An intelligent virtual assistant is referred to as an engineered entity residing in the software which interfaces with humans in an exactly human way. This kind of technology incorporates the elements of an interactive voice response and also other projects of modern artificial intelligence to deliver the full-fledged “virtual identities” which converse with users. Some of the very famous intelligent virtual assistants available are Microsoft’s Cortana and Apple’s Siri, which are been delivered with these operating systems companies’ and mobile platforms. The main purpose for an intelligent virtual assistant is to answer the questions that users basically have. This is to be done in a business environment, for example, with a chat interface or on the business websiteThis growth is primarily driven by Demand for Automation in Customer Service and Integration of Speaker-Based Virtual Assistants and Smart Home Appliances is Driving the Market of Smart Speakers.
Globally, a noticeable market trend is evident Increasing Adoption of Chatbots Because of the Availability of Low-Cost Software Modules for Chatbot Design. Major Players, such as Alphabet (United States), Amazon (United States), Apple (United States), Nuance Communications (United States), IBM (United States), Microsoft (United States), Samsung Electronics (South Korea), Inbenta Technologies (United States), Baidu (China) and Blackberry (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
Microsoft signed an agreement to acquire Xoxco, a software product design and development studio known for its conversational AI and bot development capabilities,” Lili Cheng, corporate VP for conversational AI at Microsoft wrote in a blog post announcing the acquisition
Alphabet Inc. is leaving on stone unturned to strengthen its position in the virtual assistant space. The company recently announced a number of upgrades for Google Assistant on smartphones at Consumer Electronics Show (CES) 2019. The latest upgrades will enable users to check into flights using voice commands, navigate using Google maps and use Assistant from the lock screen among others
- Demand for Automation in Customer Service
- Integration of Speaker-Based Virtual Assistants and Smart Home Appliances is Driving the Market of Smart Speakers
- Increasing Adoption of Chatbots Because of the Availability of Low-Cost Software Modules for Chatbot Design
- Lack of Accuracy in Chatbot
- System Integration Complexities Add to the Cost of Smart Speakers
Gesture Recognition Technology Will Add Value to IVA and Multi-Language Support in IVAs Will Increase Its Market Penetration
Lack of Awareness in Developing Countries and Limited Market Reach of IVA Smart Speakers in Developing Countries
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