An intelligent virtual assistant is a system with artificial intelligence (AI) which imitates human interaction in order to carry out particular tasks. This system is being increasingly used due to machine learning along with other advancements made in AI technologies. Intelligent virtual assistants have a large capacity to learn, reason and understand which are the three essential components required to emulate the problem-solving abilities of a customer service agent. They offer user interface with personal computers through various platforms which include SMS, messenger, internet coupled with others. According to the latest report by IMARC Group, titled “Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global intelligent virtual assistant market reached a value of nearly US$ 1.7 Billion in 2017.
The growth of the global intelligent virtual assistant market is being primarily driven by the penetration of smartphones along with a rapid growth in the social media traffic which has led to a substantial rise in the consumer awareness about benefits offered by intelligent virtual assistants. Additionally, a significant shift from analogue to digital technologies in organisations across the globe is propelling the demand for intelligent virtual assistants. Apart from this, a high demand for automation in services that offer customer support is another factor which is driving the growth of the market. Moreover, rising usage by young generation coupled with improved consumer experience are some of the other factors which are positively influencing the market growth. Looking forward, the market value is projected to exceed US$ 9 Billion by 2023, expanding at a CAGR of 32% during 2018-2023.
This report provides a deep insight into the global intelligent virtual assistant market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the intelligent virtual assistant market in any manner.
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