Intelligent virtual assistant market is anticipated to reach $21.52 Billion by 2026 according to a new study published by Polaris Market Research. In 2019, the BFSI segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
The growing need to improve customer service, streamline enterprise communication, and increase productivity has boosted the adoption of intelligent virtual assistants. The rising penetration of mobile devices, and integration of virtual assistants with smart home appliances further support the growth of this market. Additionally, the increasing demand of intelligent virtual assistants from small and medium enterprises has supported market growth over the years. Increasing investments by vendors in technological advancements coupled with growing need to improve customer experience would accelerate the adoption of intelligent virtual assistants. However, lack of awareness is expected to hinder market growth. Growing demand from emerging economies is expected to provide numerous growth opportunities in the coming years.
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The use of digital assistants and bots is expected to increase in the coming years. Computer programs in the form of bots simulate conversation with users through chat windows and voice calls. They have the ability to perform a number of different automated tasks such as scheduling meetings, managing finances, and others. They also assist in successful use of unified communication tools. These bots could be used as an automated attendant monitoring the interactions and offering instructions to users.
The end-users in intelligent virtual assistant market include healthcare, education, retail, BFSI, government, and others. In 2019, the BFSI segment accounted for the highest market share owing to increasing need to offer enhanced customer services, and improve productivity. The demand for intelligent virtual assistants has increased from organizations operating in this sector to improve workforce collaboration, client interaction, and reduce costs.
The well-known companies profiled in the report include Apple Inc., Microsoft Corporation, Google, Nuance Communications, IBM Corporation, Oracle Corporation, [24]7.ai., Speaktoit Inc., CodeBaby Corporation, Next IT Corporation, Intel Corporation, and Clara Labs among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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