Intelligent Virtual Assistant Market
The Intelligent Virtual Assistant market is projected to touch USD 17.72 billion by 2023, exhibiting a CAGR of 38.82% over the forecast period from 2017-2023. The need for enhanced effectiveness across service-based companies and the incorporation of Artificial Intelligence power virtual assistants among several devices such as computers, smartphones, and tablets.
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Intelligent Virtual Assistant Market Dynamics
An intelligent virtual assistant (IVA) is a software established on artificial intelligence system. It provides interactions and performs tasks, such as customer service. Virtual assistants are increasingly adopted across end use industries due to deep neural networks and other innovations in artificial intelligence technologies. IVA increases company profit by decrease the efforts in customer handling. The evolving need for mechanization in customer service and marketing areas is fuelling the market growth. Also, as per the Intelligent Virtual Assistant market analysis, the growth in the perforation of smartphones is the prime force stimulating the market growth. With the growing demand for smartphones, companies are trying to incorporate advanced features in their products to captivate more users. In addition to it, the increasing adoption of cost-efficient chatbots software modules and the integration of intelligent virtual assistant smart speakers with smart home instruments have bolstered the Intelligent Virtual Assistant market size.
Industry Segment Drivers
The consumer electronics industry segment was estimated to dominate the intelligent virtual assistant market in 2016. The rise in demand of intelligent virtual assistant in home automation systems is the key factor propelling the growth of the consumer electronics market. Also, the Intelligent Virtual Assistant market forecast projects that the BFSI sector was the second most dominant industry segment in the intelligent virtual assistant market in 2016.
Regional Drivers
North America region is anticipated to lead the market over the forecast period. The surge in the adoption of intelligent virtual assistant technologies by several end use industries, such as BFSI, healthcare, consumer electronics, retail, government, education, utilities, travel and hospitality will steer the market growth. Also, the Asia-Pacific region will perceive a higher growth during the forecast period. This growth can be attributed to the growing adoption of chatbots to offer an effective customer service to people of developing economies of the Asia-Pacific such as China and India.
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