Industry Insights
The global intelligent virtual assistant market is projected to
exceed USD 3 billion by 2020. Increased focus on effective client
communication, made easy by virtual assistants, is expected to drive the
intelligent virtual assistant market over the forecast period. Key
industry participants serve numerous industries such as travel,
insurance, finance, government, retail, media, etc. Growing need to
oversee the growth of data in enterprises is expected to positively
influence the market.
Absence of metrics and need for standardization may act as restraints
to market growth over the next six years. Growing demand to increase
self-service online is estimated to be the main driving force of the
market in the next few years. Rise in the number of wireless subscribers
and mobility is also estimated to drive the market over the forecast
period. In 2012, the intelligent virtual assistant market was valued at
over USD 350 million.
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End-Use Insights
Large enterprises are expected to remain the largest end-use segment
of the intelligent virtual assistant market by 2020. They stand to
benefit to a great extent through the deployment of virtual assistants,
since they are capable of handling a considerable percentage of customer
interactions. Since they also help improve the enterprise’s mobile
customer service experience, a growing number of large enterprises have
adopted intelligent virtual assistant technology to deliver critical
cost savings and new revenue opportunities. An increasing number of
enterprises across industry verticals have adopted virtual agent
technology to fuel revenue.
However, the virtual assistant needs to be capable of replicating the
services presently available through conventional or traditional
self-service options. Verticals including banking and financial
services, travel, and online retail have exhibited higher return on
investment (ROI) through intelligent virtual assistant implementation.
This is primarily because of higher penetration, as well as early
incorporation of social and mobile channels. Industry areas with high
customer contact have been among early adopters of virtual agent
incorporation.
Regional Insights
North America accounted for over 40% of the global intelligent
virtual assistant market in 2012; it is expected to continue dominating
the market over the next six years. There exists high proliferation of
internet services and mobile phones in developed markets of North
America and Europe. Additionally, these regions are home to a large
number of key participants. Demand from Asia Pacific is estimated to
rise, and the region is expected to exhibit high growth over the
forecast period.
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Boost in the number of smartphones on a global level is expected to
fuel the intelligent virtual assistant market. Growing demand for
self-reliance has boosted virtual agent acceptance and adoption. In
recognition of these changing dynamics, service providers have developed
multi-language platforms to better serve the need of varied users. Need
for healthcare service availability and reliability on a global level
in general, and in developing markets in particular, is also expected to
be a viable opportunity for market entry.
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