In the fast-paced digital environment, businesses are constantly adopting innovative solutions to boost their productivity, streamline operations, and provide excellent customer experiences. Among the latest advancements in technology is the development of Intelligent Virtual Assistants (IVAs). In this blog will explore the world of Intelligent Virtual Assistants (IVAs).
They are intelligent software applications that can interact with customers in a conversational way. This technology incorporates components of interactive voice response artificial intelligence (AI) and natural language processing (NLP) algorithms to understand human speech and respond in the same manner a person would. IVAs are similar to the commonly used chatbot, which are automated agents designed to have natural, human-like conversations with people. However, due to its easy-to-use and cost-effective nature, more and more businesses are adopting IVAs instead of chatbots.
Intelligent Virtual Assistant (IVA) have the potential to change how a company interacts with its clients. Through the implementation of virtual agent technology, businesses can provide 24/7 support with minimum downtime. The technology enables firms to resolve customer issues quickly, requiring minimal effort from both customer service agents and customers.
The global intelligent virtual assistant market was valued at USD 2.62 billion in 2022 and is expected to reach USD 22.45 billion at a CAGR of 24.0% during the forecast period.
The rising demand for better efficiency in service-based businesses and the increased deployment of AI-powered Virtual Assistants (VAs) in various devices such as computers, tablets, and smartphones is driving the market growth. Growing popularity of Virtual Assistants (VAs) across global financial institutions is expected to propel the intelligent virtual assistant market growth.
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Key Trends in The Market
IVAs have also aided the development of smart home and security systems. For example, Ring's home security products can now incorporate voice-based technology thanks to Amazon's acquisition of Ring. In addition, the Bring Your Own Device (BYOD) trend and technological developments have led to expanding remote work using majorly utilized used cloud-based software applications like Skype and M.S. Office Online. Therefore, virtual assistance has become crucial for people working from homes, offering various growth opportunities for the intelligent virtual assistant market.
North America witnessed the major intelligent virtual assistant market share in 2022. This growth can be attributed to the increase of remote working owing to the Bring Your Own Device (BYOD) trend, which has increased the demand for Virtual Assistants (VAs) as they have the ability to accelerate work processes, provide employees more flexibility, and improve productivity.
IVAs can also control home devices such as lights, thermostats, and locks, which enhances convenience as well as boosts energy efficiency and security. Due to its ability to control such equipment, smart homes are gaining popularity, which in turn is expected to propel the intelligent virtual assistant market growth during the projected time frame.
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