The global intelligent virtual assistant market is projected to exceed USD 3 billion by 2020. Increased focus on effective client communication, made easy by virtual assistants, is expected to drive the intelligent virtual assistant market over the forecast period. Key industry participants serve numerous industries such as travel, insurance, finance, government, retail, media, etc. Growing need to oversee the growth of data in enterprises is expected to positively influence the market.
Absence of metrics and need for standardization may act as restraints to market growth over the next six years. Growing demand to increase self service online is estimated to be the main driving force of the market in the next few years. Rise in the number of wireless subscribers and mobility is also estimated to drive the market over the forecast period. In 2012, the intelligent virtual assistant market was valued at over USD 350 million.
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Large enterprises are expected to remain the largest end-use segment of the intelligent virtual assistant market by 2020. They stand to benefit to a great extent through the deployment of virtual assistants, since they are capable of handling a considerable percentage of customer interactions. Since they also help improve the enterprise’s mobile customer service experience, a growing number of large enterprises have adopted intelligent virtual assistant technology to deliver critical cost savings and new revenue opportunities. An increasing number of enterprises across industry verticals have adopted virtual agent technology to fuel revenue.
However, the virtual assistant needs to be capable of replicating the services presently available through conventional or traditional self-service options. Verticals including banking and financial services, travel, and online retail have exhibited higher return on investment (ROI) through intelligent virtual assistant implementation. This is primarily because of higher penetration, as well as early incorporation of social and mobile channels. Industry areas with high customer contact have been among early adopters of virtual agent incorporation.
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