Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market Size, Share & Industry Trends Analysis Report By Product, By User Interface (Text-to-Text, Text-to-Speech, and Automatic Speech Recognition), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market would witness market growth of 25.0% CAGR during the forecast period (2022-2028).
The words a user speaks or enters are processed by intelligent virtual assistants and turned into digital data that the software may analyze. The program employs a cutting-edge speech recognition algorithm to determine the most likely response. The software gradually learns, as the volume of searches rises, what users desire when they enter a particular response. This enhances the responsiveness and quickness of replies.
Users engage with a product that closely resembles a human agent Some customers who choose the text-based option might mistakenly think they are messaging an agent. Even for individuals who are aware that the system is still an automated bot, the IVA system should function to provide them with the prompt assistance they need. Older chat-based systems frequently malfunction at this point because they can send users down irritating and counterproductive pathways without providing many options for escape.
The creation of AI-powered IVAs for business discussion has demonstrated that they are quite successful in delivering services and carrying out business tasks like organizing appointments and consulting across numerous industries. Businesses are releasing goods that let an app or device function as an AI agent. For instance, SBI Card (India) launched the debut of "ELA" (Electronic Live Assistant) in July 2018. This virtual assistant is used for customer care and support. By responding to consumer inquiries in a timely and suitable manner, it is powered by artificial intelligence and machine learning (ML) and intended to enhance the customer experience.
The China market dominated the Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $414.6 million by 2028. The Japan market is estimated to grow a CAGR of 24.2% during (2022 - 2028). Additionally, The India market would experience a CAGR of 25.7% during (2022 - 2028).
Based on Product, the market is segmented into Chatbots and Smart Speakers. Based on User Interface, the market is segmented into Text-to-Text, Text-to-Speech, and Automatic Speech Recognition. The report also covers geographical segmentation of Intelligent Virtual Assistant (IVA) Based Banking market. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC (Alphabet Inc.), Amazon.com, Inc., IBM Corporation, Oracle Corporation, Verint Systems, Inc., Artificial Solutions International AB, CSS Corp., eGain Corporation, and True Image Interactive, Inc.
Scope of the Study
Market Segments Covered in the Report:
- Smart Speakers
By User Interface
- Automatic Speech Recognition
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Google LLC (Alphabet Inc.)
- Amazon.com, Inc.
- IBM Corporation
- Oracle Corporation
- Verint Systems, Inc.
- Artificial Solutions International AB
- CSS Corp.
- eGain Corporation
- True Image Interactive, Inc.
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