With the advent of artificial intelligence and the convergence of technology in many spheres of daily life, the intelligent virtual assistant market has grown correspondingly. Market Research Future, a firm which specializes in market reports related to the information and communication technology sector among others, recently published a report on this market. The market for virtual assistants is expected to grow steadily while demonstrating a dynamic CAGR rate.
The content gathered for machine-learning software performance improvement has led to significant improvement in the sector for intelligent virtual assistant market. Social media has significantly influenced the growth of this market leading to creation of new and diverse opportunities in the sector. Enhanced consumer experience is one of the main benefits that are driving the development of this particular sector.
The Global Intelligent Virtual Assistant Market comprises of the following categories:
By Technology: Text-to-speech and Speech recognition. Text to speech and speech recognition are developing on a relatively similar pace.
By Application: Vertical BFSI, healthcare, automotive, e-commerce, aerospace, IT among others. Healthcare sector is placing significant importance on IVA. IVAs are quite popular in the retail industry. IVA significantly supports the retail industry in several ways including enhanced customer experience and analyzing the buying behaviour of the customer in most efficient way.
By End User: Individual, small & medium enterprises and large enterprises.
By Region: North America, Europe, Asia-Pacific & RoW.
Drivers and Restraints Impacting the Market
The advent of artificial intelligence along with the convergence of technology in several spheres of life has resulted in the growth of intelligent virtual assistant market. IVA is a cost-effective technology and assists multiple customers to gain access to service effectively and quickly. It also leads to instant response from the system, reduced dependency on manual customer support for queries, and improved data collection. Such factors are considered to propel the market growth during the assessment period. Moreover, growing penetration of smartphones, inclusion of natural language understanding technology, and adoption of IVA software in large enterprises are likely to drive the market in the coming years.
On the flip side, the initial price of intelligent virtual assistant acts as one of the major factors inhibiting the market growth. Moreover, voice recognition is yet to improve among IVA technologies which are considered to impede the market growth in the coming years.
October 15, 2018: AXS Solutions will be launching Convolink, an Artificial Intelligence Virtual Assistant generator platform for the MENA and GCC region at Gitex. ConvoLink is one of the most technologically advanced systems and can interact in voice, text, and telephony. The system can also understand, read and converse in Arabic. This system also supports multiple languages and can work for with great accuracy.
Intelligent Virtual Assistant Market is seeing a tremendous opportunities in the forecast period,…
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