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With most of the business transactions and conversations held online, intelligent virtual assistants are in high demand, according to a report by Radiant Insights, Inc. Intelligent virtual assistants or personal assistants are programs in humanoid avatars that provide answers to their customers’ queries. These programs are embedded with natural language processing capabilities and can answer questions asked to them.Browse full research report with TOC on "Intelligent Virtual Assistant (IVA) Market Size, Report 2020" at: http://www.radiantinsights.com/industry-analysis/intelligent-virtual-assistant-iva-market
Companies with such services provide extra benefits in the form of text-based solutions. Mobility seems to be a key factor in the successful adoption of intelligent virtual assistants across the globe. In addition, continued availability, natural language understanding, accuracy, and automatic language detection help in the same.
The revenue of the Intelligent Virtual Assistant (IVA) Market was estimated over USD 352 million in 2012. This figure would grow at a CAGR of 31.7% by 2020. Intelligent virtual assistants reduce the operational costs involved in callbacks and email responses. Companies can improve their customer services by analyzing conversations between customers and intelligent virtual assistants.
Large enterprises and businesses account for over 80% of the intelligent virtual assistant market. These include finance, travel, insurance, media, government, and retail. Small and medium enterprises (SMEs) also use the same strategy to increase their source of revenue. The market for SMEs is expected to grow at a CAGR of 32.2% by 2020.
The report studies the intelligent virtual assistant market comprising the regions of North America, Europe, Asia-Pacific, Middle East and Africa. North America dominated the market in 2012 by contributing 40% of the global revenue. This trend will continue in the near future. The APAC region expects to witness the maximum growth at a CAGR of around 33.1% by 2020.
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The key market players are Creative Virtual Ltd., Next IT Corporation, Nuance Communications, IntelliResponse, and Anboto Group. Creative Virtual Ltd. has launched V-Person, a virtual assistant that can be installed via chat, web, and social media. The other players investing in the intelligent virtual assistant market include Artificial Solutions, Speaktoit, CodeBaby Corp., and eGain Communications.
Reduced consistency and lack of awareness are the only factors deterring the flow of the market and preventing it from expanding further.
About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. We assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. We have a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, our experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
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Radiant Insights, Inc
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Name: Michelle Thoras
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Organization: Radiant Insights, Inc.
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Phone: 14153490054
Website: http://www.radiantinsights.com/industry-analysis/intelligent-virtual-assistant-iva-market
Release ID: 94210
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