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Intelligent Virtual Assistant Based Banking Market : Global Opportunity Analysis and Industry Forecast, 2021-2031

PORTLAND , OR, USA, UNITED STATES, February 13, 2023 /EINPresswire.com/ -- The global intelligent virtual assistant (iva) based banking market was valued at $1.3 billion in 2021, and is projected to reach $11.2 billion by 2031, growing at a CAGR of 24.5% from 2022 to 2031.

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An intelligent virtual assistant (IVA) or intelligent virtual agent is a software program that recognizes natural language voice commands and performs activities for the user. To create full-fledged virtual identities that talk with users, this technology includes features of interactive voice response and other recent artificial intelligence technologies.

Increase in automation uses across many industries, such as BFSI, retail, residential, and others, has propelled the intelligent virtual assistance (IVA) based banking market adoption. In addition, the market is witnessing growth due to rise in demand for customer service automation in the banking industry. However, increase in costs for server systems hamper growth of the intelligent virtual assistance (IVA) based banking market.

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Segment review

The intelligent virtual assistant (IVA) based banking market is segmented into product, user interface, and region. By product, the market is differentiated into chatbots and smart speakers. Depending on user interface, it is fragmented into text-to-text, text-to-speech and automatic speech recognition. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The intelligent virtual assistant (IVA) based banking market analysis includes top companies operating in the market such as Alphabet Inc., Amazon.com Inc., Artificial Solutions, IBM, Nuance Communications Inc., CSS Corp., eGain Corporation, Oracle, True Image Interactive, Inc. and Verint Systems Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the intelligent virtual assistant-based banking industry.

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Top Impacting Factors

Rise in adoption of intelligent virtual assistant in banking market
Better quality of customer service owing to adoption of IVA in banking market
Decrease in operating costs owing to use of intelligent virtual assistant in banking market

KEY BENEFITS FOR STAKEHOLDERS

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the mobile security market analysis from 2021 to 2031 to identify the prevailing intelligent virtual assistant (IVA) based banking market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the intelligent virtual assistant (IVA) based banking market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global intelligent virtual assistant (IVA) based banking market trends, key players, market segments, application areas, and market growth strategies.

Intelligent Virtual Assistant (IVA) Based Banking Market Report Highlights

Aspects Details
By Product
Chatbots
Smart Speakers
By User Interface
Text-to-Text
Text-to-Speech
Automatic Speech Recognition
By Region
North America (U.S., Canada)
Europe (Germany, France, Italy, Spain, Rest of Europe, U.K.)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
Key Market Players Alphabet Inc., Amazon.com Inc., Artificial Solutions, IBM, Nuance Communications Inc., CSS Corp., eGain Corporation, Oracle, True Image Interactive, Inc., Verint Systems Inc.

Related Links and Leading Links:
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Online Banking Market: https://www.alliedmarketresearch.com/online-banking-market

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