Intelligent virtual assistant is an artificial intelligence system that simplifies user interaction with mobile devices or PC, through internet, messenger, and other communication medium/interfaces by using interaction methods such as text-to-text, text-to-speech, speech-to-text, and speech-to-speech to assist users in performing respective tasks.
Major factors driving growth of the global intelligent virtual assistant market are development in speech and voice recognition technologies, rising number of smartphone users, and increasing penetration of high speed internet. In addition, brands striving to provide improved and effective customer experience, interaction, and services have further boosted demand for intelligent virtual assistant technology. Rising adoption in sectors such as healthcare, BFSI, and retail are further fueling growth of the global intelligent virtual assistant market.
Furthermore, features such as cost effectiveness, 24*7 customer support, lifelike avatars & bots, interaction in natural/regional language, and ability to recognize different languages and respond to it are some other factors propelling growth of the global intelligent virtual assistant market.
Major factor hampering growth of the global intelligent virtual assistant market is difficulty in integrating knowledge bases of enterprises and intelligent virtual assistant systems. In addition, lack of awareness about features of IVA and knowledge on how to use it are some other factors expected to hamper growth of the global intelligent virtual assistant market.
Entrepreneurs are outsourcing IVAs which are being used as virtual call centers and for marketing campaigns including email, blog and social media promotion so that they can focus on their key competency. In addition, rising demand for cloud based IVAs is current trend in the market. Moreover, assistant-as-app services is expected to present potential opportunities for mobile applications segment during the forecast period.
The global intelligent virtual assistant market report has been segmented on the basis of technology, application, end-user, and region.
North America dominates the global intelligent virtual assistance market and is expected to maintain its dominance during the forecast period owing to rising adoption of cloud based IVAs by various enterprises to improve customer relationship management and to enhance their relationship with clients. The market in Europe is expected to witness moderate growth during the forecast period. Whereas, the market in Asia Pacific is projected to witness significant growth and is expected to register a CAGR of XX.X% during the forecast period.
Key players in the global intelligent virtual assistant market are Nuance Communications Inc., Anboto Group, [24]7, Apple Inc., Google Inc., CX Company, eGain Corporation, ViClone Corporation, InteliWISE S.A., and Microsoft Corporation.
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