Europe 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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Get in-depth analysis of the COVID-19 impact on the Europe Intelligent Virtual Assistant (IVA) Based Banking Market
Market Report Description
The Europe Intelligent Virtual Assistant (IVA) Based Banking Market would witness market growth of 24.1% CAGR during the forecast period (2022-2028).
The outlook for the intelligent virtual assistant market has recently changed due to the rise in remote working due to Bring Your Own Device (BYOD) trends and technological advancements. As technology has evolved, the adoption of cloud-based products like Skype and MS Office Online has increased. An increasing number of people are working remotely and heavily depending on virtual assistants to fulfill their duties as a result of the widespread use of cloud-based services. As a result, it offers a lot of potential for the demand for intelligent virtual assistants to increase.
Since voice-enabled virtual assistants can execute a variety of infotainment instructions, the intelligent virtual assistant is crucial in decreasing driver distraction. To increase driver efficiency, businesses are installing AI-based virtual assistants in cars that can, among other things, recommend destinations based on the schedule and scan emails and texts.
An intelligent virtual assistant is a piece of software that uses AI and machine learning to help users quickly access information or finish activities based on their location, specific user data, and past chats. These platforms make use of natural language processing, or NLP, which enables computers to comprehend spoken language and text in a manner comparable to that of humans. Many companies utilize text-based intelligent virtual agent programs to provide customer care, even though the most well-known ones include Apple's Siri, Amazon's Alexa, Google Assistant, Microsoft's Cortana, and IBM's Watson.
One of the largest in the world and a crucial component of the global financial system, the European banking sector includes some of the biggest economies on the planet. Previous empirical studies have emphasized the significance of risk management in light of the possibility of bank contagion both inside and outside of Europe. The OECD (2021) highlighted that a rise in household and corporate default as a result of the recent COVID-19 pandemic has had a direct effect on bank asset quality and increased regulatory worries over the viability of the domestic and global financial system.
The Germany market dominated the Europe 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 $340.4 million by 2028. The UK market is anticipated to grow a CAGR of 23.1% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 25% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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
- Rest of Europe
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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