Intelligent Virtual Assistants Solutions (IVAs) are software (Chatbot) and smart speaker devices that can interface with humans and can perform tasks.
Top 10 Intelligent Virtual Assistant Solutions Vendors 2020
- Google Inc.
- Apple Inc.
- Nuance Communications Inc.
- Microsoft Corporation
- IBM Corporation
- Cognitive Code
- 24/7 Customer Inc.
- Inbenta Technologies Inc.
Intelligent Virtual Assistant Solutions (IVA) are embedded in smartphones, wireless home speakers, and websites for providing uninterrupted services to customers. The tasks can include performing functions such as setting an alarm, playing music, controlling smart devices, and others. These virtual agents take input by the way of text-to-text, text-to-speech, automatic speech recognition (ASR) and others.
Intelligent Virtual Assistant Solutions (IVA) market valued at USD 2,166.0 million in 2019 and is forecasted to grow at a CAGR of 33% during the period 2020-2025.
Top 25 companies offering Intelligent Virtual Assistant Solutions features were analyzed, shortlisted and categorized on a quadrant under Visionary Leaders, Innovators, Dynamic Differentiators, and Emerging Companies to identified best IVA providers.
Vendors who fall into this category generally receive high scores for most of the evaluation criteria. They have a robust and established product portfolio and a very strong market presence. Moreover, these vendors also have strong business strategies. This category includes top Intelligent Virtual Assistant software vendors such as Amazon, Google Inc., Apple Inc., Nuance Communications Inc., Microsoft Corporation and IBM Corporation.
The dynamic differentiator's category includes established vendors with very strong business strategies. However, they are low in the product portfolio. This category includes vendors such as 24/7 Customer Inc., Samsung, Aivo, Baidu Inc. and Mezi.
Innovators are vendors who have demonstrated substantial product innovations as compared to their competitors. They have a focused product portfolio. However, they do not have very strong growth strategies for their overall business. This category includes the best Intelligent Virtual Assistant solution vendors such as Cognitive Code, Facebook, Cubic Robotics, Artificial Solutions, and Cleo AI.
Emerging companies’ category comprises vendors with niche product offerings, who are starting to gain their position in the market. They do not have very strong business strategies as compared to other established vendors. They might be new entrants in the market and require some more time before getting significant traction. This category includes vendors such as Unified Computer Intelligence Corporation, Jibo Inc, Clarity-lab, Anboto, Ozlo, Blackberry Limited, Mycroft AI and Vlingo Inc.
Business Benefits of Intelligent Virtual Assistant Solutions
- Reduced number of customer calls for query resolution
- Minimum customer attrition as a result of automated interactions
- Quick response time
- Ease of interaction with customers by 24x7 availability and digital self-service platform
- Greater response accuracy with minimum human intervention
- Identify customer trends & cross-sell and upsell products or services and promotional offers
What’s trending in Intelligent Virtual Assistant Solutions?
- Use of AI in contact centers
- Messaging platforms as a growth driver for Intelligent Virtual Assistants
- Virtual Assistants are becoming mainstream
- Social media will dominate the adoption of AI
- More use cases for consumer applications
- IVA will automate payments
- Virtual Assistants for internal use for enterprises
- The customer experience (CX) will drive Intelligent Virtual Assistants adoption
- More Intelligent Virtual Assistants apps
- Deep customer insights to drive Virtual Assistants behavior
- IVA will be more and more part of daily lives
Inbenta uses artificial language, machine learning and natural language processing to understand the language in which the users communicate. It recognizes conversation context, uses webhooks to perform transactions. Inbenta’s semantic clustering and analytics serves as a gap analysis function to zero in on the missing answer.