Ability to Provide Around-the-Clock Service by Reducing Wait Time Boosts Intelligent Virtual Assistant Market
According to our latest market study on "Intelligent Virtual Assistant Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, User Interface, and Industry," the intelligent virtual assistant market is expected to grow from US$ 7.01 billion in 2021 to US$ 47.57 billion by 2028 with an estimated CAGR of 31.9% from 2022 to 2028.
Source: The Insight Partners Analysis
Intelligent virtual assistants (IVA), also called digital employees, provide a conversation facility to the company's customer or client. IVA provides 24/7 customer service to clients. In the intelligent virtual assistant market, the adoption of IVA has increased among companies who are not willing to invest in overseas call center operations. IVA can manage common and mundane challenges without needing a live agent. It can also collect customer information such as a personal identification number, an account number, or a basic description of the customer/client problem and have it ready for the agent to optimize the interaction. This ability of IVA has minimized the time spent collecting client information by the agent, catalyzing to the intelligent virtual assistant market growth. Furthermore, in the intelligent virtual assistant market many companies are adopting IVS owing to benefits offered by the solution. For instance, the US Citizenship and Immigration Service implemented Emma, which manages the queries from the customers written in both Spanish and English. The services managed 3.3 million visitors queries of ~10.5 million, with a 91% and 89% success rate for answering in English and Spanish, respectively. Similarly, Westar Energy, the utility company in Kansas, started using IVAs to reduce the time its agents spent on each call and improve customer self-service. In 2019, Westar completed 39% of its callers' transactions through self-service using IVA. Further, 80% of callers reported satisfaction with their overall experience, helping the organization increase its JD Power scores by 25% since the implementation of the IVA solution. This factor is catalyzing the intelligent virtual assistant market and is also foreseen to boost the market during the forecast period.
IVA can help humans more effectively and rapidly to communicate with technology. IVA is used for several consumer and business applications, such as communication with leads, prospects, customers, and employees in a human-like manner; multilingual communications; conversational AI for business; and reading and responding to emails and SMS texts, catalyzing the IVA adoption and is also foreseen to boost the intelligent virtual assistant market during the forecast. Furthermore, the factors such as the high adoption of chatbots because of the availability of low-cost software modules for chatbot design, demand for automation in customer service, and integration of speaker-based virtual assistants and smart home appliances contribute to the growth of the intelligent virtual assistant market during the forecast period.
Alphabet Inc.; Amazon.com, Inc.; Anboto; Apple Inc.; Artificial Solutions; Reative Virtual Ltd.; IBM Corporation; Inbenta Technologies Inc.; Microsoft; and Nuance Communications, Inc. are among the leading intelligent virtual assistant market players profiled during the study. Several other major companies operating in the intelligent virtual assistant market were analyzed during this research study to get a holistic view of the intelligent virtual assistant market and its ecosystem.
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