Why Intelligent Virtual Assistant Market are Booming So Rapidly? Industry in-Depth Analysis with Growing Trends || Amazon, Inc., Anboto, Apple, Inc., Artificial Solutions, Clara Labs, CodeBaby Corporation, Creative Virtual, CX Company, eCreation, eGain Co

Intelligent virtual assistant market giants are striving to enhance intelligent virtual assistant technology and develop highly automated and technically challenged IVAs to be deployed across numerous professional sectors. Nuance technologies recently introduced the Dragon Drive Automotive Assistant, the company's flagship virtual assistant, which has already created a legacy as it enabled users to personalize their self-driving car experience. Industry players are involved in collaborations with third parties to improve the technology for enhanced consumer satisfaction. Major companies accumulating a share of global intelligent virtual assistant market include CX Company, IBM Corporation, Nuance, Anboto, eGain Communications, Clara Labs, Creative Virtual, InteliWISE, 24/7 Customer Inc., and Artificial Solutions.

While the intelligent virtual assistant market has successfully established its presence across various geographies, North America is touted to be one of the major regional markets for the business vertical. The growth across this region can be aptly credited to the robust adoption of technological advancements by prominent companies in the continent. Major software magnates, such as Microsoft and IBM, alongside automakers such as BMW, are also found to be increasingly investing in this technology in order to improve customer service and reduce human intervention, which will further propel North America intelligent virtual assistant market size.

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The escalating demand for rapid query resolutions & online customer self-service are expected to propel intelligent virtual assistant market alongside the path of progress. IVA has undoubtedly, in recent times, improved the users' online service experience as well as offered increased sales to e-commerce firms. Indeed, the product is becoming the preferred medium to gain information, make purchase decisions, and resolve issues. Companies like Microsoft and Google are adopting the technology to improve ease of access and streamline activities, and increasingly implementing the technology as well to enhance operational efficiency. For instance, ABIe, a virtual assistant developed by EIS for Allstate Insurance, efficiently helps agents to answer questions regarding business insurance policies.

IVA is reportedly becoming more and more commonplace as consumer appetite for the product has been depicting an upsurge. According to an independent survey conducted with 1,500 consumers across Europe, 81% of the respondents said they would prefer interacting with a virtual assistant as it offers enhanced online customer experience. Close to 72% welcomed the product as a key part of every website while a similar proportion claimed that they would spend longer on a website that had one. This response can undeniably be credited to the fact that IVA can take on multiple roles on a website, such as performing various helpful tasks, answering customer queries and connecting to enterprise systems when needed. These features respond according to the marketing requirements of the customers, efficiently improving the site loyalty and experience.

IVA technology is embedded with features such as language recognition, voice recognition, speech identification, and personalized embodiment to help solve queries related to numerous topics. In short, intelligent virtual assistants function as sales agents, customer service executives, help guides, and the like. The proliferation of advanced software technologies in AI will augment intelligent virtual assistant industry, set to cross a valuation of USD 11.5 billion by 2024. The penetration of intelligent virtual assistant technology in the BFSI, healthcare, retail, and IT sector will majorly contribute to the business expansion.

Owing to the rapid propagation of smartphones, tablets, and other potable consumer electronic devices, the aforesaid professional domains are increasing the number of their communication platforms to enable the deployment of virtual assistants. This progress will further stimulate global intelligent virtual assistant market.

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IVAs can be used for providing customer services and are also enabled to function as marketing assistants. The latter is especially utilized across SMBs, as they reduce the need to recruit administrative staff, office spaces, sales workforce, or full time employees, which will augment intelligent virtual assistant market share from SMBs. In fact, the rising innovations in AI technology and the benefits of IVAs such as enhanced business productiveness and reduced operational costs are prompting more and more SMBs to adopt intelligent virtual assistant. Powered by the robust demand for low operational expenditure and high-quality services in tandem with the reducing need for full-time customer service employees, intelligent virtual assistant industry size from SMBs is slated to grow at a remarkable CAGR over 2018-2024.

The competitive spectrum of intelligent virtual assistant market also comprises other players like Amazon, Google, Microsoft, Apple, Inc., Artificial Solutions, eGain Communications, IBM Corporation, Nuance Communications, and Speaktoit, Inc.

Table of Contents (ToC) of the report:

Chapter 6. Intelligent Virtual Assistant Market, By End-Use
6.1. Key trends in intelligent virtual assistant industry by end-use
6.2. SMBs
6.2.1. Market estimates and forecast, 2013 - 2024
6.3. Large enterprises
6.3.1. Market estimates and forecast, 2013 - 2024
6.4. Individual users
6.4.1. Market estimates and forecast, 2013 - 2024

Chapter 7. Intelligent Virtual Assistant Market, By Application
7.1. Key trends in intelligent virtual assistant industry by application
7.2. BFSI
7.2.1. Market estimates and forecast, 2013 - 2024
7.3. Automotive
7.3.1. Market estimates and forecast, 2013 - 2024
7.4. IT & Telecom
7.4.1. Market estimates and forecast, 2013 - 2024
7.5. Retail
7.5.1. Market estimates and forecast, 2013 - 2024
7.6. Healthcare
7.6.1. Market estimates and forecast, 2013 - 2024
7.7. Education
7.7.1. Market estimates and forecast, 2013 - 2024
7.8. Others
7.8.1. Market estimates and forecast, 2013 - 2024

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