Understanding Growth Dynamics of Intelligent Virtual Assistant Market

Intelligent virtual assistant market is set to be a hotspot for growth over the forecast period of 2019 to 2029. Number of varied trends and drivers are impacting the growth of this market positively. Some of the top ones are increasing demand for efficiency from a number of industry verticals, especially those that are services-based. Additionally, innovation in the market is propelling the growth curve on an upward facing trajectory.

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It is quite significant to note here that as artificial intelligence (AI), machine learning (ML), Internet of Things (IoT) witness advancement, their adoption and application improves drastically leading to massive growth in the global intelligent virtual assistant market. Additionally, with smart phones getting affordable – another outcome of technological advancement – more people are now owners and that is leading to higher use of internet, the access to which is also increasing substantially, even in remote areas. It is pertinent pointing out here that these factors are great enablers of intelligent virtual assistant market.

Companies in the services sector are opting for these solutions as they not only increase efficiency but it also reduces workload. It is particularly true for BFSI, BPOs, and so on. This factor is creating opportunities in the market for players, who are proactive and eyeing a higher market share in terms of revenue. It is also quite important to note here that the vendor landscape of the market is quite fragmented and is dynamic in nature, thanks to varied growth measure deployed by active companies operating in the market.

Some of the highly placed companies that mark the global intelligent virtual assistant market over the forecast period that are pushing the market forward with their individual efforts at achieving higher growth are Intel Corporation, Amazon.com Inc., Google Inc., Nuance Communications, Inc., Oracle Corporation, Apple Inc., Microsoft, eGain Corporation, Amazon, and Verint, among others.

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Intelligent Virtual Assistant Market: Rising Demand for Cost-Effective Methodologies to Offer Efficient and Effective Customer Services to Boost Market

The global intelligent virtual assistant market is predicted to witness a strong demand during the forecast period 2017 – 2027 due to rising demand for online self-service, rapid resolution of queries, and self –reliance. Increasing penetration of smart devices such as smart phone, and PC is likely to favor the market growth. Intelligent virtual assistant is a software assistant that uses AI (Artificial Intelligence) to model human interactions in order to execute numerous task like customer services. Rapid advancement in AI is likely to provide a Launchpad for the intelligent virtual assistant to take off, notices Market Research.biz. In a report titled, “Intelligent Virtual Assistant (IVA) Market Size, Share & Trends Analysis Report By Type (Speech Recognition, Text-to-Speech Recognition), By Service, By Application, By End-use, And Segment Forecasts, 2018 – 2024”, analysts of the report have provided a 360 degree overview of the market.

Rapid progress in natural language processing and artificial intelligence technologies are major factors that is driving the virtual assistance market as these technologies aid to process bulk volumes of data and finds solution to the consumer queries on real-time basis. Apart from these, enterprises are looking for a cost-effective methodologies which will provide efficient and effective customer services, this is likely to bolster market growth as intelligent virtual assistant is a cost effective technology that has the ability to assists numerous customers.  Intelligent virtual assistant software are finding its application in numerous sectors such as healthcare, E-retailers, and others. However, on the other hand the market is confronted by some restraints which are likely to deter market growth. Lack of awareness among end users regarding the benefits associated with intelligent virtual assistant is likely to pull down the market.

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The global artificial intelligence technologies market can be classified on the basis of technology, industry, and region. On the basis of technology the market can divided into speech recognition, voice recognition, and text-to-speech. Of these, text-to-speech solutions and speech recognition solution are likely to generate more revenue in coming years. On the basis of industry, the market can be segregated into healthcare, BFSI, automotive, defense and government, retail, and others. Amongst these, BFSI is considered to occupy the major market share. Apart from it, healthcare and automotive sectors to exhibit a strong potential due to surge in adoption of intelligent virtual assistant for better customer services.

On the basis of geography, North America holds the majority of share owing to technological advancements and presence of established players in the region. However, Asia Pacific is likely to experience a significant rise in growth rate. Some of the key players in the market are CodeBaby Corporation, Artificial Solutions, Creative Virtual Ltd., IntelliResponse Systems, Inc., and Nuance Communications, Inc.