New York, NY Dec 11 2019: Intelligent virtual assistant
market is anticipated to reach over USD 21,523.6 million by
2026 according to a new study published by Polaris Market Research. In 2017,
the BFSI segment dominated the global market, in terms of revenue. North
America is expected to be the leading contributor to the global market revenue
during the forecast period.
The growing need to improve customer service,
streamline enterprise communication, and increase productivity has boosted the
adoption of intelligent virtual assistants. The rising penetration of mobile
devices, and integration of virtual assistants with smart home appliances
further support the growth of this market. Additionally, the increasing demand
of intelligent virtual assistants from small and medium enterprises has
supported market growth over the years. Increasing investments by vendors in
technological advancements coupled with growing need to improve customer
experience would accelerate the adoption of intelligent virtual assistants.
However, lack of awareness is expected to hinder market growth. Growing demand
from emerging economies is expected to provide numerous growth opportunities in
the coming years.
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The use of digital assistants and bots is expected to
increase in the coming years. Computer programs in the form of bots simulate
conversation with users through chat windows and voice calls. They have the
ability to perform a number of different automated tasks such as scheduling
meetings, managing finances, and others. They also assist in successful use of
unified communication tools. These bots could be used as an automated attendant
monitoring the interactions and offering instructions to users.
Intelligent virtual assistants are gradually replacing
traditional interactive voice response systems. Use of intelligent virtual
assistants is proving effective by enhancing customer and brand experience, and
providing a consumer-friendly environment. The virtual assistants also offer a
platform for convenient communication within businesses through voice, text,
and other channels.
North
America generated the highest revenue in the market in 2017, and is expected to
lead the global market throughout the forecast period. The presence of
established telecom and cloud infrastructure in this region, and growing trend
of BYOD drive the market growth in the region. The growing demand of mobile
devices, and technological advancements further support market growth in the
region. Asia-Pacific is expected to grow at the highest CAGR during the
forecast period owing to growing demand of virtual assistant technologies in
the developing countries of the region.
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The end-users in intelligent virtual assistant market
include healthcare, education, retail, BFSI, government, and others. In 2017,
the BFSI segment accounted for the highest market share owing to increasing
need to offer enhanced customer services, and improve productivity. The demand
for intelligent virtual assistants has increased from organizations operating
in this sector to improve workforce collaboration, client interaction, and
reduce costs.
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