Press release
Intelligent Virtual Assistant (IVA) Based Banking Market Market to Witness a Pronounce Growth Rate ~24.5% of CAGR by 2031
Intelligent Virtual Assistant (IVA) Based Banking Market
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Increase in automation uses across many industries, such as BFSI, retail, residential, and others, and the rise in demand for customer service automation in the banking industry drive the growth of the global intelligent virtual assistant in banking market. However, an increase in costs for server systems hinders the growth of the market. On the other hand, growth in developments toward digital AI chatbots is anticipated to provide a potential growth opportunity for market growth.
COVID-19 Scenario:
The outbreak of the COVID-19 pandemic led to a positive impact on the growth of the global intelligent virtual assistant in banking market, owing to an increase in usage and adoption of online & digitalized banking methods among consumers globally.
Intelligent virtual assistant (IVA) based banking market technology has experienced massive growth as consumers became familiar with the chatbots and AI assistants in the market.
Moreover, banks and fintech industries are increasingly developing AI chatbots to provide precise information to customers in the post-pandemic era.
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The report offers detailed segmentation of the global intelligent virtual assistant in banking market based on product, user interface, and region.
Based on product, the chatbots segment held the highest market share in 2021, holding nearly three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. However, the smart speakers segment is estimated to register the highest CAGR of 27.2% from 2022 to 2031.
Based on the user interface, the text-to-text segment held the largest market share in 2021, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. However, the automatic speech recognition segment is projected to register the highest CAGR of 29.9% from 2022 to 2031.
Based on region, North America is contributed to the highest share in terms of revenue in 2021, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2031. However, the Asia-Pacific region is projected to manifest the fastest CAGR of 28.0% during the forecast period.
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Key Players in the Industry
Alphabet Inc.
Amazon.com Inc.
Artificial Solutions
IBM
Nuance Communications Inc.
CSS Corp.
eGain Corporation
Oracle
True Image Interactive, Inc.
Verint Systems Inc.
Key Benefits for Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Intelligent Virtual Assistant in Banking market analysis from 2021 to 2031 to identify the prevailing Intelligent Virtual Assistant in Banking market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
An in-depth analysis of the Intelligent Virtual Assistant in Banking market segmentation assists in determining the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes an analysis of the regional as well as global Intelligent Virtual Assistant in Banking market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product
Chatbots
Smart Speakers
By User Interface
Text-to-Text
Text-to-Speech
Automatic Speech Recognition
By Region
North America (U.S., Canada)
Europe (Germany, France, Italy, Spain, Rest of Europe, U.K.)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
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