The report "Intelligent
Virtual Assistant Market by Product ,User Interface, Industry and
Geography - Global Forecast to 2023", published by MarketsandMarketsTM.
The chatbots market is expected to be driven by the demand for automation in
customer support services in industries such as BFSI, retail, consumer
electronics, and others. At the same time, smart speakers are increasingly
being adopted for home automation appliances such as wireless-connected
thermostat, refrigerators, air-conditioners, and others.
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Browse 68
Market Data Tables and 54 Figures spread through 141 Pages and
in-depth TOC on "Intelligent
Virtual Assistant Market - Global Forecast to 2023"
BFSI sector has the highest market share of the IVA market and is expected to witness a substantial growth from 2017 to 2023
BFSI sector has the highest market share of the IVA market and is expected to witness a substantial growth from 2017 to 2023
IVAs are being driven by the BFSI sector due to its demand
in automated customer support services. This is due to the technological
dependence of people on online transactions while managing their finances.
General queries such as balance check, account status, or new schemes can be
resolved through chatbots, without engaging a person for resolving such
queries. This is propelling the demand for IVA devices.
The automatic speech recognition (ASR)-based IVA is
expected to grow at the highest CAGR from 2017 to 2023.
The company has taken continuous
efforts in advancing its product portfolio and, thus, offer all types of IVA
smart speakers that include Alexa, Echo, and Echo Dot. The company has focused
completely on the product development strategy to widen its product portfolio
and maintain its leadership in the virtual assistant market. In September 2016,
the company introduced Echo Dot smart speakers, which enable its users to
install Alexa in any room at your home. The company has a strong distribution
network worldwide.
North America is expected to hold a large share of the
IVA market through 2023
North America was the largest market in 2016, followed by
Europe and APAC. This is mainly due to the awareness and the availability of
smart speakers in North America This is a technologically advanced region where
new technologies are adopted at the earliest. Also, major IVA players such as
Apple (US), Amazon (US), and Alphabet (US) belong to North America. The IVA
market in Europe is expected to hold the second-largest market share by 2023
owing to the growth of gas-sensing applications.
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Major companies in the overall IVA market that have been
included in this report are Alphabet (US), Amazon.com (US), Apple (US), Nuance
Communications (US), IBM (US), Microsoft (US), Samsung Electronics (South
Korea), Inbenta Technologies (US), Baidu (China), and Blackberry (US).
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