Information Technology

Advancements in Speech and Voice Recognition Technology to Propel Global Intelligent Virtual Assistant Market

Conversational e-commerce has emerged as a result of the increasing usage of smart speaker-based solutions for home automation and digitalization in the retail industry. This factor is expected to propel the global intelligent virtual assistant market forward. IVAs (Intelligent Virtual Assistants) facilitate customers in finding pertinent information and accomplishing tasks by providing actionable recommendations. The information provided by IVAs assists firms in formulating and executing different marketing techniques in real time. Virtual assistants have been introduced in many retail companies’ procedures, giving a new dimension to customer contact and boosting the consumer shopping experience. Customers of Walmart, for instance, can order for goods simply by speaking to a virtual assistant on their iPhones. The global intelligent virtual assistant market has been growing due to advancements made in voice recognition and speech technology.

Increasing Deployment of IVAs to Increase Productivity to Fuel Demand in the Global Market

Chatbots as well as smart speakers listen to, understand, and reply to people’s needs, assisting them with a variety of activities. As a result, they are becoming more popular amongst customers for a range of applications, including reminders, calling, music streaming, shopping, consultation, setting alarms, music streaming, and so on. In 2020, the smart speaker industry was dominated by Google Home and Amazon Alexa. In the e-commerce, banking, education, travel, retail, and hospitality industries, chatbots have made information more accessible.

IVA aids in the simplification of human efforts in the efficiency of operations, which is extremely helpful for all businesses. The deployment of the IVA has increased productivity, improved work quality, and decreased the risk of expanding operations. As a result, there has been a rise in usage across a variety of industries, such as retail, healthcare, BFSI, and automotive, to name a few. Companies in the global intelligent virtual assistant market are working on organic as well as inorganic growth initiatives including expansion, new product releases, collaborations, and partnerships, amongst other things.

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The global market is projected to be dominated by North America. Working remotely has emerged as a result of shifting BYOD patterns. Working from home gives individuals more freedom and enables them to use a virtual assistant to speed up their tasks. This boosts overall productivity and performance at work. Likewise, the healthcare industry in North America has identified the potential of IVAs and is working to improve healthcare system performance, which is expected to boost the regional market.

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