Intelligent Virtual Assistant Market Growing to Meet Web Customer Service Demands

Automated knowledge management is a main driver contributing to market growth.
 
LONDON - April 28, 2014 - PRLog -- TechNavio, the independent tech-focused global research firm, has published its report on the Global Intelligent Virtual Assistant (IVA) Market, which is one of the fastest growing markets in the online web customer service industry, thanks to demand for automated knowledge management.

The market is growing at a CAGR 39.32 percent for the period of 2013-2018.

Knowledge management is the utilization, development, and distribution of the organization data to achieve organizational objectives by using the knowledge base. Nowadays, automated knowledge management is the basic requirement of any website, and many sectors are deploying virtual assistant software to help enhance the customer experience.

To achieve improved profits, enterprises are automating the knowledge management process through the deployment of IVA software. For instance, when clients enter their queries on any website, the virtual assistant software immediately interprets the query, automates the response process, and provides the best possible answer.

This kind of knowledge management is huge for the BFSI sector, which dominates the IVA market in terms of revenue.

The financial services industry is highly competitive, and vendors in the market rely on top-notch customer service to stand out.

“Failing to address customer inquiries reduces new revenue opportunities and causes customers to discontinue the services of a particular company,” says Faisal Ghaus, Vice President of TechNavio Research.

“With the deployment of virtual assistants in business processes, enterprises are able to address customer queries and reduce operating costs incurred because of phone calls and live chat. The virtual assistant addresses all questions asked on any platform such as mobile, website, or social media,” says Ghaus.

To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.

If you are interested in more information on this topic and our upcoming research on the Global Intelligent Virtual Assistant Market (http://www.technavio.com/report/global-intelligent-virtua...) please send an e-mail to media@TechNavio.com.

About TechNavio

TechNavio is a leading global technology research and advisory company. Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year. We cover more than 500 technologies across 80 countries.

We focus on emerging trends that can shape a market, and model these trends using a mix of quantitative and qualitative tools in our proprietary research methodologies in order to build forecasts across market segments and geographies. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a constantly changing technology market scenario.

TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Our analysts obtain the information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

Our large and growing base of happy customers include technology suppliers, end users, consulting companies, investment firms, research institutes and media worldwide.

Contact
TechNavio Media Relations
***@technavio.com
End
Technavio PRs
Trending News
Most Viewed
Top Daily News



Like PRLog?
9K2K1K
Click to Share