During the years 2022–2032, the market for intelligent virtual assistants is expected to grow at a CAGR of 28.2%. The market for intelligent virtual assistants is anticipated to grow from US$ 3.9 billion in 2021 to US$ 62 billion by 2032.
Increased use of intelligent virtual assistant solutions in these industries is anticipated in the near future as a result of growing enterprise need for efficient customer engagement. Due to expanding adoption and rising IT spending, the BFSI industry vertical is currently driving the intelligent virtual assistant market. A number of customer service tasks can be carried out by an intelligent virtual assistant (IVA), such as facilitating browsing, offering product information, supporting customers with bill payments, processing transfers or paperwork, and referring problem inquiries to real customer service representatives.
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Key Takeaways from Intelligent Virtual Assistant Market Study
● A growing trend is for intelligent virtual assistants to act as customer support agents. For businesses, virtual assistants provide a more consumer-friendly customer and brand experience. Examples include Five9’s introduction of Five9 Virtual Assistant in June 2020 with Inference Solutions. The technology uses conversational AI to automate manual activities and answer typical contact centre inquiries.
● Moreover, these assistants’ skills may be tailored to the end-user, thereby boosting customer satisfaction. For example, virtual assistants may help clients find a doctor, refill prescriptions, and get payment reminders.
● Apple’s Siri, Microsoft’s Cortana, and Google’s Assistant are all popular virtual personal assistants in the healthcare industry. Moreover, small and medium-sized businesses are pushing intelligent virtual assistant technologies, making them key players in health-intelligent virtual assistants.
● Aside from healthcare, retail organisations utilise chatbots to enhance customer experience through popular messaging applications. Retailers like Domino’s are using AI and machine learning to create virtual assistants like chatbots that allow customers to buy straight through messenger.
● The Spring 2020 Smart Audio Report indicates that owing to the COVID-19 epidemic, roughly 77% of US individuals have changed their routine, and voice-assistant usage has increased, favourably impacting the market growth.
● Companies are also launching products to help consumers keep informed. The Wipro Ventures portfolio firm Avaamo has released Project COVID, a publicly available and interactive COVID-19 intelligent virtual assistant that helps locate answers rapidly in simple English.
Competitive Landscape:
Virtual help has been implemented in smartphones, PCs, tablets, and other mobile devices by the companies. Amazon Inc. and Baidu, for example, have created virtual assistants for their devices and give customised solutions that work across different platforms. The primary strategies used by the participants in the intelligent virtual assistant market are new product launches and alliances.
Recent Developments in the Intelligent Virtual Assistant Market:
- Google said in June 2020 that it would provide new features to its artificial intelligence-based voice assistant, Google Assistant, across a variety of new devices. The most essential of these functions is voice match, which allows smart speakers to recognise a single user’s voice and tailor replies to that individual.
Key Market Players:
- VoiceVault Inc.
- Voicebox Technologies Corp.
- Uniphore Software Solutions Pvt Ltd
- Sony Corporation
- Samsung Electronics
- Next IT Corporation
- Nuance Communications Inc.
- Inbenta Technologies
- CX Company
- Creative Virtual Limited
- CodeBaby Corp.
- Baidu
- Apple Inc
- Amazon Web Services
- Anboto Group
Key Segments:
· By Product
- Chatbots
- Smart Speakers
· By Technology
- Text-to-Speech
- Speech Recognition
- Text-Based
· By Industry Vertical
- Consumer Electronics
- BFSI
- Healthcare
- Education
- Retail
- Government
- Utilities
- Travel & Hospitality
- Others
· By Region
- North America
- Europe
- APAC
- Middle East and Africa (MEA)
- Latin America
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Questionnaire answered in the Market outlook Report of Intelligent Virtual Assistant include:
- What is the key strategy deployed by large players to maximize Intelligent Virtual Assistant growth?
- What are the main challenges faced by players in the Intelligent Virtual Assistant Demand?
- With the advent of technological advancement, how will the Intelligent Virtual Assistant landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Intelligent Virtual Assistant size?
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