Intelligent virtual assistant system is a digital persona that delivers personalized and effortless customer services through human like conversation interface. Virtual assistant, virtual agents or intelligent virtual assistant offers deployment on digital channels such as mobile apps, websites, and social media sites. This system helps customers to perform online tasks, receives answers to different questions and asks natural language questions. Intelligent virtual system provides assistant on wide range of different subjects such as company details that include product portfolio, investor related or financial details and technology related details.
The driver that contributes to growth of this market is growing need to automate knowledge management as it has become the basic need of any website. However, difficulty in integrating the knowledge bases for enterprises and intelligent virtual assistant systems act as a challenge to overall growth of this market. The Demand from different sectors such as telecommunication, travel, utilities and others is expected to show major opportunity for market players. Increasing penetration of mobility is expected to be key trend for this market.
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The different organizations are trying to achieve improved profits by automating knowledge management processes with deployment of intelligent virtual assistant software. When customers enter queries on any websites, IVA software helps to interpret the queries and automates response to provide the best answer. This type of knowledge management is used majorly in BFSI sector. This software allows enterprises to address customer queries and reduces operating cost that incurred due to live chats and phone calls. IVA software handles all queries that are asked on any platform such as website, social media or mobile.
Large enterprises are the dominant customers for IVA software. The market scenario is predicted to be positive for small and medium enterprises. The North America is the largest segment and expected to remain the same in coming future. However, Asia Pacific is estimated to be the fastest growing region during forecasted period.
Users find it convenient to use intelligent virtual software than navigation channels. Enterprises are benefitted owning to improved data collection and faster response. Large enterprises cover around 80% of total market. These different businesses include insurance, media, retail, government, finance and others. Healthcare is the emerging sector and this software helps physician to offer on to one care and also guide members via complex forms. However, lack of awareness coupled with lack of standardization among different end users act as challenge for market participants in coming future.
Some of the major players in this market include ynthetix Ltd., Ecreation Group Pte. Ltd., Eidoserve (GetAbby) Inc., eGain Communications Corp., H-care SRL, Fido intelligence Ltd., Inbenta Technologies, Stanusch Technologies SA, Incesoft Co. Ltd., Oddcast Inc., Indisys, The Selfservice Company Inc., Vi-Clone Corp., MyCyberTwin Pty. Ltd., CodeBaby Corp., IntelliResponse Systems Inc., InteliWISE SA, SpeakToit Inc., Nuance Communications Inc., and Artificial Solutions UK Ltd.
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This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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