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Intelligent Virtual Assistant (IVA) Based Banking Market Size, Share & Industry Trends Analysis Report By Product, By User Interface (Text-to-Text, Text-to-Speech, and Automatic Speech Recognition), By Regional Outlook and Forecast, 2022 - 2028

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    Report

  • 162 Pages
  • July 2022
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5645491
The Global Intelligent Virtual Assistant (IVA) Based Banking Market size is expected to reach $5.1 billion by 2028, rising at a market growth of 24.3% CAGR during the forecast period.

An intelligent virtual assistant (IVA) or intelligent virtual agent is a piece of software that can respond to voice instructions in natural language and carry out tasks on behalf of the user. This technology combines aspects of interactive voice response and other current artificial intelligence technology to build fully developed virtual personas that communicate with users. The virtual assistants' artificial intelligence (AI) is used in the customer service division to engage customers by giving product-related information, bills, and payments, and advising on transfer ease of navigation.



The implementation of intelligent virtual assistance (IVA)-based banking has been accelerated by an increase in automation across several industries, including BFSI, retail, residential, and others. The market is also expanding as a result of an increase in the need for customer service automation in the banking sector. On the other hand, because of the expansion of digital banking platforms, developing economies present sizable prospects for intelligent virtual assistant (IVA) based banking enterprises to extend their capabilities. In addition, it is projected that the market for intelligent virtual assistants (IVAs) based banking is expected to rise as innovations toward digital AI chatbots advance.

One of the main factors boosting the development of the artificially intelligent assistant market is the inventive usage of speech recognition in smartwatches, laptops, and autos. Another important factor, which is creating reliable revenue streams for manufacturers of intelligent virtual assistants, is the steadily rising use of mobile phones. In addition to the electronics industry, businesses are utilizing new opportunities in the fields of finance, marketing, human resources (HR), and even public transit. Companies in the market for intelligent virtual assistants are working to reduce the expenses of integrating voice recognition technology into businesses while also streamlining antiquated procedures and boosting overall effectiveness. Companies are increasing voice accuracy rates with the use of ML, Big Data, and data processing expertise.

COVID-19 Impact Analysis

The COVID-19 pandemic has significantly impacted the intelligent virtual assistant (IVA)-based banking business because of significant impact on the intelligent virtual assistant (IVA)-based banking business because of the increased adoption and usage of online and digitalized banking practices among customers.  As consumers become more accustomed to chatbots and AI helpers available on the market, the use of intelligent virtual assistants (IVA) in the banking industry is rapidly expanding. Additionally, banks and the fintech sector are progressively creating AI chatbots to give clients exact information. In light of the current global health crisis, this has emerged as one of the key development drivers for the banking sector based on intelligent virtual assistants (IVAs).

Market Growth Factors

Increased Use Of Intelligent Virtual Assistants In The Banking Industry

The market is anticipated to grow as a result of banking organizations' increased use of cloud-based conversational bots and more attention to improving customer alignment. The sector is also progressing due to the increased demand for ongoing customer support at decreasing operational costs. The industry has grown tremendously as a result of the increased use of cloud-based services like Skype and MS Office Online. Due to the growing use of cloud-based services, an increasing number of people are remote working and primarily depending on virtual assistants to fulfill their tasks.



Iva's implementation in the banking industry has resulted in higher quality customer service.

Deep neural networks, machine learning, and other advances in AI technology are responsible for the rise of virtual assistants. By using a persona, a virtual assistant can aid in increasing customer loyalty to a brand. Additionally, banks and other financial institutions are placing less emphasis on answering consumer questions and directing them to the appropriate internet resources in favor of offering their core competencies. The virtual assistant helps the business serve customers by offering an extra method of communication. Customers can also ask virtual assistants for assistance on any subject that pertains to a particular firm.

Market Restraining Factors

Expensive And Poor Decisions

Artificial intelligence (AI) systems are extremely complicated computers that require high expenses for both production and upkeep. Advanced software program that is part of AI also needs to be updated frequently to keep up with the demands of the environment. Critical failures may necessitate a lengthy and expensive approach to restore the system and retrieve lost codes. Artificial intelligence can learn and develop, but it currently lacks the capacity for judgment.

Product Outlook

Based on product, the intelligent virtual assistant (IVA) based banking market is divided into Chatbots and Smart Speakers. The smart speaker segment witnessed a significant revenue share in the intelligent virtual assistant (IVA) based banking in 2021. Due to the general public's growing adoption of intelligent speakers for controlling home services. Using a "virtual assistant," a smart speaker is a speaker that the user can operate with via voice. It will respond to questions, carry out a variety of automatic operations, and manage other smart devices that are compatible.

User-Interface Outlook

By User-interface, the intelligent virtual assistant (IVA) based banking market is classified into Text-to-Text, Text-to-Speech, and Automatic Speech Recognition. The text-to-text segment procured the largest revenue share in intelligent virtual assistant (IVA) based banking in 2021. Due to the fact that most companies used SMS marketing to connect with potential customers throughout the pandemic. Since the majority of consumers always have their smartphones with them, SMS is a very reliable method of reaching the target audience.

Regional Outlook

Region-wise, the intelligent virtual assistant (IVA) based banking market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment garnered the highest revenue share in intelligent virtual assistant (IVA) based banking in 2021. It is because huge corporations' substantial expenditure on promoting the new technology is helping the market expansion in North America. The region's market growth is being driven by the rising uptake of new technologies in noteworthy countries like the U.S. as well as the rising use of smartphones in the area.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC (Alphabet Inc.), Amazon.com, Inc., IBM Corporation, Oracle Corporation, Verint Systems, Inc., Artificial Solutions International AB, CSS Corp., eGain Corporation, and True Image Interactive, Inc.

Scope of the Study

Market Segments Covered in the Report:

By Product

  • Chatbots
  • Smart Speakers

By User Interface

  • Text-to-Text
  • Text-to-Speech
  • Automatic Speech Recognition

By Geography

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • Google LLC (Alphabet Inc.)
  • Amazon.com, Inc.
  • IBM Corporation
  • Oracle Corporation
  • Verint Systems, Inc.
  • Artificial Solutions International AB
  • CSS Corp.
  • eGain Corporation
  • True Image Interactive, Inc.

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  • Exhaustive coverage
  • The highest number of Market tables and figures
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  • Assured post sales research support with 10% customization free

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Intelligent Virtual Assistant (IVA) Based Banking Market, by Product
1.4.2 Global Intelligent Virtual Assistant (IVA) Based Banking Market, by User Interface
1.4.3 Global Intelligent Virtual Assistant (IVA) Based Banking Market, by Geography
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Global Intelligent Virtual Assistant (IVA) Based Banking Market by Product
3.1 Global Chatbots Market by Region
3.2 Global Smart Speakers Market by Region
Chapter 4. Global Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
4.1 Global Text-to-Text Market by Region
4.2 Global Text-to-Speech Market by Region
4.3 Global Automatic Speech Recognition Market by Region
Chapter 5. Global Intelligent Virtual Assistant (IVA) Based Banking Market by Region
5.1 North America Intelligent Virtual Assistant (IVA) Based Banking Market
5.1.1 North America Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.1.1.1 North America Chatbots Market by Country
5.1.1.2 North America Smart Speakers Market by Country
5.1.2 North America Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.1.2.1 North America Text-to-Text Market by Country
5.1.2.2 North America Text-to-Speech Market by Country
5.1.2.3 North America Automatic Speech Recognition Market by Country
5.1.3 North America Intelligent Virtual Assistant (IVA) Based Banking Market by Country
5.1.3.1 US Intelligent Virtual Assistant (IVA) Based Banking Market
5.1.3.1.1 US Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.1.3.1.2 US Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.1.3.2 Canada Intelligent Virtual Assistant (IVA) Based Banking Market
5.1.3.2.1 Canada Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.1.3.2.2 Canada Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.1.3.3 Mexico Intelligent Virtual Assistant (IVA) Based Banking Market
5.1.3.3.1 Mexico Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.1.3.3.2 Mexico Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.1.3.4 Rest of North America Intelligent Virtual Assistant (IVA) Based Banking Market
5.1.3.4.1 Rest of North America Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.1.3.4.2 Rest of North America Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.2 Europe Intelligent Virtual Assistant (IVA) Based Banking Market
5.2.1 Europe Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.2.1.1 Europe Chatbots Market by Country
5.2.1.2 Europe Smart Speakers Market by Country
5.2.2 Europe Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.2.2.1 Europe Text-to-Text Market by Country
5.2.2.2 Europe Text-to-Speech Market by Country
5.2.2.3 Europe Automatic Speech Recognition Market by Country
5.2.3 Europe Intelligent Virtual Assistant (IVA) Based Banking Market by Country
5.2.3.1 Germany Intelligent Virtual Assistant (IVA) Based Banking Market
5.2.3.1.1 Germany Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.2.3.1.2 Germany Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.2.3.2 UK Intelligent Virtual Assistant (IVA) Based Banking Market
5.2.3.2.1 UK Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.2.3.2.2 UK Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.2.3.3 France Intelligent Virtual Assistant (IVA) Based Banking Market
5.2.3.3.1 France Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.2.3.3.2 France Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.2.3.4 Russia Intelligent Virtual Assistant (IVA) Based Banking Market
5.2.3.4.1 Russia Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.2.3.4.2 Russia Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.2.3.5 Spain Intelligent Virtual Assistant (IVA) Based Banking Market
5.2.3.5.1 Spain Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.2.3.5.2 Spain Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.2.3.6 Italy Intelligent Virtual Assistant (IVA) Based Banking Market
5.2.3.6.1 Italy Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.2.3.6.2 Italy Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.2.3.7 Rest of Europe Intelligent Virtual Assistant (IVA) Based Banking Market
5.2.3.7.1 Rest of Europe Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.2.3.7.2 Rest of Europe Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.3 Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market
5.3.1 Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.3.1.1 Asia Pacific Chatbots Market by Country
5.3.1.2 Asia Pacific Smart Speakers Market by Country
5.3.2 Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.3.2.1 Asia Pacific Text-to-Text Market by Country
5.3.2.2 Asia Pacific Text-to-Speech Market by Country
5.3.2.3 Asia Pacific Automatic Speech Recognition Market by Country
5.3.3 Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by Country
5.3.3.1 China Intelligent Virtual Assistant (IVA) Based Banking Market
5.3.3.1.1 China Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.3.3.1.2 China Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.3.3.2 Japan Intelligent Virtual Assistant (IVA) Based Banking Market
5.3.3.2.1 Japan Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.3.3.2.2 Japan Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.3.3.3 India Intelligent Virtual Assistant (IVA) Based Banking Market
5.3.3.3.1 India Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.3.3.3.2 India Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.3.3.4 South Korea Intelligent Virtual Assistant (IVA) Based Banking Market
5.3.3.4.1 South Korea Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.3.3.4.2 South Korea Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.3.3.5 Singapore Intelligent Virtual Assistant (IVA) Based Banking Market
5.3.3.5.1 Singapore Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.3.3.5.2 Singapore Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.3.3.6 Malaysia Intelligent Virtual Assistant (IVA) Based Banking Market
5.3.3.6.1 Malaysia Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.3.3.6.2 Malaysia Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.3.3.7 Rest of Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market
5.3.3.7.1 Rest of Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.3.3.7.2 Rest of Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.4 LAMEA Intelligent Virtual Assistant (IVA) Based Banking Market
5.4.1 LAMEA Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.4.1.1 LAMEA Chatbots Market by Country
5.4.1.2 LAMEA Smart Speakers Market by Country
5.4.2 LAMEA Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.4.2.1 LAMEA Text-to-Text Market by Country
5.4.2.2 LAMEA Text-to-Speech Market by Country
5.4.2.3 LAMEA Automatic Speech Recognition Market by Country
5.4.3 LAMEA Intelligent Virtual Assistant (IVA) Based Banking Market by Country
5.4.3.1 Brazil Intelligent Virtual Assistant (IVA) Based Banking Market
5.4.3.1.1 Brazil Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.4.3.1.2 Brazil Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.4.3.2 Argentina Intelligent Virtual Assistant (IVA) Based Banking Market
5.4.3.2.1 Argentina Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.4.3.2.2 Argentina Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.4.3.3 UAE Intelligent Virtual Assistant (IVA) Based Banking Market
5.4.3.3.1 UAE Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.4.3.3.2 UAE Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.4.3.4 Saudi Arabia Intelligent Virtual Assistant (IVA) Based Banking Market
5.4.3.4.1 Saudi Arabia Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.4.3.4.2 Saudi Arabia Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.4.3.5 South Africa Intelligent Virtual Assistant (IVA) Based Banking Market
5.4.3.5.1 South Africa Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.4.3.5.2 South Africa Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.4.3.6 Nigeria Intelligent Virtual Assistant (IVA) Based Banking Market
5.4.3.6.1 Nigeria Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.4.3.6.2 Nigeria Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.4.3.7 Rest of LAMEA Intelligent Virtual Assistant (IVA) Based Banking Market
5.4.3.7.1 Rest of LAMEA Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.4.3.7.2 Rest of LAMEA Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
Chapter 6. Company Profiles
6.1 Google LLC (Alphabet Inc.)
6.1.1 Company Overview
6.1.2 Financial Analysis
6.1.3 Segmental and Regional Analysis
6.1.4 Research & Development Expense
6.1.5 Recent strategies and developments:
6.1.5.1 Product Launches and Product Expansions:
6.1.6 SWOT Analysis
6.2 Amazon.com, Inc.
6.2.1 Company Overview
6.2.2 Financial Analysis
6.2.3 Segmental Analysis
6.2.4 SWOT Analysis
6.3 IBM Corporation
6.3.1 Company Overview
6.3.2 Financial Analysis
6.3.3 Regional & Segmental Analysis
6.3.4 Research & Development Expenses
6.3.5 Recent strategies and developments:
6.3.5.1 Product Launches and Product Expansions:
6.3.6 SWOT Analysis
6.4 Oracle Corporation
6.4.1 Company Overview
6.4.2 Financial Analysis
6.4.3 Segmental and Regional Analysis
6.4.4 Research & Development Expense
6.4.5 SWOT Analysis
6.5 Verint Systems, Inc.
6.5.1 Company Overview
6.5.2 Financial Analysis
6.5.3 Segmental and Regional Analysis
6.5.4 Research and Development Expense
6.5.5 Recent strategies and developments:
6.5.5.1 Partnerships, Collaborations, and Agreements:
6.6 Artificial Solutions International AB
6.6.1 Company Overview
6.7 CSS Corp.
6.7.1 Company Overview
6.8 eGain Corporation
6.8.1 Company Overview
6.8.2 Financial Analysis
6.8.3 Regional Analysis
6.8.4 Research & Development Expenses
6.9 True Image Interactive, Inc.
6.9.1 Company Overview

Companies Mentioned

  • Google LLC (Alphabet Inc.)
  • Amazon.com, Inc.
  • IBM Corporation
  • Oracle Corporation
  • Verint Systems, Inc.
  • Artificial Solutions International AB
  • CSS Corp.
  • eGain Corporation
  • True Image Interactive, Inc.

Methodology

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