Global Virtual Assistant Market 2017-2021
About Virtual Assistant
Virtual assistants exist in cyberspace and are digital entities that help users accomplish tasks. Virtual assistants are present on websites and mobile computing devices. An intelligent virtual assistant refers to an entity that is intelligent and independent with an accurate knowledge. The virtual assistant uses the features of artificial intelligence technology to help people carry out any particular type of work easily. They answer the queries of the users and provide the required information. Customers visit the websites of companies and enterprises at any time of the day, and virtual assistants act as their dynamic and intelligent personal assistants. They guide the customers with the right solutions such as taking the users to a web page and providing information on products and services as requested by the users. A virtual assistant also offers text chat while reducing time lost in searching right information on the Internet.
Technavio’s analysts forecast the global virtual assistant market to grow at a CAGR of 11.60% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global virtual assistant market for 2017-2021. To calculate the market size, the report considers the revenue generated from the text-to-speech and spoken commands market to calculate the market for global virtual assistants.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Virtual Assistant Market 2017-2021
Technavio recognizes the following companies as the key players in the global virtual assistant market: Apple, eGain, Google, Microsoft, and Nuance Communications
Other Prominent Vendors in the market are: 7, Anboto, Amazon, Creative Virtual, CX Company, Ecreation, H-care, Inbenta, IBM, Next IT, Oracle, Synthetix, True Image Interactive, and Viclone.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Emergence of new virtual assistants in the market. Cloud-based artificial intelligent software is increasingly used because of its enhanced features, which helps in effective customer engagements. Siri, Google Now, Cortana, and Alexa are very popular across the world as they have introduced the concept of talking to, instead of through a computer, phone, and home appliances. There are new virtual assistants in the market by Amy, Shae, and Otto, which are different from each other while representing the future of virtual assistants.
According to the report, one of the major drivers for this market is Demand for enhanced customer service. Businesses and enterprises are demanding enhanced software and technology to offer enriched and high-quality customer support. This is mainly to improve the market value of the enterprises by improving the overall customer experience with their business operations. Many organizations are adopting intelligent virtual assistants to deliver an intuitive and automated experience for all the enterprises digital channels while engaging the customers over natural conversations using text or voice. A virtual assistant offers customers a consistent experience using any digital channels such as a website, an app, or a text messaging application.
Further, the report states that one of the major factors hindering the growth of this market is Technical concerns. Virtual assistants have gained popularity by extending the reach of customer interactions while boosting agent productivity and reducing the average handle time. Despite the obvious benefits of using intelligent virtual assistants, the technical challenges that the virtual assistant face limit their success. Virtual assistants face a lack of accuracy and personalization issues as they use rigorous optimization, which involves both human and machine learning. To overcome this problem, a virtual assistant must allow customers to use natural language, which includes the use of slang, typos, unstructured content, and complex grammar. It should also be able to guide customers through a step-by-step process. Some of the virtual assistants in the market also face a lack of behavioral targeting issues and have difficulty engaging the consumers.
Apple, eGain, Google, Microsoft, Nuance Communications, 7, Anboto, Amazon, Creative Virtual, CX Company, Ecreation, H-care, Inbenta, IBM, Next IT, Oracle, Synthetix, True Image Interactive, and Viclone.