Top Vendors in the Global Intelligent Virtual Assistant Market: TechNavio Research

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London, 08 May 2014: TechNavio, the independent tech-focused global research firm, has published a list of top vendors in the Intelligent Virtual Assistant Market, as well as an in-dept product comparison.

The Global Intelligent Virtual Assistant (IVA) Market is growing at a CAGR of 39.32 percent from 2013-2018. It is one of the fastest growing markets in the online web customer service industry, thanks to demand for automated knowledge management.

To achieve improved profits, enterprises are automating knowledge management through the deployment of IVA software. When clients enter their queries on a 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.

Intelligent Virtual Assistant

Intelligent Virtual Assistant by End User

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

 “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,” says Faisal Ghaus, Vice President of TechNavio Research.

Some key vendors in the market include:

  • Creative Virtual Ltd.
  • eGain Corp.
  • IntelliResponse Systems Inc.
  • Next IT Corp.
  • Nuance Communications Inc.

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. 

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