An Intelligent Virtual Assistant is a computer program that mimics human interaction in order to carry out specific tasks, such as client service. Intelligent Virtual Assistants are now used for various applications across several industries. In business, they may be employed by call centers and BPO firms to assist their clients in completing tasks that may be tiresome or time-consuming for them. They also provide services like data entry, typing, speech transcription, answering phone calls, email and transcription. In the education sector, Virtual Assistants provide tuition management services and bookkeeping among others.
There are two main technologies that make up this type of a Virtual Assistant: the visual, artificial intelligence (or VAI) and the verbal artificial intelligence (VAA). The Virtual Assistant programs are able to detect key information in conversations, and then communicate this information through appropriate user interfaces. This enables a Virtual Assistant to understand, process, and reply to customer queries in a natural manner. Because of this, most Virtual Assistants operate on a "self-service" basis whereby they can suggest or even direct the customer in certain ways to make certain tasks easier. In addition, the software also provides the client with an interface that allows them to control their VA via chat or telephone.
Market Dynamics
Increasing generation of data is expected to propel growth of the intelligent virtual assistant market. For instance, according to International Data Corp, the total volume of data is expected to reach 175 zettabytes in 2025, of which around 80% is expected to be unstructured data.
Emergence of Covid-19 is expected to offer lucrative growth opportunities for players in the intelligent virtual assistant market. Various sectors have begun adopting intelligent virtual assistant to avoid human interaction and to contain the spread of the novel coronavirus.
Factors such as high cost and complexity associated with virtual assistant along with lack of skilled personnel are expected to restrain growth of the global intelligent virtual assistant market.
Major players operating in the global intelligent virtual assistant market include, NextIT Corp., eGain Communications Corp., Creative Virtual Ltd., Conversica, Inc., Artificial Solutions Ltd., Creative Virtual Ltd., SpeakToit Inc., Anboto Group., IntelliResponse Systems Inc., Nuance Communications Inc., Five9 Inc., and CodeBaby Corp.
December 2020: Conversica, Inc. announced a reseller agreement with Affinitiv, a leading provider of data-driven marketing and software solutions to the automotive market. Through this agreement, Affinitiv is tightly integrating Conversica Intelligent Virtual Assistants with Affinitiv’s XRM platform, giving dealerships a highly reliable and seamless exchange of data to accelerate retailer performance and enhance the vehicle shopper’s experience.
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