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.
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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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: INTELLIGENT VIRTUAL ASSISTANT (IVA) BASED BANKING MARKET, BY PRODUCT
CHAPTER 5: INTELLIGENT VIRTUAL ASSISTANT (IVA) BASED BANKING MARKET, BY USER INTERFACE
CHAPTER 6: INTELLIGENT VIRTUAL ASSISTANT (IVA) BASED BANKING MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Intelligent Virtual Assistant (IVA) Based Banking Market," the intelligent virtual assistant (iva) based banking market was valued at $1.3 billion in 2021, and is estimated to reach $11.2 billion by 2031, growing at a CAGR of 24.5% from 2022 to 2031.Access to high-speed internet and digitalization of banks resulting in adoption of intelligent virtual assistants (IVAs) or intelligent virtual agents drive the global intelligent virtual assistant (IVA) based banking market growth. Furthermore, rise in penetration of smartphones across the globe and development of the virtual assistants AI in emerging countries are the major factors driving the growth of the market. However, rise in costs of IT infrastructure hampers the growth of the market. Moreover, increase in reliance on virtual assistants for various online operations on digital platform is driving the growth of the market.
Furthermore, the global intelligent virtual assistant (IVA) based banking market is developing rapidly with the increasing development by R&D sectors, and exhibits high growth potential, due to rise in need for operational efficiency globally. For instance, Verint released the Verint Intelligent Virtual Assistant Professional (IVA Pro) Package in April 2021, a low-code conversational artificial intelligence (AI) with a production-ready chatbot to divert calls and provide customer service.
By user interface, the text-to-text segment acquired a major share of intelligent virtual assistant (IVA) based banking market. This was attributed to the fact that majority of businesses have turned to SMS marketing to reach out to interested clients during the pandemic. SMS is a highly dependable technique to contact the target audience because most customers have their phones with them all the time.
Region wise, North America is expected to grow at a significant rate during the forecast period. The increasing adoption of new technology in notable nations such as the U.S., together with the expanding prevalence of smartphones in the area, is driving the region's market growth. Large corporations are investing more effort into adding complex and distinctive features to their products in order to attract more customers, which is boosting the growth of intelligent virtual assistant (IVA) based banking market in the U.S.
The demand for intelligent virtual assistant (IVA) based banking industry has increased considerably during the COVID-19 pandemic. This is attributed to increase in adoption of cloud-based digital platforms by the banking sector, which has aided the customers to know digital banking. Moreover, intelligent virtual assistant (IVA) based banking market trends witnessed a rise in pandemic, and is anticipated to remain high during the forecast period. Thus, these factors promoted the growth of the intelligent virtual assistant (IVA) based banking industry during the pandemic situation.
Key Findings of the Study
- By product, the chatbots segment led the highest intelligent virtual assistant (IVA) based banking market share, in terms of revenue in 2021.
- On the basis of user interface, the automated speech recognition segment is expected to exhibit the fastest growth rate during the forecast period.
- Region wise, North America generated the highest revenue of intelligent virtual assistant (IVA) based banking market size in 2021.
- The key players operating in the intelligent virtual assistant (IVA) based banking market analysis include 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 industry.
Companies Mentioned
- Alphabet Inc.
- Amazon.Com Inc.
- Artificial Solutions
- Ibm
- Nuance Communications Inc.
- Css Corp.
- Egain Corporation
- Oracle
- True Image Interactive, Inc.
- Verint Systems Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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