Intelligent Virtual Assistant Market 2020 Trends by Leading Players: IBM, Clara Labs, Nuance Communications, InteliWISE, Artificial Solutions, Creative Virtual, eGain Communications, Anboto

Germany intelligent virtual assistant market is expected to depict considerable growth in the years ahead, owing to the product's new-found usage in the region's thriving automotive market. Technological advancements in IVA have resulted in increased adoption of voice control and gesture control features in next-gen vehicles. IVA can now be integrated within vehicle systems such as automatic parking, lane change assist, adaptive cruise control, and other ADAS controls.

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 market, 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.

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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 incorporation of artificial intelligence in the automotive sector is not hot off the press, it has been paramount ever since the advent of autonomous cars. Self-driving technology demands heavy implementation of virtual assistants for helping drivers park appropriately, drive efficiently, and avoid accidents and other mishaps. In short, connected cars enhance user experience and have prompted autonomous cars market players to develop highly innovative and advanced chatbots to personalize self-driving cars, thereby providing a huge impetus to global intelligent virtual assistant market from automotive applications.

IVA technology is known to efficiently be integrated with systems such as adaptive cruise control, automatic parking, lane change assist, and numerous other ADAS controls. On these grounds, several automakers are now delivering IVAs in order to integrate voice as a part of in-car infotainment systems, further driving intelligent virtual assistant market trends from automotive applications.

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.

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While the intelligent virtual assistant industry 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.

The rapid advancements in AI technology will be a prime factor contributing to the extensive growth of intelligent virtual assistant market. Leading providers of IVA technology are investing in research and development activities to come up with cost-effective, highly efficient, and extremely sophisticated and methodological chatbots that are sure to revolutionize global intelligent virtual assistant industry over the span of the next few years.

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