Smart Virtual Assistant to Hit US$62 Billion Valuation by 2032, with Improved Customer and Business Communication the Driving Factor – Reveals Fact.MR


Intelligent Virtual Assistants Market Analysis By Product (Chatbots, Smart Speakers), By Technology (Text-to-Speech, Speech Recognition, Text-Based), By Vertical, By Region – Global Forecast 2022-2032

USA, Rockville MD, April 26, 2022 (GLOBE NEWSWIRE) — According to a recently released Fact.MR report, the global intelligent virtual assistant market is expected to grow at a compound annual rate (CAGR) of 28.2% between 2022 and 2032. The market is expected to reach $62 billion by the end of 2032. The request smart virtual assistant is expected to increase over the forecast period and the market was valued at US$3.9 billion in 2021

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Sales of intelligent virtual assistants are expected to increase significantly. In addition to this, the sales of intelligent virtual assistants are increasing, accounting for US$14 billion by 2026. Rising sales of intelligent virtual assistants are also expected to contribute to the growth of intelligent virtual assistants market share .

The intelligence technology embedded in these systems denotes the ability to understand, reason and learn. These three aspects are most important in simulating a customer service agent’s ability to answer questions.

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Text-to-text, speech-to-text, text-to-speech, and speech-to-speech are just some of the interaction mechanisms used by intelligent virtual assistant systems to help users complete their tasks. In recent years, the global intelligent virtual assistant market forecast has witnessed a significant increase.

During the projected period, it is expected to show even more robust intelligent virtual assistant market potential. By decreasing customer service efforts, an intelligent virtual assistant improves business revenue.

Which segment is likely to lead the Intelligent Virtual Assistant Market by Application?

With a revenue share of 18.5% in 2020, the consumer electronics category led the industry in terms of market size. Automotive is becoming one of the fastest growing sectors in the intelligent virtual assistant market, with continued expansion expected in the future.

The integration of the virtual assistant with the infotainment system facilitates the delivery of personalized equipment while improving comfort and convenience. Several manufacturers, including Daimler, BMW and Hyundai, have integrated voice-activated infotainment systems into their vehicles. This influences the global adoption trends of intelligent virtual assistants.

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Key segments covered by the smart virtual assistant Industry survey

  • By product

  • By technology

    • text to talk

    • Speech recognition

    • Text-based

  • By industry vertical

    • Consumer electronics

    • BFSI

    • Health care

    • Education

    • Retail

    • Government

    • Utilities

    • travel and hospitality

    • Others

Competitive landscape

Alphabet Inc., Inc., Apple Inc., Artificial Solutions, EGain Corporation, International Business Machines Corporation, IPsoft Inc., Nuance Communications Inc., Verint Systems Inc. and Samsung Electronics Co., Ltd. key players in the intelligent virtual assistant market.

  • May 2019: AI-powered voice interaction, a new nuanced car mobility assistant smart personal assistant arrives BMW’s personal assistant, powering a host of features that are core to the in-car experience, including customizable voice-powered wake word. interaction, voice-activated smart car manual, and more.

  • One of the lab’s most recent developments is CSS Corp’s Yoda, a virtual assistant platform that enables voice and text-based interactions for customer management. It is a full-service solution with extensive data entry, analysis and reporting capabilities. It is driven by AI capabilities and advanced quantifiable models that enable customer lifecycle management to understand customer purpose and concerns and proactively hit the target with the right offers and solutions. .

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The key players in the smart virtual assistant Market

  • VoiceVault Inc.

  • Voicebox Technologies Corp.

  • Uniphore Software Solutions Pvt Ltd

  • Sony Company

  • Samsung Electronics

  • Next IT company

  • Nuance Communications Inc.

  • Inbenta Technologies

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Main takeaways from smart virtual assistant Market research

● Increasingly, intelligent virtual assistants are playing the role of customer support agents. For businesses, virtual assistants provide a friendlier customer and brand experience. Examples include Five9’s introduction of Five9 Virtual Assistant in June 2020 with Inference Solutions. The technology uses conversational AI to automate manual activities and respond to typical contact center requests.
● Additionally, the skills of these assistants can be tailored to the end user, increasing customer satisfaction. For example, virtual assistants can help customers find a doctor, renew prescriptions, and get payment reminders.
● Apple’s Siri, Microsoft’s Cortana and Google Assistant are all popular virtual personal assistants in the healthcare industry. Additionally, small and medium-sized enterprises are pushing smart virtual assistant technologies, making them key players in smart virtual assistants for health.
● In addition to healthcare, retail organizations are using chatbots to improve customer experience through popular messaging apps. Retailers like Domino’s are using AI and machine learning to create virtual assistants like chatbots that allow customers to purchase directly through Messenger.
● The Spring 2020 Smart Audio Report indicates that due to the COVID-19 outbreak, approximately 77% of individuals in the United States have changed their routines and voice assistant usage has increased, which has had a favorable impact on market growth.
● Companies are also launching products to help consumers stay informed. Wipro Ventures’ portfolio company Avaamo has released Project COVID, a publicly accessible and interactive COVID-19 smart virtual assistant that helps locate answers quickly in plain English.

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