Intelligent Virtual Assistant Software Market size was valued at USD 5.82 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 28.5% from 2021 to 2028.
A piece of software known as an intelligent virtual assistant (IVA), also referred to as an intelligent personal assistant (IPA), is used to help carry out routine chores. Drafting text messages, doing internet research, looking for hotels or restaurants, checking reservations for flights, playing games, listening to music, adding events to a calendar, and checking the status of smart home devices are just a few examples of these chores. As a result, virtual assistants are now found in the majority of modern technology, including smartphones, smartwatches, tablets, and portable speakers. Google Assistant, Apple’s Siri, Microsoft’s Cortana, and Amazon’s Alexa are some of the most well-known IVAs.
An application programme known as an intelligent virtual assistant can comprehend natural language voice commands and carry out the user’s requests. In order to create fully functional virtual identities that engage in conversation with users, this technology combines components of interactive voice response and other cutting-edge artificial intelligence research. In the customer service department, an Intelligent Virtual Assistant (IVA) is utilised to engage clients by offering information about the products, bill and payment options, and easy-to-follow navigational instructions for transfers. The advantages of an intelligent virtual assistant include better online customer service overall, increased sales, cost savings, a simple experience, and queries answered.
The rising use of digital and intelligent speaker-based technologies in the retail industry is mostly to blame for the expansion of the market for intelligent virtual assistants. IVA market acceptance has been spurred by the rise in automation use across many industries, including BFSI, retail, residential, and others. IVA is heavily utilised in customer service automation for data collection, discussion, and customer satisfaction survey answer analysis. The industry is expanding due to the rising need for automated customer service.
IVAs are effective and carry out a variety of tasks for businesses in the retail, IT, finance, automotive, and other industries. They also provide better conversational responses, which helps to enhance the client experience. For consumers from various regions to effortlessly converse, IVA providers are actively working to support regional languages and offer specialised virtual assistants. Intelligent virtual assistants improve security and smart home technologies.
Scope of the Report
An artificial intelligence (AI) system known as an intelligent virtual assistant may simulate human contact to carry out certain activities like customer support. In order to create fully functional virtual identities that engage in conversation with users, this technology combines components of interactive voice response and other cutting-edge artificial intelligence research. Smart speakers, which include voice-based (Alexa and Google Assistant) assistants, are thought of as more sophisticated speakers with incorporated AI capabilities. Sales of smart speakers equipped with AI and a personal assistant, such as Google Home and Amazon Echo, have been taken into account to determine the market worth for smart speakers.
Global Intelligent Virtual Assistant Software Market: Major Players
Viclone
CX Company
Inbenta Technologies
H-care
Anboto Group
Ecreation
EGain
Eidoserve
Creative Virtual
Next IT
Nuance Communications
Synthetix
Global Intelligent Virtual Assistant Software Market: Types
Customer Service
Market Assistant
Speech Recognition
Text-to-Speech Recognition
Global Intelligent Virtual Assistant Software Market: Applications
BFSI
Automotive
IT & Telecom
Retail
Healthcare
Education
Others
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