Portland, OR, July 20, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global intelligent virtual assistant based banking market generated $1.3 billion in 2021, and is projected to reach $11.2 billion by 2031, witnessing a CAGR of 24.5% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Increase in automation uses across many industries, such as BFSI, retail, residential, and others and rise in demand for customer service automation in the banking industry drive the growth of the global intelligent virtual assistant in banking market. However, increase in costs for server systems hinders the growth of the market. On the other hand, growth in developments toward digital AI chatbots is anticipated to provide a potential growth opportunity for the market growth.
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic led to have a positive impact on the growth of the global intelligent virtual assistant in banking market, owing to increase in usage and adoption of online & digitalized banking methods among consumers globally.
- Intelligent virtual assistant (IVA) based banking market technology have experienced a massive growth as consumers became familiar with the chatbots and AI assistants in the market.
- Moreover, banks and fintech industries are increasingly developing AI chatbots to provide precise information to the customers in the post-pandemic era.
Scope of the Report: -
| Report Attribute | Details |
| Revenue forecast in 2031 | $11.2 billion |
| Growth rate | CAGR of 24.5% from 2022 to 2031 |
| Forecast period | 2022 - 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Regional scope | North America, Europe, Asia Pacific, Latin America, MEA |
| Country scope | U.S., Canada, Germany, U.K., France, Italy, Spain, Japan, China, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia |
| Key companies profiled | Alphabet Inc., Amazon.com Inc., Artificial Solutions, IBM, Nuance Communications Inc., CSS Corp., eGain Corporation, Oracle, True Image Interactive, Inc. and Verint Systems Inc Access Table PDF |
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The report offers detailed segmentation of the global intelligent virtual assistant in banking market based product, user interface, and region.
Based on product, the chatbots segment held the highest market share in 2021, holding nearly three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. However, the smart speakers segment is estimated to register the highest CAGR of 27.2% from 2022 to 2031.
Based on user interface, the text-to-text segment held the largest market share in 2021, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. However, the automatic speech recognition segment is projected to register the highest CAGR of 29.9% from 2022 to 2031.
Based on region, North America is contributed to the highest share in terms of revenue in 2021, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2031. However, the Asia-Pacific region is projected to manifest the fastest CAGR of 28.0% during the forecast period.
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Key players in the Industry
- Alphabet Inc.
- Amazon.com Inc.
- Artificial Solutions
- IBM
- Nuance Communications Inc.
- CSS Corp.
- eGain Corporation
- Oracle
- True Image Interactive, Inc.
- Verint Systems Inc.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Intelligent Virtual Assistant in Banking market analysis from 2021 to 2031 to identify the prevailing Intelligent Virtual Assistant in Banking market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Intelligent Virtual Assistant in Banking market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global Intelligent Virtual Assistant in Banking market trends, key players, market segments, application areas, and market growth strategies.
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. Intelligent Virtual Assistant in Banking Market
- Canada Intelligent Virtual Assistant in Banking Market
- Mexico Intelligent Virtual Assistant in Banking Market
- Europe
- Germany Intelligent Virtual Assistant in Banking Market
- France Intelligent Virtual Assistant in Banking Market
- U.K. Intelligent Virtual Assistant in Banking Market
- Italy Intelligent Virtual Assistant in Banking Market
- Spain Intelligent Virtual Assistant in Banking Market
- Rest of Europe
- Asia-Pacific
- Japan Intelligent Virtual Assistant in Banking Market
- China Intelligent Virtual Assistant in Banking Market
- Australia Intelligent Virtual Assistant in Banking Market
- India Intelligent Virtual Assistant in Banking Market
- South Korea Intelligent Virtual Assistant in Banking Market
- Rest Of Asia Pacific
- LAMEA
- Brazil Intelligent Virtual Assistant in Banking Market
- Saudi Arabia Intelligent Virtual Assistant in Banking Market
- South Africa Intelligent Virtual Assistant in Banking Market
- Rest of LAMEA
- North America
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
