Global 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 Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Intelligent Virtual Assistant (IVA) Based Banking Market
Market Report Description
The Global Intelligent Virtual Assistant (IVA) Based Banking Market size is expected to reach $5.1 billion by 2028, rising at a market growth of 24.3% CAGR during the forecast period.
An intelligent virtual assistant (IVA) or intelligent virtual agent is a piece of software that can respond to voice instructions in natural language and carry out tasks on behalf of the user. This technology combines aspects of interactive voice response and other current artificial intelligence technology to build fully developed virtual personas that communicate with users. The virtual assistants' artificial intelligence (AI) is used in the customer service division to engage customers by giving product-related information, bills, and payments, and advising on transfer ease of navigation.
The implementation of intelligent virtual assistance (IVA)-based banking has been accelerated by an increase in automation across several industries, including BFSI, retail, residential, and others. The market is also expanding as a result of an increase in the need for customer service automation in the banking sector. On the other hand, because of the expansion of digital banking platforms, developing economies present sizable prospects for intelligent virtual assistant (IVA) based banking enterprises to extend their capabilities. In addition, it is projected that the market for intelligent virtual assistants (IVAs) based banking would rise as innovations toward digital AI chatbots advance.
One of the main factors boosting the development of the artificially intelligent assistant market is the inventive usage of speech recognition in smartwatches, laptops, and autos. Another important factor, which is creating reliable revenue streams for manufacturers of intelligent virtual assistants, is the steadily rising use of mobile phones. In addition to the electronics industry, businesses are utilizing new opportunities in the fields of finance, marketing, human resources (HR), and even public transit. Companies in the market for intelligent virtual assistants are working to reduce the expenses of integrating voice recognition technology into businesses while also streamlining antiquated procedures and boosting overall effectiveness. Companies are increasing voice accuracy rates with the use of ML, Big Data, and data processing expertise.
COVID-19 Impact Analysis
The COVID-19 pandemic has significantly impacted the intelligent virtual assistant (IVA)-based banking business because of significant impact on the intelligent virtual assistant (IVA)-based banking business because of the increased adoption and usage of online and digitalized banking practices among customers. As consumers become more accustomed to chatbots and AI helpers available on the market, the use of intelligent virtual assistants (IVA) in the banking industry is rapidly expanding. Additionally, banks and the fintech sector are progressively creating AI chatbots to give clients exact information. In light of the current global health crisis, this has emerged as one of the key development drivers for the banking sector based on intelligent virtual assistants (IVAs).
Market Growth Factors
Increased Use Of Intelligent Virtual Assistants In The Banking Industry
The market is anticipated to grow as a result of banking organizations' increased use of cloud-based conversational bots and more attention to improving customer alignment. The sector is also progressing due to the increased demand for ongoing customer support at decreasing operational costs. The industry has grown tremendously as a result of the increased use of cloud-based services like Skype and MS Office Online. Due to the growing use of cloud-based services, an increasing number of people are remote working and primarily depending on virtual assistants to fulfill their tasks.
Iva's implementation in the banking industry has resulted in higher quality customer service.
Deep neural networks, machine learning, and other advances in AI technology are responsible for the rise of virtual assistants. By using a persona, a virtual assistant can aid in increasing customer loyalty to a brand. Additionally, banks and other financial institutions are placing less emphasis on answering consumer questions and directing them to the appropriate internet resources in favor of offering their core competencies. The virtual assistant helps the business serve customers by offering an extra method of communication. Customers can also ask virtual assistants for assistance on any subject that pertains to a particular firm.
Market Restraining Factors
Expensive And Poor Decisions
Artificial intelligence (AI) systems are extremely complicated computers that require high expenses for both production and upkeep. Advanced software program that is part of AI also needs to be updated frequently to keep up with the demands of the environment. Critical failures may necessitate a lengthy and expensive approach to restore the system and retrieve lost codes. Artificial intelligence can learn and develop, but it currently lacks the capacity for judgment.
Based on product, the intelligent virtual assistant (IVA) based banking market is divided into Chatbots and Smart Speakers. The smart speaker segment witnessed a significant revenue share in the intelligent virtual assistant (IVA) based banking in 2021. Due to the general public's growing adoption of intelligent speakers for controlling home services. Using a "virtual assistant," a smart speaker is a speaker that the user can operate with via voice. It will respond to questions, carry out a variety of automatic operations, and manage other smart devices that are compatible.
By User-interface, the intelligent virtual assistant (IVA) based banking market is classified into Text-to-Text, Text-to-Speech, and Automatic Speech Recognition. The text-to-text segment procured the largest revenue share in intelligent virtual assistant (IVA) based banking in 2021. Due to the fact that most companies used SMS marketing to connect with potential customers throughout the pandemic. Since the majority of consumers always have their smartphones with them, SMS is a very reliable method of reaching the target audience.
|Market size value in 2021||USD 1.1 Billion|
|Market size forecast in 2028||USD 5.1 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 24.3% from 2022 to 2028|
|Number of Pages||162|
|Number of Tables||249|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Product, User Interface, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-wise, the intelligent virtual assistant (IVA) based banking market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment garnered the highest revenue share in intelligent virtual assistant (IVA) based banking in 2021. It is because huge corporations' substantial expenditure on promoting the new technology is helping the market expansion in North America. The region's market growth is being driven by the rising uptake of new technologies in noteworthy countries like the U.S. as well as the rising use of smartphones in the area.
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
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
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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