integrate the latter’s ICX switches and ZoneFlex access points (APs) with Pelco’s IP Cameras and VMS in a bid to offer an upgraded version of IP video systems. Overtly, the firm will continue to be a major vendor for the U.S. and the global IP camera industry in the forecast years.
The regional battle in IP camera market is anticipated to take a turn in the ensuing years with Asia Pacific showing signs of being the next major investment hotbed for IP camera industry players. Smart city initiatives in the region is projected to be a major driver for the APAC IP camera market size, driven by huge demand for deployment of these networked cameras in the connected infrastructure.
From the recent product launches witnessed across this APAC, it is quite certain that the region is ready to give a major competition to the United States, with regard to the procurement of the revenue share. As per recent trends, India, China, Taiwan, South Korea, Australia are slated to be the chief revenue pockets likely to transform Asia Pacific IP camera market outlook.
In a recent turn of events encompassing IP camera market landscape, Digisol Systems, an India headquartered active networking market player announced the launch of its new Dome IP CCTV Camera dubbed as DG-SC6502SA. Reportedly, the camera is featured with a CMOS sensor and real time image processing hardware and is designed for office/home security and monitoring purposes.
Hanwha Group, one of the largest conglomerates in South Korea, under its subsidiary Hanwha Techwin America, the renowned supplier of analog and IP video surveillance solutions, recently declared the integration of VMS into the existing Hanwha IP Cameras. Reportedly, the WAVE VMS will enable the present Hanwha IP camera user base across a wide range of sectors like education and retail to utilize the utmost out of the advanced analytics features.
Gorilla Technology, the Taiwan based IoT and video intelligence provider recently announced its partnership with Airship, a renowned VMS service supplier, in a bid to create an integrated video intelligence management solution. The deal is anticipated to be an opportunistic one for the players operating in security industry verticals, particularly IP Camera, VMS, NVR, and SI. The deal, as speculated by the industry experts, is an apt blend of security and IoT merger.
With the increasing deployment of big data and IoT and the consequent large pool of data, the quest for deriving actionable insights is expected to proliferate massively. Undoubtedly with ‘smart’ trends penetrating both the government and private sectors, the advancements and security risks go hand in hand, in terms of growth. Amidst this scenario, analysts quote the IP camera market trends to be substantially profitable in the coming years, with a pool of demand from a varied range of sectors.
Backed by this drive toward real-time IP/network solutions, the global IP camera industry is slated to register a double-digit CAGR over 2019-2025. For the records, the market size will surpass USD 20 billion in 2025.
Author Name : Shikha Sinha
North America intelligent virtual assistant (IVA) market to accrue appreciable returns by 2024, speech recognition technology to gain momentum
The escalating demand for rapid query resolutions & online customer self-service are expected to propel intelligent virtual assistant (IVA) market alongside the path of progress. IVA has undoubtedly, in recent times, improved the users’ online service experience as well as offered increased sales to e-commerce firms. Indeed, the product is becoming the preferred medium to gain information, make purchase decisions, and resolve issues. Companies like Microsoft and Google are adopting the technology to improve ease of access and streamline activities, and increasingly implementing the technology as well to enhance operational efficiency. For instance, ABIe, a virtual assistant developed by EIS for Allstate Insurance, efficiently helps agents to answer questions regarding business insurance policies.
Germany IVA market size, by application, 2017 & 2024 (USD Million)
IVA is reportedly becoming more and more commonplace as consumer appetite for the product has been depicting an upsurge. According to an independent survey conducted with 1,500 consumers across Europe, 81% of the respondents said they would prefer interacting with a virtual assistant as it offers enhanced online customer experience. Close to 72% welcomed the product as a key part of every website while a similar proportion claimed that they would spend longer on a website that had one. This response can undeniably be credited to the fact that IVA can take on multiple roles on a website, such as performing various helpful tasks, answering customer queries and connecting to enterprise systems when needed. These features respond according to the marketing requirements of the customers, efficiently improving the site loyalty and experience.
In order to cater to the best plausible global clientele, companies are increasingly investing in IVA to reduce costs from fields such as email response, technical telephonic support, and assistance on call. The implementation of the technology will enable the reduction in the resolution time, call wait times and allowing call transfers when an issue escalates, thereby augmenting IVA market share. The growing deployment of IoT is also expected to supplement the IVA market growth. In fact, IoT is known to have increased the quality and quantity of data being collected by the product. IVAs responding to text or speech queries through apps and smartphones has further enhanced customer engagement, a fact that has further helped impel the IVA industry trends.
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Speech recognition is one of the most vital technologies proliferating IVA market, as the system efficiently improves productivity, eliminating typing time, giving users additional time to focus on other work. Voice recognition software, in addition to being faster in task completion, are increasingly accurate when it comes to vocabulary. Speech recognition technology also makes invaluable contributions to businesses that offer customer services eventually reducing organizational costs. Furthermore, these systems improve interoperability owing to the adoption of IoT, further driving the IVA market size from speech recognition technology.
The Germany IVA market is expected to depict considerable growth in the years ahead, owing to the product’s new-found usage in the region’s thriving automotive market. Technological advancements in IVA have resulted in increased adoption of voice control and gesture control features in next-gen vehicles. IVA can now be integrated within vehicle systems such as automatic parking, lane change assist, adaptive cruise control, and other ADAS controls.
Regional automakers are constantly seeking ways to integrate the product in upcoming car segments to revolutionize driving experience. For instance, the German automotive giant, BMW has recently announced that its upcoming car segment would come with Intelligent Personal Assistant. Like Apple’s Siri or Amazon Alexa, the new AI-based virtual assistant would reply to voice commands and could adjust the temperature, lighting mood and music, among other things in the car efficiently, claims the company.
North America, apart from Germany, is another region that is forecast to accumulate commendable gains by 2024, driven by the expansive technological advancements in the region. Major software companies, like, Microsoft & IBM, have also been investing in IVA, thereby enhancing the growth prospects for North America IVA market.
The competitive spectrum of intelligent virtual assistant market also comprises other players like Amazon, Google, Microsoft, Apple, Inc., Artificial Solutions, eGain Communications, IBM Corporation, Nuance Communications, and Speaktoit, Inc. These companies are known to increasingly invest in product development and innovation to bring in intelligent assistance into the mainstream. Meanwhile, several tech giant firms are adding the product to their portfolio to gain added sales. For instance, on January 7th, 2019, the world’s leading television manufacturers Samsung, LG and Hisense announced that they would open their devices to Google Assistant and Amazon Alexa. As advancements in the fields of automation, machine & deep learning, conversation interfaces, and natural language processing continue to surge, IVA market share is certain to soar in the years to come.
Author Name : Mateen Dalal