Intelligent Virtual Assistant (IVA) Market by Product (Chatbots and Smart Speakers), Technology (Text-to-Speech, Speech Recognition, and Text-Based), Industry Vertical (BFSI, IT & Telecommunications, Defense & Government, Retail, Healthcare, Travelling &

Intelligent Virtual Assistant Market

The intelligent virtual assistant market size was valued at USD 3,442 Billion in 2019, and is projected to reach USD 44,255 Billion by 2027, growing at a CAGR of 37.7% from 2020 to 2027. Key drivers of the intelligent virtual assistant market include the growing adoption in the BFSI industry. Intelligent virtual assistants are transforming the entire telecom industry which in turn will boost the growth of the market during the forecast period.

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Intelligent Virtual Assistant Market by Product (Chatbots and Smart Speakers), Technology (Text-to-Speech, Speech Recognition, and Text-Based), Industry Vertical (BFSI, IT & Telecommunications, Defense & Government, Retail, Healthcare, Travelling & Hospitality, Automotive, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027

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Trends Influencing the Global Intelligent Virtual Assistant Market

BFSI sector

The banking industry is going through rapid change with continuous technological advancements. Ai-powered IVAs or chatbots can support complex interactions by emulating human-to-human conversation through the ML algorithms that enable speech recognition and text-to-speech conversion. Frequent queries like where are the nearest ATM or branch, how do I change my net banking password, or block my stolen debit/credit card details can be answered efficiently by conversational AI thereby saving customers' time and freeing the staff of handling routine operational questions. They can help with account balance checks and a quick view of all your online transactions. Moreover, virtual assistants can send out real-time alerts and important notifications regarding banking services and loan payments. Personal financial advice can be given quickly on spending, budgeting, and investing. It also enhances the response to fraud detection. Hence banks and other financial institutions are investing heavily into human-machine technology which in turn will boost the growth of the intelligent virtual assistant market during the forecast period.

IT and telecommunication

Customer satisfaction is an ongoing issue for telecom operators. The total volume of inbound queries is rising sharply due to the rapid penetration of the internet and smartphones. Personal assistants can help telecom companies to improve the efficiency of their customer service teams by automating repetitive tasks so that the staff can focus on employee training and other challenging work prospects. As digital transformation expands operators can benefit immensely through targeted sales and marketing campaigns. These factors will drive the growth of the intelligent virtual assistant market in the coming years.

Government and Defense

The military is gradually deploying Ai chatbots and assistants to help in scheduling critical operations and recruitment processes. The burden of remote operations can be reduced drastically. On the other hand, consumers dread the long waiting time over phone calls with a human representative of government agencies. This can be eliminated completely with AI-powered chatbots which automate the entire process and respond quickly to citizens' routine questions. Moreover routine filing and submitting documents can be done entirely with the help of these virtual assistants. Moreover, with advanced analytics capabilities agents can monitor the patterns of service requests and modify their services accordingly thereby ensuring operational efficiency. This will fuel the demand for the intelligent virtual assistant market in the forthcoming years.

Retail

Ai-powered eCommerce chatbots can facilitate customer interaction with your brand 24/7. Cart abandonment is a recurring issue with online shoppers. The virtual assistant can keep sending regular prompts, notifications, and reminders to consumers to complete their purchases. Consumers now interact with retailers on multiple platforms. In order to convert qualified leads, chatbots or assistants can provide continuous involvement with different sections of the population on multiple channels. Voice-based assistants offer personalized recommendations, and context-based cross-selling and upselling opportunities. The seamless integration of humans with AI will transform the retail sector radically in turn driving the growth of the intelligent virtual assistant market during the forecast period.

Healthcare

The need for improving patient health outcomes at lower costs is an urgent need for the medical sector. Medical assistants can help healthcare professionals collect data on patient health data, demographic information, insurance details, finance, costing, etc. Patients can get quick real-time responses to their queries regarding their current condition. They navigate information related to discharge, diagnosis, prescription, follow-up, data health records, etc. mhealth apps come with integrated virtual assistant tools to help patients schedule their appointments, track health and fill up forms. These factors will boost the growth of the intelligent virtual assistant market in the upcoming years.

Traveling and hospitality

Hoteliers and front desk employees can delegate the routine query responses to virtual assistants. Customers can check the availability of rooms, book reservations, cab bookings, meal service requests, etc. traveling and logistics operations can be streamlined by assistants for vendors involved in the travel industry. Such factors will drive the growth of the intelligent virtual assistant market in the forthcoming years.

Automotive

With the advent of autonomous driving vehicles, the demand for virtual assistants will increase tremendously. These tools will act as your own personal aid in navigating complex driving situations. It will provide the user information regarding current road conditions, and directions to the nearby gas stations. It keeps track of the driver's schedule providing real-time alerts so that the person can attend meetings on time. Moreover, it will direct drivers to open and economical parking spots. These will fuel the growth of the intelligent virtual assistant market in the subsequent years.

Media and Entertainment

Media companies can benefit immensely from AI-powered chatbots and virtual assistants. It can aid in the targeted advertisement, provide branded content and promote upcoming hit shows, events, or web series. Such factors will augment the growth of the intelligent virtual assistant market during the forecast period.

Intelligent Virtual Assistant Market Share

Based on the product, the chatbots segment will grow the highest in the intelligent virtual assistant market share during the forecast period due to the rapid pace of commercialization in several end-user industry verticals. However, the smart speakers' segment will grow the fastest in the coming year due to the advent of smart connected devices.

Based on technology, the text-to-speech segment will grow the highest in the intelligent virtual assistant market share. While the speech recognition segment will grow the fastest during the forecast period.

Based on the industry vertical, the BFSI segment will witness considerable growth in the intelligent virtual assistant market share due to rapid investments in AI technology. The healthcare segment will grow the fastest in the forthcoming years.

Based on region, North America is expected to maintain the lead in the intelligent virtual assistant market share due to the early adoption of technologies and the presence of key players. While Asia-pacific will grow the fastest at a CAGR of 40.9% due to emerging economies like China, and India adopting chatbots for catering to customer service.

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