Intelligent Virtual Assistant Market
The Intelligent Virtual Assistant market size was valued at USD 3,442 Billion in 2019 and is projected to reach USD 44,255 Billion by 2027, growing at a CAGR of 37.7% from 2020 to 2027. Key Market Drivers intelligent virtual assistants include growing adoption in the BFSI industry. Intelligent virtual assistants are transforming the entire telecommunications industry which will drive the growth of the market over the forecast period.
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Smart Virtual Assistant Market by Product (Chatbots and Smart Speakers), Technology (Text-to-Speech, Voice Recognition and Text), Vertical (BFSI, IT & Telecom, Defense & Government, Retail, Healthcare, Travel and Hospitality, Automotive, Media & Entertainment, and Others): Global Opportunities Analysis and Industry Forecast, 2020-2027
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Trends Influencing the Global Intelligent Virtual Assistant Market
The banking industry is changing rapidly with continuous technological advancements. Ai-powered IVAs or chatbots can support complex interactions by emulating human-to-human conversation through the ML algorithms that enable speech recognition and text-to-speech conversion. Frequently asked questions like where is the nearest ATM or branch, how do I change my net banking password or block my stolen debit/credit card details can be answered efficiently by conversational AI, allowing customers to save time and free staff from dealing with routine operational matters. They can help you check your account balance and get a quick overview of all your online transactions. Additionally, virtual assistants can send real-time alerts and important notifications regarding banking and loan repayments. Personal financial advice can be given quickly on spending, budgeting and investing. It also improves response to fraud detection. Hence, banks and other financial institutions are investing heavily in human-machine technology which will drive the growth of the intelligent virtual assistant market over the forecast period.
IT and telecommunications
Customer satisfaction is a permanent issue for telecom operators. The total volume of incoming requests is increasing sharply due to the rapid penetration of the Internet and smartphones. Personal assistants can help telecommunications companies improve the efficiency of their customer service teams by automating repetitive tasks so staff can focus on employee training and other challenging work prospects. As digital transformation grows, carriers can benefit immensely from targeted sales and marketing campaigns. These factors will drive the growth of the intelligent virtual assistant market in the coming years.
Government and Defense
The military is gradually deploying chatbots and Ai assistants to help plan critical operations and recruitment processes. The load of remote operations can be significantly reduced. On the other hand, consumers dread the long wait time during phone calls with a human representative from government agencies. This can be completely eliminated with AI-powered chatbots that automate the entire process and quickly respond to routine questions from citizens. Additionally, filing and submitting routine documents can be done entirely using these virtual assistants. Additionally, with advanced analytics capabilities, agents can monitor service request patterns and modify their services accordingly, ensuring operational efficiency. This will fuel the demand for the intelligent virtual assistant market in the coming years.
Ai-powered e-commerce chatbots can make it easier for customers to interact with your brand 24/7. Shopping cart abandonment is a common problem among online shoppers. The virtual assistant can continue to regularly send prompts, notifications, and reminders to consumers to complete their purchases. Consumers now interact with retailers on multiple platforms. In order to convert qualified leads, chatbots or assistants can provide ongoing engagement with different sections of the population across multiple channels. Voice assistants offer personalized recommendations and context-based cross-selling and up-selling opportunities. The seamless integration of humans with AI will dramatically transform the retail industry, in turn driving the growth of the intelligent virtual assistant market over the forecast period.
The need to improve patient health outcomes at lower cost is an urgent need for the medical industry. Physician assistants can help medical professionals collect patient health data, demographic information, insurance details, finances, costs, and more. Patients can get quick, real-time answers to their questions regarding their current condition. They navigate through information related to discharge, diagnosis, prescription, follow-up, health record data, and more. mhealth apps come with built-in virtual assistant tools to help patients schedule appointments, track their health, and fill out forms. These factors will drive the growth of the intelligent virtual assistant market in the coming years.
travel and hospitality
Hoteliers and front desk workers can delegate answering routine queries to virtual assistants. Guests can check room availability, make reservations, taxi reservations, meal service requests, and more. Travel and logistics operations can be streamlined by wizards for suppliers involved in the travel industry. These factors will drive the growth of the intelligent virtual assistant market in the coming years.
With the advent of self-driving vehicles, the demand for virtual assistants will increase dramatically. These tools will act as your own personal aid in navigating complex driving situations. It will provide the user with information on current road conditions and directions to nearby gas stations. It keeps track of the driver’s schedule by providing real-time alerts so that the person can attend meetings on time. In addition, it will direct drivers to open and economical parking spaces. These will fuel the growth of the intelligent virtual assistant market in the coming years.
Media and entertainment
Media companies can benefit immensely from AI-powered chatbots and virtual assistants. It can help with targeted advertising, deliver branded content, and promote upcoming hit shows, events, or web series. These factors will increase the growth of the intelligent virtual assistant market over the forecast period.
Smart Virtual Assistant Market Share
On the basis of product, the chatbots segment will experience the highest growth in intelligent virtual assistant market share during the forecast period owing to the rapid pace of commercialization across several end-user industry verticals . However, the smart speaker segment will witness the fastest growth in the coming year due to the advent of smart connected devices.
Based on the technology, the text-to-speech segment will witness the highest growth in the intelligent virtual assistant market share. While the voice recognition segment will witness the fastest growth during the forecast period.
Based on the industry vertical, the BFSI segment will witness considerable growth in the intelligent virtual assistant market share due to the rapid investments in AI technology. The healthcare segment will experience the fastest growth in the coming years.
Based on region, North America is expected to retain the lead in intelligent virtual assistant market share due to early adoption of technologies and presence of key players. While Asia-Pacific will see the fastest growth with a CAGR of 40.9% due to emerging economies like China and India adopting chatbots for restoring customer service.
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