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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