ALBANY, NY, February 11, 2022 /PRNewswire/ — The use of voice recognition tools has steadily increased in several networking applications, including financial services, retail and healthcare industries. Text-to-speech (TTS) software vendors have derived significant revenue from the demand for intelligent virtual assistants for wireless devices and consumer electronics to read text content from websites. the intelligent virtual assistant market should reach US$50.9 billion by 2030.
In recent years, especially in the South Asian Association for Regional Cooperation (SAARC), voice recognition software has been widely used by the elderly and people with reduced mobility. Globally, voice-enabled devices have gained popularity among customers for shopping, thereby providing substantial sales opportunities for companies in the intelligent virtual assistant market, according to an in-depth study by TMR.
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Companies are leveraging AI (artificial intelligence) based on digital assistants to automate and simplify various office tasks, including data entry processes. Businesses are seeing new profitable opportunities using them to automate meeting scheduling and recording. Widespread demand for TTS software in automotive systems and mobile devices is bolstering revenue growth, notes the study on the global intelligent virtual assistant market.
Key Findings from the Intelligent Virtual Assistant Market Research
- Massive demand for speech recognition software in retail and financial services to create profitable opportunities: Tech companies are earning revenue from the growing demand for text-to-speech (TTS) software and speech recognition systems in the financial services sectors. Financial service providers are increasingly adopting virtual assistants for websites and applications to meet customer transaction needs. The emphasis on customer-centric approach in the retail industry has led retail companies to leverage the intelligent virtual assistant to enhance the shopping experience through shopping carts. virtual purchase.
- Using TTS technology in network applications to open lucrative streams: Online text-to-speech tools are gaining popularity for a range of networking applications, find analysts examining lucrative avenues for businesses in the intelligent virtual assistant market. It should be noted that intelligent virtual assistants are widely used for synthetic voice reading of e-mail messages and textual content of websites. Software vendors offering AI virtual assistants are constantly relying on expanding databases of voice recordings to earn revenue in the near future, observe the authors of Intelligent Virtual Assistant Market.
- Companies are leveraging Big Data and ML to address niche applications: The demand for AI-powered virtual assistants with better speech accuracy will create new revenue streams, learn about the study on the intelligent virtual assistant market. Tech companies want to incorporate new user-friendly features to expand the reach of their offerings. Some prominent players want to leverage AI to innovate high-quality TTS to tap additional opportunities.
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Smart Virtual Assistant Market: Key Drivers
- A growing number of IoT connected devices and AI-based consumer electronics are expanding use cases for intelligent virtual assistants.
- The increasing use of voice recognition technology is improving customer interactions. A significant percentage of unstructured data resides in digital devices in medicine, government, and consumer products and services. This enriches the outlook for the intelligent virtual assistant market.
- The demand for virtual assistants for content from the newest information service providers has extended the lucrative prospect.
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Smart Virtual Assistant Market: Regional Growth Dynamics
- Opportunities in Asia Pacific and Europe are expected to increase rapidly in the coming years. The increase in the application of speech to text software in several networking applications is expected to open many profitable opportunities for regional markets.
- North America is expected to be a lucrative market, supported by the widespread adoption of virtual assistant technologies and smart wireless devices. The region held a major share of the global intelligent virtual assistant market in 2019. The adoption of cloud-based service providers has generated many opportunities for technology companies developing intelligent virtual assistants.
Smart Virtual Assistant Market: Key Players
Some of the Key Players in the Intelligent Virtual Assistant Market are
- Artificial Solutions Ltd.
- Apple Inc.
- Anboto Group
- Amazon Web Services
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Global Intelligent Virtual Assistant Market: Segmentation
Intelligent Virtual Assistant Market, By Technology
- text to talk
- Speech recognition
Intelligent Virtual Assistant Market, By Application
- Contact centers
- Email bots
Intelligent Virtual Assistant Market, By End User
- Large companies
- Small and medium enterprises
- Individual users
Intelligent Virtual Assistant Market, By Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
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