United States, Rockville MD, April 26, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Intelligent Virtual Assistant Market is projected to grow at a compound annual rate (CAGR) of 28.2% between 2022 and 2032. The market is expected to reach US$ 62 Bn by the end of 2032. The demand for Intelligent Virtual Assistant is expected to rise over the forecast period and the market was valued US$ 3.9 Bn in 2021
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72 Figures
170 Pages
Sales of intelligent virtual assistant are expected to rise significantly. In addition to this, sales of intelligent virtual assistant are rising, accounting for US$ 14 Bn by 2026. Increasing sales of intelligent virtual assistant are also projected to contribute to the growth of the intelligent virtual assistant market share.
The intelligence technology built into these systems denotes the ability to comprehend, reason, and learn. These three aspects are the most important in simulating a customer care agent's capacity to respond to questions.
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Text-to-text, speech-to-text, text-to-speech, and speech-to-speech are only a few of the interaction mechanisms used by intelligent virtual assistant systems to help users complete their duties. In recent years, the worldwide intelligent virtual assistant market forecast has seen a significant increase.
During the projected period, it is expected to show even more robust intelligent virtual assistant market potential. By decreasing customer service efforts, an intelligent virtual assistant enhances firm income.
Which Segment is Likely to Lead the Smart Virtual Assistant Market by Application?
With a revenue share of 18.5 percent in 2020, the consumer electronics category dominated the industry in terms of market size. Automotive is emerging as one of the fastest-growing areas in the intelligent virtual assistant market, with continued expansion projected in the future.
Virtual assistant integration with the infotainment system aids in the delivery of personalised material while also improving comfort and convenience. Several manufacturers, including Daimler, BMW, and Hyundai, have integrated voice-activated infotainment systems into their vehicles. This is influencing the global intelligent virtual assistant adoption trends.
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Key Segments Covered in the Intelligent Virtual Assistant Industry Survey
- By Product
- Chatbots
- Smart Speakers
- By Technology
- Text-to-Speech
- Speech Recognition
- Text-Based
- By Industry Vertical
- Consumer Electronics
- BFSI
- Healthcare
- Education
- Retail
- Government
- Utilities
- Travel & Hospitality
- Others
Competitive Landscape
Alphabet Inc., Amazon.com Inc., Apple Inc., Artificial Solutions, EGain Corporation, International Business Machines Corporation, IPsoft Inc., Nuance Communications Inc., Verint Systems Inc., and Samsung Electronics Co., Ltd. are some of the leading participants in the intelligent virtual assistant market.
- May 2019: AI-powered voice interaction, a 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, including customizable wake-up word voice-powered interaction, smart, voice-activated car manual, and more.
- One of the lab's most recent developments is CSS Corp's Yoda, a virtual assistant platform that enables voice and text interactions for client management. It's a full-service solution with extensive data intake, analytics, and reporting capabilities. It is driven by AI capabilities and advanced quantifiable models that drive client lifecycle management to understand customers" purpose, and concerns and proactively hit the target with the right offers and solutions.
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Key players in the Intelligent Virtual Assistant Market
- VoiceVault Inc.
- Voicebox Technologies Corp.
- Uniphore Software Solutions Pvt Ltd
- Sony Corporation
- Samsung Electronics
- Next IT Corporation
- Nuance Communications Inc.
- Inbenta Technologies
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Key Takeaways from Intelligent Virtual Assistant Market Study
● A growing trend is for intelligent virtual assistants to act as customer support agents. For businesses, virtual assistants provide a more consumer-friendly customer and brand experience. Examples include Five9's introduction of Five9 Virtual Assistant in June 2020 with Inference Solutions. The technology uses conversational AI to automate manual activities and answer typical contact centre inquiries.
● Moreover, these assistants' skills may be tailored to the end-user, thereby boosting customer satisfaction. For example, virtual assistants may help clients find a doctor, refill prescriptions, and get payment reminders.
● Apple's Siri, Microsoft's Cortana, and Google's Assistant are all popular virtual personal assistants in the healthcare industry. Moreover, small and medium-sized businesses are pushing intelligent virtual assistant technologies, making them key players in health-intelligent virtual assistants.
● Aside from healthcare, retail organisations utilise chatbots to enhance customer experience through popular messaging applications. Retailers like Domino's are using AI and machine learning to create virtual assistants like chatbots that allow customers to buy straight through messenger.
● The Spring 2020 Smart Audio Report indicates that owing to the COVID-19 epidemic, roughly 77% of US individuals have changed their routine, and voice-assistant usage has increased, favourably impacting the market growth.
● Companies are also launching products to help consumers keep informed. The Wipro Ventures portfolio firm Avaamo has released Project COVID, a publicly available and interactive COVID-19 intelligent virtual assistant that helps locate answers rapidly in simple English.
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