Virtual Assistant Industry Trends And Market Segment Forecasts To 2020

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Global Intelligent Virtual Assistant Industry Trends And Market Segment Forecasts To 2020 – Worldwide Intelligent Virtual Assistant Market



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This report analyzes, estimates, and forecasts the global intelligent virtual assistant industry. An intelligent virtual assistant uses artificial intelligence in order to provide automated assistance to the user, and could be in the form of a fully animated avatar or 2D static character images. Digital humanlike avatars are customizable, and many participants offer services to change its appearance in accordance with the user’s aesthetic preferences. Companies operating in the market also provide voice/text-based solutions which employ effective natural language processing (NLP) capabilities. The need to improve online self-service is expected to be the chief market driver over the next few years. Consumers prefer to be self-reliant and require quick resolutions to their questions. Earlier self-service implementations entailed a static method of customer engagement through tree-based menus or search-based approaches. Intelligent virtual assistants are a considerable enhancement, and are used for fulfilling a variety of purposes, such as locating online information and performing online tasks. Increase in mobility and the number of wireless subscribers is expected to provide impetus to the market in the near future.[p1vc-video]

In addition to enhancing user experience, intelligent virtual assistants contribute in reducing customer service operational costs. They help deflect costs from costly channels such as technical support telephone contacts, email response, callback, etc. Furthermore, successful implementation of these services aids in reduction in hold times, since high-volume low-value calls can be diverted. Resolution time can also be reduced by transferring conversation content to a telephone agent in case of escalation. Another benefit of adoption of intelligent virtual assistants by companies is the ability to analyze the conversation between the agent and end user, which provides a great deal of market intelligence. With the knowledge of customer sentiment, issues in a product or the website, etc., companies can improve their services. The global intelligent virtual assistant market was estimated to be USD 352 million in 2012, and is expected to grow at a CAGR of 31.7% from 2013 to 2020. Sophisticated logic and algorithms based on iterative development helps transfer customer queries to the back-end or knowledgebase, which evaluates customer intent and returns an appropriate response.
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