Intelligent Virtual Assistant Market Size, Share and Global Trend By Technology (Speech Recognition, Text-To-Speech, Voice Recognition), By Service (Customer service, Marketing assistant), By End Use (SMBs, Large Enterprises, Individual Users), By Application (Automotive, BFSI, Retail, IT & Telecom, Healthcare, Education), and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Intelligent Virtual Assistant (IVA) is an artificial intelligence which is used for interacting with humans to perform tasks via speech or text, with the help of machine learning, neural networks and other advancements in AI technologies. Industries, where intelligent virtual assistant can be used, are automotive, BFSI, retail, IT & telecom, healthcare, education, hospitality & tourism, among others.
For instance, with the execution of an intelligent virtual assistant, Hyatt significantly decreased their expense per call. They also expanded what number of reservations can be made every hour while improving the exactness of information caught. By and large, Hyatt is presently sparing approximately 45 percent on its contact focus costs and has accomplished an ROI of approximately 120 percent.
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Westar Energy, a leading service provider in Kansas, required a client care arrangement that would eliminate operator handle times and improve self-administration. With the implementation of intelligent Virtual Assistant set up, more than 30 percent of Westar's guests are able to finish their exchanges through self-administration. Past that, over 75 percent of guests are happy with their general involvement, and Westar has seen an over a quarter of expansion in its JD Power scores since the IVA execution.
Enormous organizations, from innovation powerhouses like Google to automobile makers, for example, BMW, are investing vigorously in Intelligent Virtual Assistants. this industry is at a point now where these artificial intelligence-driven interactions are something beyond a feature – they're for now is the product in themselves. Speaking with Intelligent Virtual Assistants isn't a luxury any longer – it's turning into an expected feature.
Key Players Covered
The key players providing intelligent virtual assistant services are Nuance Communications Inc., Oracle Corporation, Apple Inc., Microsoft, eGain Corporation, Amazon, Verint, IBM Corporation, Google Inc., MedRespond, CSS Corp., Clara Labs, Artificial Solutions and True Image Interactive Inc. among others.
For instance, Oracle Digital Assistant empowers organizations to construct customized computerized associates to enable representatives to work smarter and all the more productively. With this innovation, workers can have trained to support domain skills HR, ERP, CRM and CX. Utilizing AI, Oracle Digital Assistant gets setting, infers purpose, and recognizes and learns client practices and examples to automate routine undertakings proactively.
SEGMENTATION
SEGMENTATION | DETAILS |
By Technology | · Speech Recognition · Text-To-Speech · Voice Recognition |
By Service | · Customer service · Marketing assistant |
By End Use | · SMBs · Large Enterprises · Individual Users |
By Application | · Automotive · BFSI · Retail · IT & Telecom · Healthcare · Education |
By Geography | · North America (USA and Canada) · Europe (UK, Germany, France, Scandinavia and Rest of Europe) · Asia Pacific (Japan, China, India and Rest of Asia Pacific) · Latin America (Brazil, Mexico and Rest of Latin America) · Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa) |
Regional Analysis
According to sources, sround 90 percent of Fortune 1000 business is predicted to add a virtual assistant to its technology marketing stack by 2020. North America held the largest market share in 2018. The expected revenue of above US$ 50 Bn to be generated by smart homes in the USA, which will boost the market of virtual assistants. Europe is anticipated to register significant growth in the coming few years. Healthcare and automotive industry are likely to have a maximum share of IVA. There are expectedly to have more than 5.5 billion mobile broadband subscriptions by 2020, China and India being the major contributor.
Key Industry Developments
- May 2019: AI-powered voice interaction, new intelligent personal assistant of nuance automotive mobility assistant is coming up BMW’s personal assistant, powering a multitude of features that are core to the in-car experience such as customizable wake-up word, voice-powered interaction, smart, voice-activated car manual among other.
- October 2017: CSS Corp's Yodaa, a virtual assistant platform enabling voice and text interactions for client administration, is one of the lab's latest advancement. its s a start to finish arrangement with broad information ingestion, analytics and reporting capabilities. it is of AI capacities and progressed measurable models that drive client lifecycle management to understand customers'' purpose, issues and proactively hit the objective with the correct proposals and remediation.
- Ongoing
- 2023
- 2019-2022
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