North America intelligent virtual assistant (IVA) market to accrue appreciable returns by 2024, speech recognition technology to gain momentum
The escalating demand for rapid query resolutions & online customer self-service are expected to propel intelligent virtual assistant (IVA) market alongside the path of progress. IVA has undoubtedly, in recent times, improved the users’ online service experience as well as offered increased sales to e-commerce firms. Indeed, the product is becoming the preferred medium to gain information, make purchase decisions, and resolve issues. Companies like Microsoft and Google are adopting the technology to improve ease of access and streamline activities, and increasingly implementing the technology as well to enhance operational efficiency. For instance, ABIe, a virtual assistant developed by EIS for Allstate Insurance, efficiently helps agents to answer questions regarding business insurance policies.
Germany IVA market size, by application, 2017 & 2024 (USD Million)
IVA is reportedly becoming more and more commonplace as consumer appetite for the product has been depicting an upsurge. According to an independent survey conducted with 1,500 consumers across Europe, 81% of the respondents said they would prefer interacting with a virtual assistant as it offers enhanced online customer experience. Close to 72% welcomed the product as a key part of every website while a similar proportion claimed that they would spend longer on a website that had one. This response can undeniably be credited to the fact that IVA can take on multiple roles on a website, such as performing various helpful tasks, answering customer queries and connecting to enterprise systems when needed. These features respond according to the marketing requirements of the customers, efficiently improving the site loyalty and experience.
In order to cater to the best plausible global clientele, companies are increasingly investing in IVA to reduce costs from fields such as email response, technical telephonic support, and assistance on call. The implementation of the technology will enable the reduction in the resolution time, call wait times and allowing call transfers when an issue escalates, thereby augmenting IVA market share. The growing deployment of IoT is also expected to supplement the IVA market growth. In fact, IoT is known to have increased the quality and quantity of data being collected by the product. IVAs responding to text or speech queries through apps and smartphones has further enhanced customer engagement, a fact that has further helped impel the IVA industry trends.
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Speech recognition is one of the most vital technologies proliferating IVA market, as the system efficiently improves productivity, eliminating typing time, giving users additional time to focus on other work. Voice recognition software, in addition to being faster in task completion, are increasingly accurate when it comes to vocabulary. Speech recognition technology also makes invaluable contributions to businesses that offer customer services eventually reducing organizational costs. Furthermore, these systems improve interoperability owing to the adoption of IoT, further driving the IVA market size from speech recognition technology.
The Germany IVA market is expected to depict considerable growth in the years ahead, owing to the product’s new-found usage in the region’s thriving automotive market. Technological advancements in IVA have resulted in increased adoption of voice control and gesture control features in next-gen vehicles. IVA can now be integrated within vehicle systems such as automatic parking, lane change assist, adaptive cruise control, and other ADAS controls.
Regional automakers are constantly seeking ways to integrate the product in upcoming car segments to revolutionize driving experience. For instance, the German automotive giant, BMW has recently announced that its upcoming car segment would come with Intelligent Personal Assistant. Like Apple’s Siri or Amazon Alexa, the new AI-based virtual assistant would reply to voice commands and could adjust the temperature, lighting mood and music, among other things in the car efficiently, claims the company.
North America, apart from Germany, is another region that is forecast to accumulate commendable gains by 2024, driven by the expansive technological advancements in the region. Major software companies, like, Microsoft & IBM, have also been investing in IVA, thereby enhancing the growth prospects for North America IVA market.
The competitive spectrum of intelligent virtual assistant market also comprises other players like Amazon, Google, Microsoft, Apple, Inc., Artificial Solutions, eGain Communications, IBM Corporation, Nuance Communications, and Speaktoit, Inc. These companies are known to increasingly invest in product development and innovation to bring in intelligent assistance into the mainstream. Meanwhile, several tech giant firms are adding the product to their portfolio to gain added sales. For instance, on January 7th, 2019, the world’s leading television manufacturers Samsung, LG and Hisense announced that they would open their devices to Google Assistant and Amazon Alexa. As advancements in the fields of automation, machine & deep learning, conversation interfaces, and natural language processing continue to surge, IVA market share is certain to soar in the years to come.
Author Name : Mateen Dalal