Virtual assistants increase because of deep neural networks, machine learning, and other advancements in AI technologies. Virtual assistants, such as chatbots and smart speakers, are used for various applications across several end-user industries, such as retail, BFSI, and healthcare. One major consumer-facing form is a virtual assistant as a personal assistant. It helps consumers accomplish various tasks, such as Apple's Siri or offering an intuitive interface for connected homes or cars.

- Another use on the rise is virtual assistants adopting the role of a customer service agent. For enterprises, virtual assistants are improving customer and brand experience with a more consumer-friendly approach. For example, in June 2020, Five9, a cloud contact center provider, launched Five9 Virtual Assistant in partnership with Inference Solutions. The system leverages conversational artificial intelligence to automate manual tasks and answer common questions in the contact center.

- Moreover, these assistants' capabilities can be personalized based on the end-user, thus improving customer experience in a particular industry. For instance, virtual assistants can help customers find a doctor's office in the healthcare sector, fill and refill a prescription, and receive payment reminders.

- Some virtual personal assistants who have gained recognition across the healthcare sector are Apple's Siri, Microsoft's Cortana, and Google's Assistant. Moreover, small and medium enterprises are also involved in driving intelligent virtual assistant technology, thereby emerging as crucial participants in health-intelligent virtual assistants.

- For example, Next, IT's Alme of Healthcare is a virtual assistant that focuses on chronic disease management and actively responds to a patient's request and queries. This is currently adopted on a massive scale by healthcare providers.

- Apart from the healthcare, retail companies incorporate their chatbot application to various widely-used messaging apps to offer rich customer experience. Retail outlets, such as Domino's, are leveraging artificial intelligence and machine learning through virtual assistants, such as chatbots, wherein a user can place an order directly through messenger.

- The Spring 2020 Smart Audio Report confirms that around 77% of US adults have had a change in their typical routine due to the outbreak of COVID-19, and voice-assistant usage has expanded during these disruptions, which has positively impacted the market growth.

- Companies are also rolling out offerings that help people stay aware of these uncertain times. For instance, Avaamo, a deep-learning software company specializing in conversational interfaces and a Wipro Ventures portfolio company, has launched Project COVID, a publicly accessible and interactive COVID-19 Intelligent Virtual Assistant that helps find answers quickly in plain English.

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Key Market Trends

Smart Speakers to Drive the Market Growth

- The characteristics expected from a smart speaker nowadays include – playing music and controlling smart home devices. It is believed that an increasing number of smart speakers will give voice assistants more utility in a connected user's life.

- In a smart period of time, voice-activated speakers have become a part of people's routines. Reasons for this include the ability to use the technology while multi-tasking, the fact that people speak more quickly than they type (speed), and increasing human interfaces.

- Publishers and media companies are experimenting with content and new interactive formats for smart speakers. For instance, publishers, like NPR, Reuters, the New York Times, and CNN, as well as local news providers, such as the Tennessean, IndyStar, and Texas Tribune, are all creating short audio briefings designed to be heard on smart speakers.

- Among the most well-known smart speakers are the Amazon Echo and Google Nest ranges of products, but there are plenty of third-party speakers, like the Sonos One, which come with both Alexa and Google Assistant built-in. These companies are rolling out new products to cater to the increasing market demand. For instance, in July 2020, Google confirmed its new smart speaker, which is referred to as an "interactive media streaming device" with an official video. However, the release date has not yet finalized.

- Smart speakers are forecast to drive the next wave of FMCG and grocery e-commerce. Companies are thinking of integrating voice technology into a broader cross-channel strategy.

North America is Expected to Hold a Major Share

- With a large fraction of millennials in the region inclined toward self-service options and messaging apps, the enterprises across the region are estimated to opt for IVA services to cater to their needs, thereby fueling the growth of the market across the region.

- The robust banking and healthcare sector of the region has actively invested in chatbots for customer personalization. The early adopters of the AI-assisted chatbots in the banking sector are from North America.

- For instance, Nuance Communications, a prominent player in the market, revealed that 80% of 10,000 US clinicians believe that virtual assistants would drastically change healthcare by the end of 2019. Such high consumer inclination toward self-service options has led to the growth of the messaging applications indicate the favorable environment for the adoption of IVA chatbots across regions.

- Furthermore, companies' growing investments in developing improved IVA technology with the help of artificial intelligence and machine learning to support automated decision-making systems are expected to fuel the market across the region. Recently, Amazon added a notification capability to the Amazon Voice Services API. Therefore, this latest voice notification feature allows Alexa to indicate that there is some new content, such as shopping updates, upcoming offers, shopping festival details, and many such updates. These voice search notifications are expected to become the latest trend in the coming years.

- The US remains a key market for smart speaker adoption. According to the latest Smart Audio Report from NPR, around 24% of Americans (18+) own at least one smart speaker and, the average owner has more than one. The majority of the Americans own Alexa. Since Amazon first introduced the Echo, it has become popular in the United States and continues to challenge other top competitors.

Competitive Landscape

The intelligent virtual assistant market is moderately competitive and consists of a few significant players. In terms of market share, some of the players currently dominate the market. However, with the advancement in the integrated speech and gesture recognition technologies, new players are increasing their market presence, thereby expanding their business footprint across the emerging economies. Some of the recent development in the market are:

- In June 2020 - Google announced to roll out additional features for its artificial intelligence-based voice assistant - Google Assistant - to various new devices. The most important of these features is voice match, which allows smart speakers to recognize the voice of the specific user and personalize responses for that user.

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