IVA Market Strategy, Emerging Technologies, Global Trends and Forecast by Region
Intelligent Virtual Assistant Market Information, By Technology (Text-to-speech, Speech recognition)
Intelligent Virtual Assistant Market - Overview
IVA or Intelligent virtual assistant is new technological product and a computer-generated persona which helps the customer to provide information through smartphone, kiosk or a website by using text-based or voice based assistant. In the last few years, the IVAs have gain tremendous popularity over the traditional information centres. High use of smartphones among the youngsters and rapid changes in the technology are some of the major factors driving the iva market. As a major trend, social media holds major impact on growth of the global market. As the amount of people using social media platforms are increasing, they are becoming highly depended on the things they explore while making any purchase decision. On the other hand, IVAs are also becoming more popular among the retail industry. IVA helps retail industry in several ways including enhanced customer experience and analysing the buying behaviour of the customer in most efficient way.
IVAs also helps the companies to generate data regarding the question and answers which people look for and make changes in their products offering. From industries such as healthcare where the IVAs helps to navigate the patients to banking sectors where IVAs helps the customers to minimize the work time. Intelligent Virtual Assistant system has proven to be one of the revolutionizing technology in the current technological environment.
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Nuance Communications (U.S.), Anboto (Spain), Google (U.S.), eGain (U.S.), CX Company (Netherlands), ViClone (Spain), Inbenta (U.S.), GetAbby (U.S.), Creative Virtual (U.K.), Next IT (U.S.) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Intelligent Virtual Assistant Market. The competitive landscape is huge for intelligent virtual assistant market which includes BFSI, Healthcare, Automotive, E-Commerce, Aerospace, IT among others. Technological advancement and high integration of automation with the current infrastructure are some of the major factors driving the market growth.
Because of the Covid-19 pandemic, numerous ventures saw huge moves in their business. There is a critical effect on the wise remote helper market. A canny virtual assistant (IVA) is utilized to offer a wide scope of client administrations, such as giving item data, helping with bills, and handling questions identified with human specialists and numerous others. These frameworks are progressively embraced by BFSI areas to maintain a strategic distance from the human association and to contain the spread of the Covid-19 pandemic.
Banks are likewise giving voice to visit administration in which clients can collaborate with the live specialist as opposed to holding up in a line or on a call. For example, in April 2020, TSB Bank plc., a U.K.-based retail and business bank has dispatched a keen specialist to give a quick reaction to the questions identified with applying individual and business advance for clients during the Covid pandemic. Such factors are pushing banking and monetary organizations to coordinate menial helper to build market development during COVID-19, which has emphatically affected the insightful remote helper market.
Intelligent Virtual Assistant Global Market - Segmentation
Segmentation by Technology: Text-to-speech and Speech recognition
Segmentation by Application: Vertical: BFSI, Healthcare, Automotive, E-Commerce, Aerospace, IT among others
Segmentation by End User: Individual, small & medium enterprises and large enterprises
Segmentation by Verticals: BFSI, media & entertainment, travel & hospitality, web services, retail, and healthcare among others
Intelligent Virtual Assistant Global Market - Regional Analysis
Currently, North America region is dominating the market of intelligent virtual assistant. Countries such as U.S. and Canada who are one of most developed countries in terms of technology is driving the market of intelligent virtual assistant in North America. Also, high investment by the key companies in various industries for the development of new technology is also one of the major driving factor in North America. Europe stands as second largest market for IVA owing to several factors such as presence of developed countries and high adoption rate of new technologies. Asia-Pacific has emerged as one of the fastest growing. Urbanization and developing countries such as China and India show immense opportunity for virtual assistant systems. Also various public and private sector companies are also actively participating in the adoption of IVAs in their current infrastructure to provide maximum customer satisfaction.
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