It automatically leads to reduced manpower cost of enterprises by offering better customer query response through IVA. Intelligent virtual assistants are the most human like and intelligent digital avatars, which can dynamically read, understand, and respond to online customer queries. In addition, IVA collects customer information andanalyzes conversation & customer satisfaction survey responses thereby, helping organizations improvethe customer and company communication. It also reduces live chat volume, offers quick response, and saves time. Intelligent virtual assistantincreases company revenue by reducing the efforts in customer handling. However, it is poised to demonstrate an even more robust intelligent virtual assistant market opportunities during the forecast period. The global IVA market forecast has exhibited notable growth in the recent past. IVA systems use various interaction methods, which include text-to-text, speech-to-text, text-to-speech, and speech-to-speech, among others to assist users in executing their respective tasks. These three are primary key elements that emulate a customer service agent’s ability to response to queries. The intelligence technology integrated into these systems indicates the capacity for understanding, reasoning, and learning. Virtual assistants are widely being adopted across industry verticals due to machine learning, deep neural networks, and other advancements in artificial intelligence technologies. It stimulates or provides responses assimilar to human interactions and perform particular tasks such as customer service.
VIRTUAL ASSISTANT SOFTWARE
Get more information on this report : Request Sample PagesĪn intelligent virtual assistant (IVA) is a software that is developed on artificial intelligence system. However, automotive & healthcare are the most lucrative vertical segments and are likely to maintain this trend during the forecast period.
Currently, the intelligent virtual assistant market is majorly driven by the BFSI industry vertical, owing to its higher adoption and increasing IT investment. Increase in demand for effective customer engagement by enterprises would lead to higher adoption of IVA solutions in these verticals in the near future. The intelligent virtual assistant market size was valued at $ 3,442 billion in 2019, and is projected to reach $ 44,255 million by 2027, growing at a CAGR of 37.7% from 2020 to 2027. Intelligent Virtual Assistant Market Insights- 2027