[FURL=https://www.industryarc.com/Report/16317/intelligent-virtual-assistant-iva-market.html]Intelligent Virtual Assistant Market[/FURL] is forecast to reach $35.1 billion by 2025, growing at a CAGR 30.8% from 2020 to 2025. This is anticipated the need for improved efficiency across service-based companies and the integration of Artificial Intelligence (AI)-powered Smart Virtual Assistant (IVA) among various devices such as tablets, computers and smartphones will boost the market. It is capable of performing a wide range of customer service functions, such as ease of navigation, providing product information, assisting customers in paying bills, and making transfers or full forms, and direct customer service issue inquiries to human agents. Such factors led banking and financial institutions worldwide to incorporate smart virtual assistants, leading to industry growth. Key Takeaways
The need for improved efficiency across service-based companies and the introduction of a Smart Virtual Assistant (IVA) powered by Artificial Intelligence (AI) among various devices such as tablets, computers and smartphones will boost the market.
The smart speaker segment is expected to grow at the most rapid rate over the forecast period. The residential customers mainly use smart speakers for everyday tasks.
Rising global adoption of mobile computing technology is expected to boost demand for the automatic voice recognition segment. The smart speakers only receive input via ASR.
The American Medical Association of Medical Colleges reported 40,000 primary care physicians to be in short supply. Therefore it is expected that the use of smart virtual assistants in the healthcare sector will meet the shortage and deliver effective and reliable health monitoring solutions.
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Intelligent Virtual Assistant Market Segment Analysis - By Geography
North America currently dominates the global Intelligent Virtual Assistant market with a share of more than 39.0%. Growing developments in Bring your own device (BYOD) has contributed to the rise of remote work. Operating remotely allows the staff flexibility and facilitates the use of an intelligent virtual assistant to speed up the assigned job. This further drives efficiency and productivity in the overall work. Similarly, the region's healthcare industry has recognized the advantages of intelligent virtual assistants, and is focused on increasing the performance of healthcare systems.
Market Landscape : Intelligent Virtual Assistant Market is expected to be dominated by major companies such as Intel Corporation; Amazon.com Inc.; Google Inc.; Nuance Communications, Inc.; Oracle Corporation; Apple Inc.; Microsoft; eGain Corporation; Verint; IBM Corporation; CodeBaby Corporation; MedRespond; Next IT Corporation; CSS Corporation; Welltok Inc.; True Image Interactive Inc, Five9.
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