New York, US, July 27, 2021 (GLOBE NEWSWIRE) -- IVA Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Intelligent Virtual Assistant Market information by Technology, by End User, by Application – forecast to 2027” the market valuation had reached USD 2,126.4 MN in 2019; It would reach USD 47,259.2 MN by 2027 at a 47.4% CAGR.
IVA Market Scope:
Intelligent virtual assistant (IVA) technology promises to boost operations and engineering efficiencies, deliver ready access to critical data, and encourage more natural interactions with industrial equipment. There is a rising interest in using virtual assistants on the plant floors to aid in training and safety applications. IVAs are increasingly used in manufacturing plants to harness the accessibility and built-in intelligence that virtual assistants offer in industrial automation applications.
Dominant Key Players on Intelligent Virtual Assistant Market Covered Are:
24/7 Customer Inc.
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Market USP Exclusively Encompassed:
IVA Market Drivers
Intelligent Virtual Assistants Have Already Moved to Plant Floors
The idea of laboring IVAs on the plant floor is gaining traction among automation vendors and industry experts. Industry 4.0 ecosystems employ some form of intelligent virtual assistants to spark more natural interaction with their surroundings and colleagues. Rising uses of task-level IVA applications to augment the human workforce further boost the intelligent virtual assistant market share.
Additional factors influencing the market growth include advances in machine learning that enable next-generation cognitive systems to detect & sense the environment, learn independently, and initiate decisions and intelligence-based recommendations. Resultantly, the intelligent virtual assistant market is estimated to demonstrate significant growth opportunities.
Segmentation of Market Covered in the Research:
The intelligent virtual assistant market forecast is segmented into technology, service, application, end-user, and regions. The technology segment is sub-segmented into speech recognition, text-to-speech, voice recognition, and others. The service segment is sub-segmented into customer service, marketing assistance, and others.
The application segment is sub-segmented into BFSI, automotive, IT & telecom, retail, healthcare, education, and others. The end-user segment is sub-segmented into SMBs, large enterprises, individual users, and others.
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North America leads the global intelligent virtual assistant market. Factors such as the strong presence of major players and the growing industrial sector drive market growth. Additionally, high investment by the key companies in various industries to develop new technology boosts the region's virtual assistant artificial intelligence market growth.
The evolving cloud technology and increasing IVA applications in industrial plants boost the region's IVA market size. The US accounts for the leading share in the North American IVA market. The North American IVA market is projected to maintain its market position throughout the assessment period.
Europe stands second in the global intelligent virtual assistant market. The strong presence of key technology providers and the high adoption rate of new technologies positively impact the intelligent assistant market in the region. Furthermore, the increasing adoption of IVAs in healthcare, automotive, e-commerce, and aerospace industries influences market growth. Germany, the UK, and France, among other European countries, hold considerable shares in the regional market.
The Asia Pacific region demonstrates a positive growth rate in the global intelligent virtual assistant market. Factors such as the rapid urbanization and vast industrialization in developing countries such as China and India demonstrate immense opportunities for virtual assistant systems. Various public and private sector companies are increasingly adopting IVAs in their current infrastructure to provide maximum customer satisfaction, resulting in fostering the growth of the IVA market.
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COVID-19 Impact on the Global Intelligent Virtual Assistant Market
In opposition to the expectation, the COVID- 19 pandemic positively impacted the market growth, reestablishing the importance of automation and other technologies. AI, machine learning, deep learning, DevOps, and big data technologies became important. Pandemic-led logistics problems prompted manufacturing companies to consider new automation technologies that offset higher wages and increase efficiency.
Besides, the impressive market demand for self-service solutions illustrated acceleration in digital transformation due to COVID-19 and reflects the record growth IVA market witnessed in 2020. The intelligent virtual assistant market is forecasted to grow exponentially further during the assessment period.
Key trends influencing the customer service solutions market growth are expected to boost the IVA market growth, continuing into the future. These four trends are expanding digital self-service usage, reduced customer effort, increased first call resolution, and reduced agent effort. The promise of virtual assistants in plants is faster retrieval of information, which is ultimately about efficiency and productivity.
Fueled by the possibilities and proponents, intelligent agent technology is expected to see a bright future, helping shop floor and field maintenance supervisors monitor automation equipment and machinery far more effectively than traditional methods. IVAs can also offer operators easy access to critical machine status and environmental data, helping them work smarter and more efficiently.
In the future, virtual assistants would play an even more causal role, from proactive alerting that can help optimize operations, prevent downtime, and ensure quality products to automating specific actions and tasks to allow plant floor personnel to focus on higher-value activities. Resultantly, the global intelligent virtual assistant industry is expected to garner significant traction, witnessing increasing investments in automation.
On the flip side, the lack of awareness of the IVA advantages is a major headwind impeding the growth of the market. Nevertheless, the proliferation of IoT and AI-enabled voice assistance would support the market growth throughout the forecast period, keeping automation at the forefront. The market is also projected to witness many innovative product launches during 2021 and years to come.
The intelligent virtual assistant market witnesses significant strategic initiatives, such as collaboration, mergers & acquisitions, expansion, and advanced technologies integration. Matured industry players make strategic investments in driving research and development activities and expansion plans. The market witnesses several innovative product launches and related technology launch each year.
For instance, on Mar.03, 2021, Zappix, the leading provider of visual IVR and mobile on-demand digital self-service solutions, launched six more solutions, including visual IVR, digital patient engagement, and back work solution for daily health assessment monitoring and tracking on-site employee attendance during the COVID-19 pandemic.
Visual IVR is an automated Intelligent Virtual Assistant (IVA) solution that allows consumers to gain quick call resolution eliminating the need to speak with a live agent, resulting in high customer satisfaction.
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