Intelligent Virtual Assistant (IVA) Market 2018 – Global Trend, Segmentation and Opportunities Forecast to 2023
Intelligent Virtual Assistant (IVA) Market is anticipated to reach over USD 21,523.6 million by 2026 according to a new study published by Polaris Market Research. In 2017, the BFSI segment dominated the global market, in terms of revenue.
North America generated the highest revenue in the market in 2017, and is expected to lead the Intelligent Virtual Assistant (IVA) Market throughout the forecast period. The presence of established telecom and cloud infrastructure in this region, and growing trend of BYOD drive the market growth in the region. The growing demand of mobile devices, and technological advancements further support market growth in the region. Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to growing demand of virtual assistant technologies in the developing countries of the region.
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Intelligent Virtual Assistant (IVA) are gradually replacing traditional interactive voice response systems. Use of intelligent virtual assistants is proving effective by enhancing customer and brand experience, and providing a consumer-friendly environment. The virtual assistants also offer a platform for convenient communication within businesses through voice, text, and other channels.
The growing need to improve customer service, streamline enterprise communication, and increase productivity has boosted the adoption of Intelligent Virtual Assistant. The rising penetration of mobile devices, and integration of virtual assistants with smart home appliances further support the growth of Intelligent Virtual Assistant (IVA) Market. Additionally, the increasing demand of intelligent virtual assistants from small and medium enterprises has supported market growth over the years. Increasing investments by vendors in technological advancements coupled with growing need to improve customer experience would accelerate the adoption of intelligent virtual assistants. However, lack of awareness is expected to hinder market growth. Growing demand from emerging economies is expected to provide numerous growth opportunities in the coming years.
Well-known companies profiled in Intelligent Virtual Assistant (IVA) Market report includes: -
- Apple (US)
- Nuance Communications (US)
- IBM (US)
- Microsoft (US)
- Google (US)
- Oracle Corporation (US)
- [24]7.ai. (US)
- Speaktoit Inc. (US)
- Intel Corporation (US)
- Next IT Corporation
- CodeBaby Corporation
- Clara Labs
These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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The use of digital assistants and bots is expected to increase in the coming years. Computer programs in the form of bots simulate conversation with users through chat windows and voice calls. They have the ability to perform a number of different automated tasks such as scheduling meetings, managing finances, and others. They also assist in successful use of unified communication tools. These bots could be used as an automated attendant monitoring the interactions and offering instructions to users.
The end-users in Intelligent Virtual Assistant (IVA) Market include healthcare, education, retail, BFSI, government, and others. In 2017, the BFSI segment accounted for the highest market share owing to increasing need to offer enhanced customer services, and improve productivity. The demand for intelligent virtual assistants has increased from organizations operating in this sector to improve workforce collaboration, client interaction, and reduce costs.
TOC of Intelligent Virtual Assistant (IVA) Market:
Chapter 1. Overview and Scope
Chapter 2. Market Summary
Chapter 3 Intelligent Virtual Assistant (IVA) Market Size and Forecast
Chapter 4. Dynamics and Segmentation
Chapter 5. Detailed Insight on Key Company
Chapter 6. Research Methodology and Reference
Chapter 7. Competitive Landscape
TOC Continued…...!!!
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Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.
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on Saturday October 27 2018, 7:15 AM EST.
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