Virtual Assistant Market Research and Future Opportunities
With the growing usage of outsourced assistance and mobile workforce, the virtual assistant market is expanding at a fast pace.
As per virtual assistant market research, the demand is expected to grow at a CAGR of 38 percent. The total value of the virtual assistant market is estimated to reach $ 17.13 billion by the year 2023.
Virtual Assistant Market Research
The major usage of intelligent virtual assistants (IVA) is in industries such as telecommunication, banking, and retail. Hospital, healthcare, education, and other professional services have also started using virtual assistants.
The major benefits of using virtual assistants are cost reduction, efficiency and customer satisfaction.
What is the role of a virtual assistant?
With millions of things happening every day and lack of time and money, certain tasks which are considered otherwise mundane but are essential get ignored. This results in reduced productivity and losses. Here virtual intelligence comes into play.
As the name suggests, virtual assistance means contacting over the internet for handling various tasks. Virtual assistants can do anything from sending cards to friends to research for a potential investor for a company.
Intelligent virtual assistants (IVA) have various interaction methods including text to text, text to speech, speech to text and speech to speech. It can be done through text messages, internet or other interfaces. Companies are focused on providing efficient and effective customer experience.
An intelligent virtual assistant can assist multiple customers at a time and the services thus provided are convenient and cost-effective. With the usage of IVA, the dependency on manual assistance for any query reduces.
It also generates instant responses to the customers saving a lot of time and energy. Various industries including banks, healthcare, and E-retailers have adopted IVA.
Virtual assistant market research
The key factors driving the growth of the intelligent virtual assistant market are an increase in smartphone applications, expanding usage in large companies and enterprises, and natural language being utilized in the technology.
The interaction is made easy with not only smartphones but also infotainment centers in cars, and various applications in PCs and Laptops. Any kind of information can be accessed including payment procedures, news and entertainment, navigation and doctor availability and appointments.
Various digital assistants are being created which are based on conversational interface and are capable of using natural processing language along with voice technology in order to handle requests from customers.
For a more superior experience for customers, these virtual assistants are integrated with mobile applications. For instance, in partnership with IBM Watson, Orange Bank headquarters in France have added virtual assistance mobile apps in their services.
The virtual assistant is highly depended on the predictive analytic mechanism. This means that the knowledge base of the assistant is updated after every interaction with the customer. Previous conversations are used as a basis to improve future interactions.
For cross-sell and upsell services, businesses are continuously using this technology for better results.
Also, in customer and market support, businesses are also using voice-based virtual assistants. The customers get a hassle-free experience for purchasing a service or product, registration of a request or just for seeking any information.
Customers these days prefer various banking services including verification, account statements, and payments through digital channels. Also, a unique code is given to each bank account through a virtual assistant which provides a more personalized banking experience.
In customer support, for 24X7 support for customers, virtual assistant work as support agents. They are also able to resolve general customer complaints and queries and have options for updating contact details.
For interaction with the HR department as well, virtual assistants can be used internally. Also, other services like applying for leaves, viewing of reimbursement details, checking working hours and updating contact details can be provided to employees through IVA.
Virtual Assistant Market Size and Analysis
The global virtual assistance market is expected to grow at a CAGR of approximately 40 percent until 2023. The major industries that have adopted IVA include telecommunication, healthcare, and retail industry.
With the largest customer interaction, consumer banking and retail industry have the largest usage of IVA. With a focus on personalized and targeted services for customers, the demand for intelligent virtual assistance has seen a growth.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, and Latin America region. So far, the leading adopters of intelligent virtual assistants are North America and Europe.
Both these regions have the highest virtual assistant market shares globally. With the reduced cost of operation, many enterprises are adopting this technology for more customer engagement and better services. However, the highest growth rate is seen in the Asia Pacific region.
Top global vendors in this market are Apple, Google, Amazon, 7 Inc., and IBM. Also, there are some niche suppliers emerging in the market including Artificial Solutions and Inbenta.
With the rapidly increasing popularity of virtual assistants and their integration with various products, the future prospects for the market are extremely bright.