Intelligent Virtual Assistant Market Growing to Meet Web Customer Service Demands is a new market research publication announced by Reportstack which is one of the fastest growing markets in the online customer service industry, thanks to demand for automated knowledge management.
The market is growing at a CAGR 39.32 percent for the period of 2013-2018.
Knowledge management is the utilization, development, and distribution of the organization data to achieve organizational objectives by using the knowledge base. Nowadays, automated knowledge management is the basic requirement of any website, and many sectors are deploying virtual assistant software to help enhance the customer experience.
Streamlined, Automated Customer Service Thanks to IVA Software
To achieve improved profits, enterprises are automating the knowledge management process through the deployment of IVA software. For instance, when clients enter their queries on any website, the virtual assistant software immediately interprets the query, automates the response process, and provides the best possible answer.
This kind of knowledge management is huge for the BFSI sector, which dominates the IVA market in terms of revenue.
The financial services industry is highly competitive, and vendors in the market rely on top-notch customer service to stand out.
“Failing to address customer inquiries reduces new revenue opportunities and causes customers to discontinue the services of a particular company,”.
“With the deployment of virtual assistants in business processes, enterprises are able to address customer queries and reduce operating costs incurred because of phone calls and live chat. The virtual assistant addresses all questions asked on any platform such as mobile, website, or social media,”
To determine the scenario for these vendors in the next 3-4 years, the analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you purchase this report, you can get free access to any one company profile and its SWOT analysis from 50,000 company profiles available at Reportstack.
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