With the aid of machine learning, neural networks, and other developments in AI technologies, Intelligent Virtual Assistants (IVAs) are artificial intelligence that interacts with humans to carry out tasks via speech or text. The automotive, BFSI, retail, IT telecom, healthcare, education, hospitality tourism, and other industries can all benefit from using intelligent virtual assistants.
For instance, Hyatt significantly reduced their cost per call by implementing an intelligent virtual assistant. Along with increasing the accuracy of information captured, they also increased the number of reservations that can be made per hour. Generally speaking, Hyatt is currently saving about 45 percent on its contact focus costs and has achieved a ROI of about 120 percent.
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The industry concentration ratio and the most recent developments for the market share are shown using tables, figures, graphs, and charts. The report covers product classification, application areas, and geographic regions to explain the perception and scope of the market. Both quantitative and qualitative data from primary and secondary statistical sources are included in the study. This report offers detailed support for businesses and people interested in the market by providing important statistics on the state of the industry. Enhancing the fundamental leadership capabilities of clients and new players in the industry is one of the main objectives of this report.
Top Key Players:
Among the leading companies offering services related to intelligent virtual assistants are Oracle Corporation, Apple Inc., Microsoft, eGain Corporation, Amazon, Verint, IBM Corporation, Google Inc., MedRespond, CSS Corp., Clara Labs, Artificial Solutions, and True Image Interactive Inc.
The Regional Evaluation
A virtual assistant is expected to be a part of most Fortune 1000 companies' technology marketing stacks by 2020, according to sources. In 2018, North America accounted for the largest market share. The market for virtual assistants will grow as smart homes in the USA are predicted to generate over $50 billion in revenue. In the upcoming years, Europe is anticipated to experience significant growth. The largest share of IVA is most likely to be in the healthcare and automotive industries. By 2020, China and India are predicted to contribute the majority of the world's more than 5.5 billion mobile broadband subscriptions.
The "Intelligent Virtual Assistant Market" by Fortune Business Insights is a comprehensive analysis of the market that spans over 60 geographies and offers high-level market segmentation for each one. In the section on regional and national breakdowns, the market in each geography is examined, along with market size by region and nation. It also evaluates the market's past and projected growth, highlights significant trends, and discusses corporate expansion strategies.
Segmentation of the Global Intelligent Virtual Assistant Market
By Technology:
- Speech Recognition
- Text-To-Speech
- Voice Recognition
By Application:
- Automotive
- BFSI
- Retail
- IT Telecom
- Healthcare
- Education
By Region
- North America (the US and Canada)
- Europe (the United Kingdom, Germany, France, Italy, Spain, Scandinavia, and the rest of Europe)
- Asia Pacific (including Japan, China, India, Australia, Southeast Asia, and the remaining countries in the region)
- South America (including Brazil, Mexico, and the rest of South America)
- Europe, Asia, and Africa (South Africa, GCC, and the Rest of the Middle East and Africa)
The study examines several crucial elements to comprehend the market, such as the most recent market dynamics, growth potential, development trends, market challenges, development threats, and risk factors. The information is easy to understand thanks to this comprehensive market overview. In addition to offering short- and long-term market forecasts, the study provides an analytical stance on the pertinent global market sector.
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The report considers the following significant parameters:
- Size of the global market (in terms of both value and volume), by important business segments, and by promising and developing regions
- Trends that could influence the market
- Options and preferences of consumers, as well as the landscape of vendors and suppliers
- Opportunities for growth that are anticipated during the forecast period
- Problems and restrictions faced by the industry
- Dynamic and trending patterns of consumer spending
- Additional advancements
The Report Responds to the following Frequently Asked Questions
- How much money is made on the market globally through sales, production, and consumption?
- Who are the leading manufacturers in the Market globally?
- Which goods/market segments/applications/fields should I invest in during the market assessment period?
- What challenges and opportunities do global market vendors face?
- What are the main market trends that are influencing the market's expansion?
- How big is the market at the national and regional levels?
- What are the main effects predicted by Porter's five forces model?
- What tactical approaches are considered advantageous for entering the market?
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