Intelligent Virtual Assistant (IVA) Based Banking Market By Product (Chatbots, Smart Speakers), By User Interface (Text-to-Text, Text-to-Speech, Automatic Speech Recognition): Global Opportunity Analysis and Industry Forecast, 2021-2031

Intelligent Virtual Assistant (IVA) Based Banking Market By Product (Chatbots, Smart Speakers), By User Interface (Text-to-Text, Text-to-Speech, Automatic Speech Recognition): Global Opportunity Analysis and Industry Forecast, 2021-2031

Financial organizations have begun to modernize their procedures and employ artificial intelligence to assist them. Customers can save time on the most basic activities by using these clever virtual assistants, allowing them to become more active in their banking procedures. Moreover, banks are devoting more time and resources to updating their platforms and procedures. In addition, digital banking is gaining popularity and has fast become the preferred method for users to conduct banking operations.

A virtual assistant cuts operational costs and eliminates the costs of advertising, interviewing, and training new personnel to perform the jobs by simplifying corporate processes. In addition, rise in use of digital and intelligent speaker-based technologies in the banking industry is primarily responsible for the rise of the intelligent virtual assistant market. These factors notably contribute toward the growth of the global intelligent virtual assistant-based banking market. However, high costs for systems and high costs for experts for server maintenance are some of the factors that hamper the market growth. On the contrary, a gradual shift toward a digital economy of the banking sector across several countries is expected to fuel the growth of the market. In addition, surge in adoption of intelligent virtual assistant-based banking across emerging economies in banking sector are expected to provide lucrative opportunities for the market growth in the coming years.

The intelligent virtual assistant-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-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.

KEY BENEFITS FOR STAKEHOLDERS

The study provides in-depth analysis of the global intelligent virtual assistant-based banking market along with the current trends and future estimations to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the global intelligent virtual assistant-based banking market size are provided in the report.
The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global intelligent virtual assistant-based banking market from 2021 to 2031 is provided to determine the market potential.

Key Market Segments

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.

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