Intelligent Virtual Assistant Market Growth Rate Analysis, Emerging Technologies, Opportunities, Challenges, Future Prospects and Global Trends By Forecast 2027

“Market Research Future”
Market Research Future published a research report on “Global Intelligent Virtual Assistant Market Research Report- Global Forecast 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.

Intelligent Virtual Assistant Global Market   – Overview

IVA or Intelligent virtual assistant is new technological product and a computer-generated persona which helps the customer to provide information through smartphone, kiosk or a website by using text-based or voice based assistant. In the last few years, the IVAs have gain tremendous popularity over the traditional information centres. High use of smartphones among the youngsters and rapid changes in the technology are some of the major factors driving the market. As a major trend, social media holds major impact on growth of the global market. As the amount of people using social media platforms are increasing, they are becoming highly depended on the things they explore while making any purchase decision. On the other hand, IVAs are also becoming more popular among the retail industry. IVA helps retail industry in several ways including enhanced customer experience and analysing the buying behaviour of the customer in most efficient way.

IVAs also helps the companies to generate data regarding the question and answers which people look for and make changes in their products offering. From industries such as healthcare where the IVAs helps to navigate the patients to banking sectors where IVAs helps the customers to minimize the work time. Intelligent Virtual Assistant system has proven to be one of the revolutionizing technology in the current technological environment. 

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Key Players

Nuance Communications (U.S.), Anboto (Spain), Google (U.S.), eGain (U.S.), CX Company (Netherlands), ViClone (Spain), Inbenta (U.S.), GetAbby (U.S.), Creative Virtual (U.K.), Next IT (U.S.) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Intelligent Virtual Assistant Market. The competitive landscape is huge for intelligent virtual assistant market which includes BFSI, Healthcare, Automotive, E-Commerce, Aerospace, IT among others. Technological advancement and high integration of automation with the current infrastructure are some of the major factors driving the market growth.

Intelligent Virtual Assistant Global Market   – Segmentation

  • Segmentation by Technology: Text-to-speech and Speech recognition
  • Segmentation by Application: Vertical: BFSI, Healthcare, Automotive, E-Commerce, Aerospace, IT among others
  • Segmentation by End User: Individual, small & medium enterprises and large enterprises
  • Segmentation by Verticals: BFSI, media & entertainment, travel & hospitality, web services, retail, and healthcare among others

Industry News

December, 2017, Google is introducing a new voice command to initiate its Google Assistant software. The company has started rolling out updates to Android phones so they can use the command “Hey Google,” which will launch the virtual assistant app. The introduction of the new phrase gives Android users more flexibility in summoning the popular virtual assistant. After receiving the update, users will get a notification asking them to set up the voice model for the Google Assistant command. After setting up the voice model, users will be able to use either “Hey Google” or the original phrase, “Ok Google,” to open Google Assistant. Android phones can listen for the command without pressing any buttons, and it even works when the screen is off on some devices.

September, 2017, Nuance Communications unveiled an artificial virtual assistant specifically for patients and healthcare providers on Wednesday. The company has built artificial intelligence virtual assistants for consumer and automotive brands including American Airlines, Amtrak, Audi, Barclay’s, BMW, Citi, Delta, Domino’s, FedEx, Ford and GM. Nuance’s new Dragon Medical Virtual Assistant is designed to streamline a variety of clinical workflows for the 500,000 clinicians that already use Dragon Medical for their clinical documentation. Based on the Nuance Virtual Assistant platform, the software can enable conversational dialogues and pre-built capabilities that automate clinical workflows. The healthcare virtual assistant includes voice recognition technology designed for healthcare, voice biometrics and text-to-speech, EHR integrations and strategic health IT relationships, a prototype smart speaker customized for healthcare use-cases and a secure platform.

April, 2017, In the recent news, Oracle announced a series of new innovations within the Oracle Customer Experience (CX) Cloud Suite. By combining innovative new technologies such as chatbots and artificial intelligence with enhanced mobile, video and messaging capabilities, the latest updates to Oracle CX Cloud Suite enable commerce, marketing, sales and service professionals to reduce IT complexity, provide innovative customer experiences and deliver tangible business results. Digital technologies have fundamentally changed how customers interact with brands and now a new generation of innovations, such as artificial intelligence and the Internet of Things (IoT), are reaching the mainstream. With the latest enhancements to the Oracle CX Cloud Suite, Oracle empowers customer experience professionals to take a smarter approach to managing digital business transformation. The latest enhancements include updates to commerce, marketing, sales and service applications within the Oracle CX Cloud Suite.

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Intelligent Virtual Assistant Global Market   – Regional Analysis

Currently, North America region is dominating the market of intelligent virtual assistant. Countries such as U.S. and Canada who are one of most developed countries in terms of technology is driving the market of intelligent virtual assistant in North America. Also, high investment by the key companies in various industries for the development of new technology is also one of the major driving factor in North America. Europe stands as second largest market for IVA owing to several factors such as presence of developed countries and high adoption rate of new technologies. Asia-Pacific has emerged as one of the fastest growing. Urbanization and developing countries such as China and India show immense opportunity for virtual assistant systems. Also various public and private sector companies are also actively participating in the adoption of IVAs in their current infrastructure to provide maximum customer satisfaction.

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