The Intelligent Virtual Assistant (IVA) market was valued at USD 2.58 billion in 2019 and is expected to reach USD 6.27 billion by 2025, at a CAGR of 36.45% over the forecast period. Virtual assistants increase because of deep neural networks, machine learning, and other advancements in AI technologies. Virtual assistants, such as chatbots and smart speakers, are used for various applications across several end-user industries, such as retail, BFSI, and healthcare. One major consumer-facing form is a virtual assistant as a personal assistant. It helps consumers accomplish various tasks, such as Apple’s Siri or offering an intuitive interface for connected homes or cars.
– Another use on the rise is virtual assistants adopting the role of a customer service agent. For enterprises, virtual assistants are improving customer and brand experience with a more consumer-friendly approach. For example, in June 2020, Five9, a cloud contact center provider, launched Five9 Virtual Assistant in partnership with Inference Solutions. The system leverages conversational artificial intelligence to automate manual tasks and answer common questions in the contact center.
– Moreover, these assistants’ capabilities can be personalized based on the end-user, thus improving customer experience in a particular industry. For instance, virtual assistants can help customers find a doctor’s office in the healthcare sector, fill and refill a prescription, and receive payment reminders.
– Some virtual personal assistants who have gained recognition across the healthcare sector are Apple’s Siri, Microsoft’s Cortana, and Google’s Assistant. Moreover, small and medium enterprises are also involved in driving intelligent virtual assistant technology, thereby emerging as crucial participants in health-intelligent virtual assistants.
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Key Market Trends
Smart Speakers to Drive the Market Growth
– The characteristics expected from a smart speaker nowadays include – playing music and controlling smart home devices. It is believed that an increasing number of smart speakers will give voice assistants more utility in a connected user’s life.
– In a smart period of time, voice-activated speakers have become a part of people’s routines. Reasons for this include the ability to use the technology while multi-tasking, the fact that people speak more quickly than they type (speed), and increasing human interfaces.
– Publishers and media companies are experimenting with content and new interactive formats for smart speakers. For instance, publishers, like NPR, Reuters, the New York Times, and CNN, as well as local news providers, such as the Tennessean, IndyStar, and Texas Tribune, are all creating short audio briefings designed to be heard on smart speakers.
– Among the most well-known smart speakers are the Amazon Echo and Google Nest ranges of products, but there are plenty of third-party speakers, like the Sonos One, which come with both Alexa and Google Assistant built-in. These companies are rolling out new products to cater to the increasing market demand. For instance, in July 2020, Google confirmed its new smart speaker, which is referred to as an “interactive media streaming device” with an official video. However, the release date has not yet finalized.
– Smart speakers are forecast to drive the next wave of FMCG and grocery e-commerce. Companies are thinking of integrating voice technology into a broader cross-channel strategy.
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