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Intelligent virtual assistant (IVA) is a computer-generated character, like an avatar or a 3D animated persona, that delivers text-based or voice-based information to customers via a kiosk, mobile, or website. IVAs are rapidly gaining popularity over traditional customer contact centers as they are very popular among the young users. Consequently, Technavio’s market research analysts have estimated this market to post a profound market growth rate of over 54% during the forecast period. Factors like enhanced customer experience and its ability to function as a large knowledge repository are expected to account for this market’s impressive market growth rate during the next five years.
In this market research report, analysts estimate factors like the introduction of multichannel virtual assistant to drive market growth during the forecast period. The multichannel virtual assistant ensures enhanced customer support by delivering consistent customer experience across web and mobile platforms.
The large enterprises segment is expected to hold the largest market share during the forecast period, accounting for more than 72% of the total market share by 2019. Factors such as the increasing desire of customers to access information quickly and the advent of IVAs with voice recognition feature are expected to account for this segment’s high market share.
Technavio’s market research analyst has estimated the APAC region to show the highest market growth rate during the forecast period. Growth in the e-commerce industry, especially in regions like India and China, is expected to bolster the demand for IVAs in this region, resulting in its impressive market growth rate of close to 68% during the forecast period.
This market for IVA is highly fragmented and contains numerous vendors due to the availability of multiple open source natural language processing engines. Since there is a lack of product differentiation in this market, the vendors who enter this market can easily establish themselves without intense competition from rival companies.
Leading vendors in this market are -
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Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
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DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
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