Centralized Support For Waste Disposal In The Healthcare Industry Is Expected To Drive The Demand For Reprocessed Medical Devices Market

The global Reprocessed Medical Devices Market is expected to reach USD 5.0 billion by 2022, according to a new study by Grand View Research, Inc. The increasing generation of medical waste coupled with the lack of centralized support for waste disposal in the healthcare industry is expected to drive the demand for reprocessed medical devices market. Additionally, the long-term cost-efficiency associated with these devices as compared to that of the original device is the high impact rendering driver of the industry.

According to the Association of Medical Device Reprocessors (AMDR),hospitals witness up to 50% cost saving on every purchase of the reprocessed medical device, thereby spending only a limited amount, on waste disposal.

Consequentially, reprocessing has also facilitated reduction in device cost by the original equipment manufacturer in a vain to compete with the third-party reprocessors, thus exerting a positive cumulative effect on the industry growth.

Furthermore, the continuous deterioration of environmental conditions as a consequence of increasing landfills is anticipated to induce the demand for reprocessed medical devices. Reprocessing allows hospitals to divert over 8,000 pounds of Regulated Medical Waste (RMW) from landfills every year, thereby propelling the demand for the reprocessed medical devices market.

The rising initiatives by organizations, such as Association of periOperative Registered Nurses, American Nursing Association, and Practice Greenhealth, in collaboration with governmental and intergovernmental agencies, pertinent to increasing awareness with respect to medical device reprocessing is further expected to provide lucrative growth platform to this industry in near future.

To request a sample copy or view summary of this report, click the link below: www.grandviewresearch.com/industry-analysis/reprocessed-medical-devices-market

 Further key findings from the study suggest:

  • Cardiovascular devices dominated the product segment of the overall reprocessed medical devices market in terms of revenue share at over 55.0% in 2014,owing to a wide range of these devices approved by the U.S. FDA for diagnostics and therapeutics applications
  • Diagnostic electrophysiology catheters constituted the largest share at over 24.0% of the cardiovascular sub-segment in 2014 and positioning devices are expected to be the fastest growing at market over the forecast period. This can be attributed to the third-party processors involved in the reprocessing of single-use catheters due to high-cost savings
  • Hospitals held a substantial share of the end-use segment and constituted for over 40.0% of the overall market owing to increased in-house and third-party reprocessing due to the massive waste produced through resource users. The aforementioned provides lucrative opportunities for hospitals to contain the expenditure
  • As of 2014, North America dominated the overall reprocessed medical device market at over 47.0%owing to the presence of a large number of non-profit organizations, governmental, intergovernmental agencies, hospitals, donor agencies, and medical product manufacturers involved in reprocessing activities
  • Asia Pacific is anticipated to be the fastest growing regional market over the forecast period due to the presence of untapped opportunities in the emerging economies and rising investments in the healthcare infrastructure by global market players. This is predicted to impel growth in Asia Pacific
  • The key players in this industry are adopting collaborative strategies with public and private institutions and product approvals for business and geographical expansion. For instance, in January 2016,Centurion Medical Products Corporation acquired Nuvo-Med, Inc., a manufacturer of DisImpactor class I medical devices used for the treatment of fecal impaction in a probe to business expansion

Grand View Research has segmented the reprocessed medical devices market on the basis of product, end-use, and region:

Global reprocessed medical devices product outlook (Revenue, USD Million, 2012 – 2022)

  • Cardiovascular
    • Blood Pressure Cuffs
    • Positioning Devices
    • Cardiac Stabilization Devices
    • Diagnostic Electrophysiology Catheters
    • Electrophysiology Cables
    • Deep Vein Thrombosis Compression Sleeves
  • Laparoscopic
    • Harmonic Scalpels
    • Endoscopic Trocars
  • Gastroenterology
    • Biopsy Forceps
    • Others
  • General Surgery Devices
    • Balloon Inflation Devices
    • Pressure Bags
  • Orthopedic Devices

Global reprocessed medical devices end-use outlook (Revenue, USD Million, 2012 – 2022)

  • Hospitals
  • Home Healthcare
  • Others

Reprocessed medical devices regional outlook (Revenue, USD Million, 2012 – 2022)

  • North America
    • US.
    • Canada
  • Europe
    • UK
    • Germany
  • Asia Pacific
    • Japan
    • China
    • India
  • Latin America
    • Mexico
    • Brazil
  • MEA
    • South Africa

Access Full Press Release of This Report: www.grandviewresearch.com/press-release/global-reprocessed-medical-devices-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com

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Meat Consumption, Particularly In Asia Pacific And Latin America, Is Expected To Remain A Key Driving Factor For Methionine Market

The global Methionine Market is expected to reach USD 7.26 billion by 2022, according to a new report by Grand View Research, Inc. Increasing feed additives demand for maintaining adequate metabolism rate in livestock is expected to drive methionine market growth over the next seven years. Increasing meat consumption in Asia Pacific and Latin America is also expected to have a positive influence on the market growth. Recent animal disease outbreaks across various regions have also prompted the need to include methionine in animal feed.

methionine-market.png

Plants were major source of manufacturing methionine and accounted for over 85% of total market volume in 2014. Stringent government norms to ban fish silage and bone meal were primary factors for increasing penetration of plant based methionine in the global market. Plant based methionine is also expected to witness significant growth of 6.8% from 2015 to 2022.

To request a sample copy or view summary of this report, click the link below:
www.grandviewresearch.com/industry-analysis/methionine-market

 Further key findings from the report suggest:

  • Global methionine market demand was 1,044.7 kilo tons in 2014 and is expected to grow at a CAGR of 6.5% from 2015 to 2022.
  • Animal feed emerged as the most dominant application segment and accounted for over 90% of total market volume in 2014. Poultry was the leading livestock consumer with demand share estimated at 74.8% of overall methionine in animal feed in 2014. Growing consumer awareness coupled with animal disease outbreak has prompted methionine demand in animal feed. Food & dietary supplements application segment is anticipated to grow at an estimated CAGR of 4.8% from 2015 to 2022.
  • Asia Pacific was the leading regional market with demand share exceeding 30% in 2014. Changing lifestyle coupled with population expansion in countries such as China and India has increased meat consumption in the region which further has helped in shaping up the methionine market. North American methionine market is expected to grow at an estimated CAGR of 5.8% from 2015 to 2022.
  • The market is highly concentrated and characterized by few dominant market participants accounting for a major share. Key companies operating in the global market includes Evonik Industries AG, Adisseo France SAS, Sumitomo Chemical Company and Novus International Inc.
  • Other prominent players operating in the market include Tokyo Chemical Industry Co. Ltd., Ajinomoto Inc., Iris Biotech GmbH, Sunrise Nutrachem Group, Kyowa Hakko Bio. Co. Ltd., Royal DSM, Tocris Bioscience Ltd., AnaSpec Inc., Ajinomoto Inc., Prinova U.S. LLC, Beijing FortuneStar S&T Development Co., Ltd, CJ Cheil Jedang Corp., and Jinzhou Jirong Amino Acid Co., Ltd, .

Grand View Research has segmented the methionine market on the basis of raw material, application and region:

Methionine Raw Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 – 2022)

  • Plant-based
  • Animal-based

Methionine Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 – 2022)

  • Animal FeedFood & Dietary Supplements
    • Swine
    • Poultry
    • Cattle
    • Others
  • Pharmaceuticals

Methionine Regional Outlook (Volume Kilo Tons; Revenue, USD Million, 2012 – 2022)

  • North America
    • US.
  • Europe
    • Germany
    • France
    • UK
  • Asia Pacific
    • China
    • India
    • Japan
  • Central & South America
  • Middle East & Africa

Access Full Press Release Of This Report: www.grandviewresearch.com/press-release/global-methionine-market

 About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com

Key Driving Factor For Global Lubricant Additives Market Till 2024

The global Lubricant Additives Market is expected to reach USD 18.85 billion by 2024, according to a new report by Grand View Research, Inc. Stringent regulations regarding the permissible amount of carbon emission in the atmosphere are expected to remain a key driving factor for global lubricant additives market. Additive prices witnessed a significant decline in 2015 as a result of fluctuations in prices of key raw materials. Their prices are heavily dependent on prices of calcium carbonate, zinc metal, and crude oil.

lubricant-additives-market.png

Viscosity index improvers were the leading product segment with demand share estimated at 23.3% in 2015. Friction modifiers, which act as a cushion between two coated surfaces thereby minimizing surface contacts, are expected to register highest volume growth of 3.5% over the forecast period.

To request a sample copy or view summary of this report, click the link below: 
www.grandviewresearch.com/industry-analysis/lubricant-additives-market

Further key findings from the report suggest:

  • Global lubricant additives market demand was4.28 million tons in 2015 and is expected to reach 5.36 million tons by 2024, growing at a CAGR of 2.5%from 2015 to 2024
  • Automotive lubricants were the largest application segment and accounted for over 59.5% of total market volume in 2015. Increasing passenger car production and consequent sales particularly in China, India, Thailand, and Indonesia is expected to drive this segment over the forecast period.
  • General industrial oils were the largest segment for industrial lubricants and accounted for over 35% of its volume in 2015. Recovery of manufacturing sectors in North America and Europe along with high industrial output in Asian markets is expected to drive the segment growth.
  • Passenger car motor oil was the leading segment for automotive lubricant additives with its demand estimated at over 900 kilo tons in 2015. Consumption is expected to be driven by developing aftermarket for lubricating oils in emerging economies.
  • Asia Pacific emerged as the leading regional market with demand share exceeding 30% in 2015. High demand for passenger cars in China, South and Southeast Asia along with a robust lubricant aftermarket sale is expected to complement the regional demand.
  • Global lubricant additives market is highly concentrated in nature with Chevron Oronite, Afton Chemical, and Lubrizol being the top manufacturers. Top four companies account for over three-quarters of the industry share. Other key participants include BASF, Evonik Industries, Chemtura Corporation, Shamrock Shipping & Trading Limited, Infineum International Limited, IOCL, Croda International plc, and Tianhe Chemicals Group.

Grand View Research has segmented the lubricant additives market on the basis of product, application and region:

Global Lubricant Additives Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)

  • Dispersants
  • Viscosity Index Improvers
  • Detergents
  • Anti-wear Additives
  • Antioxidants
  • Friction Modifiers
  • Others

Global Lubricant Additives Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)

  • Automotive Lubricants
    • Heavy Duty Motor Oil
    • Passenger Car Motor Oil
  • Industrial Lubricants
    • General Industrial Oil
    • Industrial Engine Oil
    • Metalworking Fluids

Global Lubricant Additives Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)

  • North America
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Russia
  • Asia Pacific
    • India
    • China
    • Japan
  • Central & South America
    • Brazil
  • Middle East and Africa
    • Saudi Arabia

Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-lubricant-additives-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com

Geotextile Market Analysis And Segment Forecasts To 2024

The global Geotextile Market is expected to reach USD 8.18 billion by 2024, according to a new report by Grand View Research, Inc. Cost effectiveness, longer life span as compared to other materials, and growing environmental concerns is expected to have a positive impact on the industry over the next seven years.

geotextiles-industry.png

These products are relatively inexpensive and when appropriately designed are used as replacements for traditional granular treatment which aids in significant cost saving in terms of fabric as well as labor. This is expected to boost industry growth over the next eight years.

Rising government expenditure for infrastructure development, especially in Asia Pacific including India and China, is projected to fuel product need over the forecast period. Also, increasing the need for efficient drainage systems in various regions particularly in North America and Europe will have a positive impact on industry growth.

Geotextiles have been gaining popularity over the last few years due to increasing awareness regarding their benefits such as high durability, high tensile strength, and biodegradability. Rising environmental concerns among consumers are expected to fuel product demand over the forecast period.

To request a sample copy or view summary of this report, click the link below:
www.grandviewresearch.com/industry-analysis/geotextiles-industry

 Further key findings from the report suggest:

  • Global Geotextile Market size was 4,505.0 million square meters in 2015 and is projected to reach 10,897.3 million square meters by 2024, growing at a CAGR of 10.4% from 2016 to 2024
  • Woven geotextile market was estimated at over 1,200.0 million square meters in 2015. Limited availability coupled with high product prices as compared to non-woven textiles will hamper industry growth over the forecast period. In addition, its heavier weight with limited ranges of fabric availability may act as a market challenge. However, rising use in erosion prevention in China is expected to fuel demand over the forecast period.
  • Polypropylene is projected to be the fastest-growing raw material for geotextile manufacturing in terms of revenue at a CAGR of over 13.0% from 2015 to 2024. Rising product use in road construction on account of its efficient filtration properties and longer lifespan as opposed to polyester and polyethylene is expected fuel need over the projected period.
  • Drainage is anticipated to be a potential market for geotextiles over the next eight years on account of increasing government spending on infrastructure development which includes drainage facilities in developed as well as developing nations. Product market for drainage applications was estimated at over 700 million square meters in 2015.
  • North America was the second largest market with demand over 1,000.0 million square meters in 2015. Strict environmental regulations have influenced manufacturers to shift from synthetic to natural raw materials such as jute and sisal. Europe followed North America and accounted for over 21.00% of the global volume in 2015.
  • In February 2013, GSE acquired SynTec LLC, a manufacturer of various geosynthetic products for USD 10 million to broaden its product portfolio. In May 2013, GSE initiated production of geosynthetics primarily geotextiles at its plant in Suzhou, China with an annual capacity of about 20,000 tons.

Grand View Research has segmented the global Geotextile Market on the basis of product, material, application and region:

Geotextiles Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2013 – 2024)

  • Non-woven
  • Woven
  • Others

  Geotextiles Material Outlook (Volume, Million Square Meters; Revenue, USD Million, 2013 – 2024)

  • Polypropylene
  • Polyester
  • Polyethylene
  • Others

  Geotextiles Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2013 – 2024)

  • Road construction
  • Erosion control
  • Drainage
  • Others

  Geotextiles Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2013 – 2024)

  • North America
    • US.
  • Europe
    • Germany
    • UK
  • Asia Pacific
    • China
    • India
  • Latin America
    • Brazil
  • MEA
    • A.E

Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-geotextiles-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com

Centralized Support For Waste Disposal In The Healthcare Industry Is Expected To Drive The Demand For Reprocessed Medical Devices Market

The global Reprocessed Medical Devices Market is expected to reach USD 5.0 billion by 2022, according to a new study by Grand View Research, Inc. The increasing generation of medical waste coupled with the lack of centralized support for waste disposal in the healthcare industry is expected to drive the demand for reprocessed medical devices market. Additionally, the long-term cost-efficiency associated with these devices as compared to that of the original device is the high impact rendering driver of the industry.

According to the Association of Medical Device Reprocessors (AMDR),hospitals witness up to 50% cost saving on every purchase of the reprocessed medical device, thereby spending only a limited amount, on waste disposal.

Consequentially, reprocessing has also facilitated reduction in device cost by the original equipment manufacturer in a vain to compete with the third-party reprocessors, thus exerting a positive cumulative effect on the industry growth.

Furthermore, the continuous deterioration of environmental conditions as a consequence of increasing landfills is anticipated to induce the demand for reprocessed medical devices. Reprocessing allows hospitals to divert over 8,000 pounds of Regulated Medical Waste (RMW) from landfills every year, thereby propelling the demand for the reprocessed medical devices market.

The rising initiatives by organizations, such as Association of periOperative Registered Nurses, American Nursing Association, and Practice Greenhealth, in collaboration with governmental and intergovernmental agencies, pertinent to increasing awareness with respect to medical device reprocessing is further expected to provide lucrative growth platform to this industry in near future.

To request a sample copy or view summary of this report, click the link below: www.grandviewresearch.com/industry-analysis/reprocessed-medical-devices-market

 Further key findings from the study suggest:

  • Cardiovascular devices dominated the product segment of the overall reprocessed medical devices market in terms of revenue share at over 55.0% in 2014,owing to a wide range of these devices approved by the U.S. FDA for diagnostics and therapeutics applications
  • Diagnostic electrophysiology catheters constituted the largest share at over 24.0% of the cardiovascular sub-segment in 2014 and positioning devices are expected to be the fastest growing at market over the forecast period. This can be attributed to the third-party processors involved in the reprocessing of single-use catheters due to high-cost savings
  • Hospitals held a substantial share of the end-use segment and constituted for over 40.0% of the overall market owing to increased in-house and third-party reprocessing due to the massive waste produced through resource users. The aforementioned provides lucrative opportunities for hospitals to contain the expenditure
  • As of 2014, North America dominated the overall reprocessed medical device market at over 47.0%owing to the presence of a large number of non-profit organizations, governmental, intergovernmental agencies, hospitals, donor agencies, and medical product manufacturers involved in reprocessing activities
  • Asia Pacific is anticipated to be the fastest growing regional market over the forecast period due to the presence of untapped opportunities in the emerging economies and rising investments in the healthcare infrastructure by global market players. This is predicted to impel growth in Asia Pacific
  • The key players in this industry are adopting collaborative strategies with public and private institutions and product approvals for business and geographical expansion. For instance, in January 2016,Centurion Medical Products Corporation acquired Nuvo-Med, Inc., a manufacturer of DisImpactor class I medical devices used for the treatment of fecal impaction in a probe to business expansion

Grand View Research has segmented the reprocessed medical devices market on the basis of product, end-use, and region:

Global reprocessed medical devices product outlook (Revenue, USD Million, 2012 – 2022)

  • Cardiovascular
    • Blood Pressure Cuffs
    • Positioning Devices
    • Cardiac Stabilization Devices
    • Diagnostic Electrophysiology Catheters
    • Electrophysiology Cables
    • Deep Vein Thrombosis Compression Sleeves
  • Laparoscopic
    • Harmonic Scalpels
    • Endoscopic Trocars
  • Gastroenterology
    • Biopsy Forceps
    • Others
  • General Surgery Devices
    • Balloon Inflation Devices
    • Pressure Bags
  • Orthopedic Devices

Global reprocessed medical devices end-use outlook (Revenue, USD Million, 2012 – 2022)

  • Hospitals
  • Home Healthcare
  • Others

Reprocessed medical devices regional outlook (Revenue, USD Million, 2012 – 2022)

  • North America
    • US.
    • Canada
  • Europe
    • UK
    • Germany
  • Asia Pacific
    • Japan
    • China
    • India
  • Latin America
    • Mexico
    • Brazil
  • MEA
    • South Africa

Access Full Press Release of This Report: www.grandviewresearch.com/press-release/global-reprocessed-medical-devices-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com

Smartwatches Market Is Foreseen To Reach USD 19.62 Billion By 2020: Grand View Research, Inc.

The global smartwatches market is expected to reach USD 19.62 billion by 2020, according to a new study by Grand View Research, Inc. Growing companion device demand is expected to give impetus to demand for smartwatches. Increasing percentage of health/fitness conscious population has resulted in high demand for wearable fitness monitoring and tracking devices, including smartwatches.

The number of industry participants is expected to increase manifold over the next six years. In addition to startups, the expected entry of established companies is estimated to significantly fuel market growth. Ensuring usability and visual appeal is a critical factor for enabling product adoption on a global level. Furthermore, managing the tradeoff between battery life and performance is critical for profitability.

To request a sample copy or view summary of this report, click the link below:
www.grandviewresearch.com/industry-analysis/smartwatches-market

Further key findings from the study suggest:

  • Global smartwatch shipments were close to 2 million units in 2013, and are expected to reach 135.3 million units by 2020, at a CAGR of 53.5% from 2014 to 2020.
  • High-end smartwatches accounted for approximately 90% of the global market in 2013. This segment is expected to lose market share to the mid-end and low-end segments over the forecast period. This can be attributed to the expected trend of decreasing selling prices with a growing number of manufacturers. Majority of consumers have been reluctant to invest in premium priced products on account of unclear benefits and lack of a value proposition.
  • North America accounted for the highest market share of 35% in 2013; this is mainly due to higher purchasing power as well as increasing demand for fitness tracking equipment. Asia Pacific is expected to be the fastest growing regional market over the next six years. The regional market is expected to be driven by high smartphone proliferation and usage of Internet services.
  • Industry participants include Samsung Electronics (Galaxy Gear), Pebble, Sony Corporation, Google Inc. and Qualcomm Inc. among others. R&D activities to drive innovation have been the key growth strategy for these companies. Established companies are expected to benefit from growing smartwatches demand, and drive revenue generation over the forecast period.

Grand View Research has segmented the global smartwatches market on the basis of price segment and region:

Smartwatches Price Segment Outlook (Volume, Million Units and Revenue, USD Million; 2012 – 2020)

  • High-end
  • Mid-end
  • Low-end

Smartwatches Regional Outlook (Volume, Million Units and Revenue, USD Million; 2012 – 2020)

  • North America
  • Europe
  • Asia Pacific
  • ROW

Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-smartwatches-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com

Intelligent Virtual Assistant Market size was Valued USD 750.0 Million in 2015 and Is Likely To Beat $12.28 Billion By 2024: Grand View Research, Inc.

The global Intelligent Virtual Assistant Market size is expected to reach USD 12.28 billion by 2024 according to a new report by Grand View Research, Inc. Demand for online self-service and growing need for self-reliance and rapid resolution of queries are expected to be the primary contributors to market growth. Online websites have become the preferred service channel for consumers gathering information, resolve issues, as well as make purchasing decisions are anticipated to drive the IVA market over the forecast period.

global-intelligent-virtual-assistant-market.png

IVA adoption is expected to be on the rise over the upcoming years owing to its cost effectiveness. Although sales objectives have not been widely adopted for virtual agents, their potential to up sell or cross-sell is expected to be a key factor for increasing acceptance across smaller enterprises. The presence of an intelligent virtual agent on a website has helped companies achieve higher conversion rates.

Moreover, emerging trend of assistant-as-app services is expected to tap the potential of mobile applications segment. Applications engaging in conversational commerce are popping-up across several industry verticals.

Access Full Research Report on IVA Market: www.grandviewresearch.com/industry-analysis/intelligent-virtual-assistant-industry

 Further key findings from the report suggest:

  • Speech recognition dominated the industry with the significant revenue share, which is expected to grow at a CAGR of over 38% from 2016 to 2024. Rising adoption of mobile computer technology across the world is expected to boost the demand for this segment. Speech recognition simplifies the ability to interact with smartphones and its applications. Moreover, rising demand for the technology in numbers of end-use industries including automotive and healthcare is expected to drive the industry over the future.
  • Large enterprises are expected to remain the largest end-use segment by 2024. SMEs are expected to gain market share with the CAGR of nearly 36% over the next eight years. An increasing number of enterprises have adopted the technology to fuel revenue. Verticals including financial services and banking, online retail and travel have presented higher return on investment (ROI) through implementing virtual assistant. This is mainly due to higher penetration, along with the early incorporation of social and mobile channels. Industry segments with high customer contact have been among early adopters of virtual agent incorporation.
  • BFSI is estimated to be a largest application segment in 2015, which is estimated to grow at a CAGR of over 35% from 2016 to 2024 owing to increased penetration of virtual assistants across the segment. Increasing penetration of smartphones and tablets is resulting in high growth in mobile banking, has become a crucial differentiator in consumer service. Banks benefits from the virtual agents by providing round the clock services and automating routine services boosting consumer satisfaction and reducing inbound calls.
  • North America has the significant market share of over 38% in 2015 owing the high proliferation of internet services and mobile phones. Additionally, these regions are home to a large number of key participants offering advanced solutions to several segments such as BFSI, automotive and healthcare, among others. Emerging markets of Asia Pacific, MEA and Latin America are expected to exhibit high growth, primarily due to surge in mobility in countries including India, Brazil and China.
  • Key industry participants include [24]7 Customer Inc., Anboto Group, Apple Inc., Artificial Solutions, Clara Labs, CodeBaby Corp., Creative Virtual Ltd., CX Company, eGain Communications, Eidoserve Inc., Existor, Google, IBM Corporation, Intel Corporation, InteliWISE S.A., Microsoft Corporation, Next IT Corporation, Nuance Communications, Oracle Corporation, Speaktoit Inc., Synthetix Ltd., and ViClone Corporation. Owing to the intense competition, the key companies and several new entrants have established cooperative relationships among themselves or with third parties to increase the ability of their technologies to address the needs of the prospective customers.

Grand View Research has segmented the global IVA market based on type, service, application, end-use and region:

IVA Type Outlook (Revenue, USD Million, 2014 – 2024)

  • Speech recognition
  • Text-to-speech recognition

IVA Service Outlook (Revenue, USD Million, 2014 – 2024)

  • Customer service
  • Marketing assistant

IVA Application Outlook (Revenue, USD Million, 2014 – 2024)

  • BFSI
  • Automotive
  • IT & Telecom
  • Retail
  • Healthcare
  • Education
  • Others

IVA End-Use Outlook (Revenue, USD Million, 2014 – 2024)

  • Small and medium enterprises
  • Large enterprises
  • Individual user

IVA Regional Outlook (Revenue, USD Million, 2014 – 2024)

  • North America
    • US.
    • Canada
  • Europe
    • UK
    • Germany
  • Asia Pacific
    • India
    • China
    • Japan
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa

Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-intelligent-virtual-assistant-industry

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com