Business and Economy
Why There Is A Sudden Popularity Of AI Virtual Assistants?
The intuitive interface of intelligent artificial intelligence is also promoting growth in this sector. (Unsplash Photo)
Across the globe, there is a high demand for intelligent virtual assistants. By 2032, the global market of intelligent virtual assistants is expected to reach a revenue of $62 billion. It is expected to undergo a CAGR of 28.2% from t2022 to 2032. With the advent of machine learning and artificial intelligence, intelligent virtual assistants have become powerful tools to assist people. For instance, many Apple users are dependent on Siri for multiple tasks. The intuitive interface of intelligent artificial intelligence is also promoting growth in this sector. ‘
What Is An Intelligent Virtual Assistant
These are AI-powered software designed to engage the customer in a conversation to solve their queries. They are powerful enough to understand human speech and deliver the result or answer that they are looking forward to. For instance, if you want to know the IP address of your device, you can ask Alexa or Siri for the same, and you are likely to be referred to What Is My IP to know the answer. In simple terms, they are digital assistants but come with a human touch.
Intelligent Virtual Assistants are more advanced than chatbots, and that is their USP. Even though this software is not programmed to manage all the queries of the users explicitly, it manages to do so with a combination of machine learning, artificial intelligence, natural language understanding and natural language processing.
How do intelligent Virtual Assistants Help?
Intelligent virtual assistants can hence the brand value and customer experience by multiple folds. Further, it offers a high degree of personalisation which comes in handy for different requirements of the users. Also, these are conversational tools which give a natural feeling. It feels like you are talking to a real person. The dynamic conversation skills of the intelligent virtual assistant make them super user-friendly. Here is how intelligent virtual assistants can help you.
Most of the tasks of intelligent virtual assistants lie in the process of improving the customer service for your brand. With the advancement of technology, the customers’ expectations have increased. They seek quick answers to their queries. With an intelligent virtual assistant, you can cut down the query time and give the customers the answers they are looking forward to. Thus, it enhances the customer experience.
In the travel sector, they can be used for booking trips and solving queries related to it. It helps in freeing the human resource from the tasks that the virtual assistants can manage. Not only are intelligent virtual assistants popular in the business world, but they have become common household names too. Alexa also falls under the virtual assistant category; people use it daily to manage tasks in their homes without even moving. The combined usage of intelligent virtual assistants in both businesses and homes is increasing in popularity every year.
It can maximise the productivity of businesses and individuals too. Further, it serves as a cost-effective alternative to a personal assistant. Intelligent virtual assistants can be designed for almost all industries, including communications service providers, financial services, government, healthcare, hospitality, insurance, life science, retail, transportation and media and entertainment.
Growth Drivers
Business plays a significant role in the growth of intelligent virtual assistants. As discussed above, its popularity is also rising due to home automation systems in high demand. Customer personalisation has become extremely important in many sectors like healthcare and banking, which are undergoing massive transportation. However, this transformation is opening up new markets for intelligent virtual assistants.
The speech recognition segment of the intelligent virtual assistant is expected to grow by a CAGR of 29.1% by 2032. Currently, the global market is moderately competitive, and there are a limited number of major players in this segment. However, because of its popularity, the number of players entering this market segment will increase in the coming time.
Wrap Up
Intelligent virtual assistants can now be found in billions of devices across the globe. It is now not limited to the world of science fiction. In the next two years, it is estimated that more than eight billion digital voice assistance will be in use. It is not a surprise, considering that it increases both the convenience and efficiency of the users. It will be interesting to see how intelligent virtual assistants will be innovated in the coming years to increase their functionality.
Jessabell+Advincula
July 28, 2022 at 11:15 PM
Virtual assistant is really in demand right now as people tends to buy things that would make their life easier and faster. Virtual assistant plays an important role on it. An example of it is knowing the weather today, instead of typing that would cost their time AI like siri would be helpful and the time used in typing can be used in making a breakfast or coffee that help individuals make their time more valuable. AI assistance is also essential to those people who have disabilities like blind. With this they can ask queries easily and find the answer faster. AI virtual assistant help them become more aware of their surroundings that they cannot see. It serves as their eyes to the world.
Vee-Jay Lee
July 28, 2022 at 11:46 PM
Even if things may have gotten out of hand, when technology came along, we always sought an easy life, but we also tended to change how things could now be considered normal. It’s okay as long as virtual support aids humans, but AI theories are still unsettling.