Intelligent Virtual Assistant Market To Witness Excessive Growth, Observe Latest Development 2023-2030
UNITED STATES, December 4, 2023 /EINPresswire.com/ — Market Overview:
Intelligent virtual assistants help users perform tasks through natural language conversations. They are programmed to respond to user queries related to weather updates, scheduling appointments, placing orders and more.
Market Dynamics:
Growing digitization across industries and rising awareness of user convenience are some of the major factors expected to drive growth of the global intelligent virtual assistant market over the forecast period. Virtual assistants offer an easy and hands-free experience to users for various tasks like information searching, commerce transactions and so on. This increased convenience and ease of use is further raising adoption of virtual assistants. Additionally, integration of artificial intelligence and machine learning capabilities is enabling virtual assistants to comprehend user needs more precisely and respond effectively. Such improvements in interactive capabilities are also contributing towards market growth.
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Increasing Demand for AI-Based Customer Service
With the growing complexity in business operations and customer needs, managing customer queries and addressing issues manually has become a challenging task for enterprises. Intelligent virtual assistants are helping businesses provide automated and personalized customer support 24/7 through conversational interfaces. By understanding customer intent and context, virtual assistants can answer basic queries, resolve common issues and route complex requests to human agents. This is reducing the operational costs for enterprises while significantly improving customer satisfaction levels through faster response times.
Rising preference for Chatbots over live agents
Younger consumers have grown accustomed to interacting with bots and virtual assistants through messaging apps and social networks. They prefer the self-service experience of chatbots over waiting on phone calls to reach a live agent. Chatbots provide a seamless and engaging digital experience that mirrors human conversation. For many low-complexity queries, chatbots are able to resolve issues faster than a human agent looking up information. The preference for chatbot interactions over phone calls and emails is compelling businesses to adopt virtual assistants to retain their younger customer base.
Top Key Players:
Microsoft Corporation, IBM Corporation, Intel Corporation, Apple Inc., Artificial Solutions, Next IT Corporation, Oracle Corporation, Amazon, Samsung Electronics, Blackberry, Synthetix Ltd., and Nuance Communications.
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Limitations in Natural Language Processing
While recent advancements in AI and machine learning have enabled virtual assistants to comprehend language like humans to some extent, they still face challenges in truly understanding natural language in all its contexts, nuances and complexity. Ambiguities, idioms, sarcasm, slangs etc. can confuse existing virtual assistants and return inaccurate responses. The ability to visualize and derive meaning from images, videos also remains limited for such systems today compared to human cognition. Enterprises therefore cannot completely replace human agents with virtual assistants and need a hybrid human-machine model for more intricate customer issues. The capabilities gap poses a limitation to the adoption of virtual assistants in more domains.
Opportunity for Virtual Assistants in Emerging Markets
Emerging markets in Asia Pacific and Latin America are experiencing rapid digital adoption, however many businesses in these regions still struggle with lack of skilled human resources and high operating costs. Introducing intelligent virtual assistants can help small and medium enterprises in emerging economies provide efficient customer support despite resource constraints. As virtual assistants are software solutions, they can be deployed and scaled exponentially with cloud infrastructure at much lower costs than recruiting and managing human agents. This presents a significant market opportunity for virtual assistant providers to penetrate new verticals and geographies through affordable and multilingual solutions tailored for emerging markets.
Advancements in AI Driving Market Growth
Continuous developments in AI, neural networks, and deep learning are expanding the capabilities of virtual assistants. Advancements such as contextual understanding, knowledge learning over time, sentiment analysis, omni-channel presence, integration with 3rd party apps etc. are allowing virtual assistants to simulate and replicate human conversation better. Virtual assistants are gaining skills to solve complex queries across domains through self-supervised learning from interaction patterns. Technologies such as Transfer Learning and Conversational AI are also helping create intelligent bots that can learn from existing knowledge bases to gain new skills over time without retraining from scratch. This rapid evolution of AI is fueling the adoption of virtual assistants to replace more human tasks across industries.
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Key Questions Addressed in the Market Report:
What is the expected size, share, and CAGR of the Intelligent Virtual Assistant Market over the forecast period?
What are the key trends expected to influence the Intelligent Virtual Assistant Market between 2023 and 2030?
What is the expected demand for various types of products/services in the Intelligent Virtual Assistant Market?
What long-term impact will strategic advancements have on the Intelligent Virtual Assistant Market?
Who are the key players and stakeholders in the Intelligent Virtual Assistant Market?
What are the different segments and sub-segments considered in the Intelligent Virtual Assistant Market research study?
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