Intelligent Virtual Assistant 2019 Market Analysis; By Key Players, Applications, Growth Trends, Share & Segment Forecast to 2025

Wiseguyreports.Com Publish New Market Research Report On -“Intelligent Virtual Assistant Market 2019 Global Analysis, Size, Share, Trends, Opportunities and Growth, Forecast 2025”

Intelligent Virtual Assistant Market 2019

The Intelligent Virtual Assistants are artificial intelligence-driven software solutions for organizations looking forward to automating their customer service undertakings. Owing to their self-learning ability, customizable features, and scalability, these AI-driven virtual assistants are gaining huge popularity across different small and large-sized organizations. As brands across industries are focusing on enhancing customer experience, intelligent virtual assistants are expected to attain traction considering the advanced functional capabilities compared to conventional programmable chatbots.

IVA is an efficient system which performs tasks as per the customer's demand. It is a software solution that facilitates user interaction with smartphones, personal computers, SMS, messenger, and other advanced interfaces. Intelligent virtual assistant systems use different interaction techniques, which include speech-to-text, text-to-text, among others to help users in performing their tasks, either for some practical purposes or for entertainment-related purposes. Amazon Alexa, Apple’s Siri, and Google assistant are some well-known intelligent virtual assistants.

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Market Analysis
WiseGuy Research conducted a detailed analysis of the global intelligent virtual assistant market. The Research reports suggests that Global IVA market was valued at US$1.20 Billion in the year 2016, and is projected to reach US$19.9 billion by the end of 2025, developing at a CAGR of about 36% over the forecast period.

Rising penetration of smartphones and the growing adoption of intelligent virtual assistant software and services by large organizations is stimulating the growth of the global IVA market. Rising demand for automation in offering the consecutive support services for consumer and growing adoption of smart home systems which include wirelessly connected thermostats, music players, air conditioners and others is further projected to drive the IVA market growth.
However, the lack of precision in the system design and personalization option is anticipated to restrict the market growth. According to the research conducted by Research, North America is expected to occupy the highest market share in the global IVA market.

The banking sector has a broad range of products and services for its consumers and the growing number of banking service providers are acquiring personalized banking to maintain their customers. Intelligent virtual assistants, which is eligible for providing timely and efficient customer service, along with personalized offers based on their profile are, therefore, becoming popular across the banking sector.

Market segmentation
As per the research report, the global IVA market can be analyzed with respect to the product range, product type, technology, major verticals, and applications.

Based on the product range, the global IVA market can be segmented into-
IVA Smart Speakers
Smart Watches

Based on product type, the global IVA market can be segmented into-
Rule-based Intelligent Virtual Assistants
Conversational AI-based Intelligent Virtual Assistants

Based on the primary services provided by IVA, the market can be categorized into-
Marketing Assistance
Customer Service
Major industry verticals-
Consumer Electronics
Travel and Hospitality

Important Facts
In the year 2017, Nuance Communications, a leading market player in the intelligent virtual assistant market discovered AI-powered virtual assistant solution developed for healthcare providers. The organization’s modern Dragon Medical Virtual Assistant is believed to provide complex conversational dialogues and pre-built abilities that automate high-value clinical workflows for health service providers that already depend on Dragon Medical for their clinical documentation.
Popular banking service providers, like JPMorgan Chase, Bank of America, and Capital One have enforced virtual assistants in the form of chatbots and have stream-lined their back-end operations, thereby, saving substantial costs. IBM, which delivers Artificial Intelligence solutions for call centres, mentioned that bot interactions in the Banking sector are anticipated to hit 90% by the end of 2022. Such statistics confirm the IVA market growth over the forecast period.

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