What is Intelligent Virtual Assistant Software?
The market is expected to rise due to the need for increased efficiency among service-based businesses and the integration of Artificial Intelligence (AI) powered virtual assistants across multiple platforms such as tablets, laptops, and smartphones, among others. An Intelligent Virtual Assistant (IVA) can perform a variety of customer service functions, including making it easier to browse, providing product information, assisting consumers with bill payments, completing transfers or paperwork, and directing problem concerns to human customer service agents. As a result of these considerations, banks and financial institutions all over the world are integrating virtual assistants, resulting in industry growth.
The market study is broken down by Type (Customer Service, Market Assistant, Speech Recognition and Text-to-Speech Recognition), by Application (BFSI, Automotive, IT & Telecom, Retail, Healthcare, Education and Others) and major geographies with country level break-up.
The key players operating in the market focus on new product launches and business expansions and innovation. IBM Corporation provides an intelligent virtual assistant named Watson Assistant and offers solutions to automotive, retail, healthcare, travel, and hospitality applications. Nuance Communications offers an IVA named Nina to automotive, healthcare, and other applications. The IVAs integrated with AI have created a massive storm and have exhibited various businesses and services across the globe. Analysts at AMA Research estimates that Players from United States will contribute to the maximum growth of Global Intelligent Virtual Assistant Software market throughout the predicted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Alphabet (United States), Apple (United States), Nuance Communications (United States), Amazon (United States), Microsoft (United States), IBM (United States), Samsung Electronics (South Korea), Inbenta Technologies (United States), Baidu (China) and Blackberry (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Intelligent Virtual Assistant Software market by Type, Application and Region.
On the basis of geography, the market of Intelligent Virtual Assistant Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In August 2018, [24]7 Customer Inc. launched a Virtual Agent with Emotional Intelligence. and In November 2018, [24]7 Customer Inc. launched a virtual agent named [24]7 AIVA.
Market Trend
- Increasing Adoption of Chatbots Because of the Availability of Low-Cost Software Modules for Chatbot Design
Market Drivers
- Demand for Automation in Customer Service
- Integration of Speaker-Based Virtual Assistants and Smart Home Appliances is Driving the Market of Smart Speakers
Opportunities
- Gesture Recognition Technology Will Add Value to Intelligent Virtual Assistants Market
Restraints
- Lack of Accuracy in Chatbot
Challenges
- ack of Awareness in Developing Countries
Key Target Audience
Intelligent Virtual Assistant Software Providers, Government Regulatory bodies, Private Research Organization, Government Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.