Unboxing the big bag of projected market growth and more on the Intelligent Personal Assistant sector
In 2020, the worldwide intelligent virtual assistant market was estimated to be worth USD 5.82 billion. From 2021 to 2028, it is predicted to increase at a compound annual growth rate (CAGR) of 28.5 percent. The market is expected to rise due to the need for increased efficiency among service-based businesses and the integration of Artificial Intelligence (AI) powered virtual assistants across multiple platforms such as tablets, laptops, and smartphones, among others. An Intelligent Virtual Assistant (IVA) can perform a variety of customer service functions, including making it easier to browse, providing product information, assisting consumers with bill payment, completing transfers or paperwork, and directing problem concerns to human customer service agents. As a result of these considerations, banks and financial institutions all over the world are integrating virtual assistants, resulting in industry growth.
The various industries that depend on the usage of Intelligent Personal Assistant
IVAs are effective and serve a variety of services for businesses in a variety of industries, including retail, IT, finance, automotive, and others. Furthermore, they provide better conversational responses, allowing for a better client experience. IVA providers are working hard to accommodate regional languages and provide customized virtual assistants so that clients from all over the world may communicate effectively. Virtual assistants that are intelligent provide value to smart home and security solutions. For example, Amazon.com, Inc. recently completed the acquisition of Ring (US), a firm that provides home security solutions through a variety of smart cameras and video doorbells. Amazon.com, Inc. will benefit from the acquisition as it integrates voice-based technologies into its home security products.
Prospects for market expansion of Intelligent Personal Assistant market
Working from afar has become more common as a result of Bring Your Own Device (BYOD) trends and technical improvements. Increased use of cloud-based products such as Skype and MS Office Online has resulted from advancements over time. Because of the widespread use of cloud-based applications, an increasing number of people are working remotely and relying heavily on virtual assistants to complete their jobs. As a result, it presents significant prospects for market expansion.
Insights from COVID-19 impact on Intelligent Personal Assistant market
The epidemic wreaked havoc on a variety of businesses, including the technological sector. COVID-19 is likely to have a substantial impact on the technology industry's service area. Meanwhile, sophisticated technology solutions are expected to make a significant contribution in combating the COVID-19 epidemic and addressing ever-changing issues. The current circumstance, as a result of the epidemic's spread, would encourage pharmaceutical companies and healthcare institutions to increase their R&D investments in AI, which will serve as a core technology for supporting numerous projects. With the development of the coronavirus pandemic, a number of marketing firms, banking institutions, and grocery stores have begun to use intelligent virtual assistants and conversational AI solutions to improve customer experience throughout the crisis. Businesses are eager to attempt new technical routes such as virtual assistants to help them survive the pandemic. Amid addition, in these trying times, internet virtual assistants have aided a variety of industry verticals. Chatbots have been adopted by a number of medical insurance firms and public health organisations across the world to aid users/patients in receiving correct COVID-19 guidance.
Regional Insights on Intelligent Personal Assistant market
With a revenue share of 43.94 percent in 2020, North America topped the market for intelligent virtual assistants in terms of market size. Working remotely has emerged as a result of changing BYOD patterns. Working from home gives individuals more flexibility and allows them to use a virtual assistant to speed up their tasks. This boosts overall productivity and efficiency at work. Similarly, the healthcare industry in North America has recognised the benefits of IVAs and is working to improve healthcare system efficiency. According to the American Medical Association of Medical Colleges, a deficit of 40,000 primary care physicians is foreseen, thus the usage of IVAs in the healthcare business is expected to fill the gap and provide effective and trustworthy health monitoring solutions.
Due to the rising retail and consumer electronics sectors in China, Asia Pacific is predicted to develop at the quickest CAGR throughout the projection period. AI-powered IVAs for professional conversation have shown to be highly effective at providing services and executing business functions such as appointment scheduling and consulting across a wide range of sectors. Companies are releasing devices that allow an app or gadget to operate as an artificial intelligence agent. SBI Card (India), for example, announced the launch of 'ELA' (Electronic Live Assistant), a virtual assistant for customer assistance and services, in July 2018. It is powered by artificial intelligence and Machine Learning (ML) and is intended to improve the customer experience by responding to consumer inquiries in a timely and suitable manner.
Insights into Key Companies and Market Share
The market's major players concentrate on new product releases, business expansions, and innovation. IBM Corporation offers Watson Assistant, an intelligent virtual assistant with solutions for automotive, retail, healthcare, travel, and hospitality industries. Nina is an IVA by Nuance Communications that can be used in automotive, healthcare, and other applications. IVAs combined with AI have generated a big storm, showcasing a variety of enterprises and services all over the world. For example, 7 Customer Inc. created an Emotional Intelligence Virtual Agent in August 2018. Similarly, 7 Customer Inc. launched 7 AIVA, a virtual agent, in November 2018. Virtual help has been implemented in smartphones, PCs, tablets, and other mobile devices by the companies. Amazon Inc. and Baidu, for example, have created virtual assistants for their devices and give customised solutions that work across different platforms. The primary strategies used by the participants in the market are new product launches and alliances. For example, Google Inc. said in July 2018 that it is developing artificial intelligence technology with partners such as Cisco and Genesys to replace call centre employment. When a customer dials a call centre, the software, known as Contact Centre AI, will install virtual agents who will answer the phone first.
Some prominent players operating in the global intelligent virtual assistant market are:
- 7 Customer Inc.
- Amazon.com, Inc.
- Apple Inc.
- Baidu, Inc.
- Clara Labs
- CSS Corp.
- Creative Virtual
- CodeBaby Corporation
- eGain Corporation
- Google Inc.
- IBM Corporation
- Microsoft Corporation
- Next IT Corp.
- Nuance Communications, Inc.
- Oracle Corporation
- True Image Interactive, Inc.
- Welltok, Inc.
This report is worth buying for the following reasons:
The Intelligent Personal Assistant report covers all of the major factors that are propelling and impeding the research market's expansion.
The Intelligent Personal Assistant report covers all of the major factors that are driving and limiting the growth of the research market.
This Intelligent Personal Assistant research will assist you in comprehending the market methods employed by your competitors and leading associations.
This Intelligent Personal Assistant market research study will help you obtain access to the market and gain a complete grasp of the commercial landscape.
Here's the solution you've been looking for! https://www.industrydataanalytics.com/reports/intelligent-personal-assistant-market