Intelligent Virtual Assistant to Offer Complete Device Control

15 October 2020: The intelligent virtual assistant (IVA) market is expected to grow considerably on account of rising adoption of the technology across several applications including BFSI, healthcare, and automotive, among others. The intelligent virtual assistant (IVAs) provides critical automation assistance to various business, organizations, and individuals. They include various advantages such as smart speakers and chatbots that assist them in various tasks and recognizes and listens to the requirements of the individuals. The virtual assistants are used in various tasks such as scheduling appointments, training, and other individual as well as business activities.

Intelligent Virtual Assistant Market

Smart Speakers Applications in Residential and Commercial Sector Fuels Segment Growth

On the basis of product, the smart speakers segment is the fastest growing segment in the market owing to their extensive use in commercial and residential sector. There is an increasing demand for the adoption of smart speakers in smart offices, smart homes, and automotive applications. Moreover, increasing use of smartphone has also been a major factor driving the growth of the market. Industrialization, increasing urban population, and the need for efficiency have created a need to integrate smart home appliance. These smart homes have automation system that controls various appliances such as security systems, smart thermostats, and HVAC through internet. Smart speakers connected with smart appliances help reduce the amount of work to be done.

In 2018, Chatbots accounted for the largest share of the market. Various sectors such as insurance, banking, retail, and consumer goods extensively use chatbots. Tele-callers use these chatbots in banking operations. Other text based technologies such as automated speech recognition (ASR), Text to Speech, etc. help chatbots communicate efficiently with the customers.

Market Insights

Factors responsible to drive the demand for the intelligent virtual assistant are automation in customer service sectors, usage of smartphones, increasing smart homes, and growing demand for home assistance. Another major factor propelling the growth of the market is increasing focus on patient engagement and the evolution of IoT. Advancement in speech and voice recognition technologies such as Amazons’ Alexa and Apple’s Siri, is another factor likely to have a positive impact on the virtual assistant market.

Due to their ability to listen to consumers’ inquiries and respond accordingly, intelligent virtual assistants are rendering everyday tasks conveniently. For instance, virtual assistants help users purchase services or a product by reducing wait time over a call for customer service. Capabilities of a virtual assistant can be tailored to suit several industries in order to improve customer experience. 

Leading companies in the market are aggressively inclined toward R&D activities and are keen on innovations. Major leading companies in the intelligent virtual assistants market include Oracle Corporation; Nuance Communications, Inc.; Welltok Inc.; Microsoft; True Image Interactive Inc.; IBM Corporation; eGain Corporation; Apple Inc.; Amazon; MedRespond; Verint; Google Inc.; CodeBaby Corporation; CSS Corporation; and Next IT Corporation. 

Artificial Intelligence in Ecommerce and the Futuristic Transformation So Far

For the longest time, artificial intelligence (AI) was a concept that existed merely in novels and movies and this fascinated users to no end. As the technology made a more mainstream entrance, the industrial sector was one of the first to benefit from its many features, including mitigating workload of laborers and lowering costs. Even then, the extent of AI’s impact had not been fully gauged.

Today, artificial intelligence has made its way into our homes and has integrated itself into our day-to-day activities, especially shopping. The inclusion of artificial intelligence in the ecommerce sector has the potential to revolutionize the way consumers shop online. Business Insider states that by 2020, a whopping 85% of customer interactions will be done without a human. 

Virtual Assistants as Your New Personal Shopper

The three major aspects that AI brings to the ecommerce table are access to computing power, Big Data, and an army of virtual assistants. By using natural language processing (NLP), machine learning, and Deep Learning languages, it can address and respond to human queries. Well-known examples of virtual assistants in today’s technology-driven world include voice assistants like Alexa or Siri.

Easy access to the Internet as well as prolific use of hand-held, connected, and smart devices by consumers is making it easier for chatbots to collate customer data, browser history, previous preferences, shopping behavior patterns, etc. and play the role of a helpful digital personal shopper. 

Retail companies with a strong online presence can provide a more personalized shopping experience for their customers. By gathering actionable sales intelligence with respect to client behavior, companies can engage with their customers in an extremely impactful manner.

The Growing Business of Artificial Intelligence 

Artificial intelligence technology is being extensively deployed by a number of online and mobile services such as dialogue and voice recognition of Siri, the Google Assistant, image classification in Facebook & Google Photo, Microsoft Cortana, and Amazon’s Alexa. As more and more players in the ecommerce industry turn to AI as an effective tool to attract new and potential customers, artificial intelligence as a business will continue to soar. Grand View Research predicts that the AI market will cross the US$ 35 billion-mark by 2025.

Recently, Flipkart decided to collaborate with Microsoft in order to double its sales and revenue figures using AI. Taking a leaf out of Flipkart’s book, online shopping portals and companies can rely on artificial intelligence to provide a more customized experience and make transactions smoother. Social media patterns can also be used to offer suggestions to consumers based on their likes and dislikes. This also helps filter out annoying advertisements and other promotional mails that force a consumer to make a purchase.

AI is also being combined with recent image search technologies to search for products accurately. In fact, mobile apps such as Snapchat and Pinterest have been able to capitalize on this to provide customers with accurate data. Getty Images is another case in point. Correct tagging of images can lead to astute consumer suggestions as well as play an integral role in developing predictive analytics further.

Few industries are as competitive as ecommerce and as consumer attention continues to get shorter, retail companies in cyberspace are looking for ways to encourage customers to buy what’s in their shopping cart rather than abandon it. Artificial intelligence seems to be the answer they’re looking for.

For more information visit @ www.grandviewresearch.com

Anti-Drone Systems: Creating Hostile Skies for Illegal Drones!

Anti-drone systems provide utmost protection to fields and areas of varying sizes, functions, and forms. These are integrated systems that can be customized with different types of solutions and equipment as per customer needs and requirements. They are made of various kinds of equipment depending upon the type of application. These applications could be private houses, government buildings, border security, commercial venues, prisons, airports, military facilities, critical infrastructure, and industrial installations. 

An integrated Anti-drone system comprises diverse combinations of drone detection equipment (RF spectrum analyzers, acoustic sensors, drone detection radars and others), drone neutralization equipment (interception systems, stationary & mobile jammers, and drone capture nets etc.), and supplementary safety solutions for better & greater protection (security-related software, mobile security vans, and long range acoustic devices among others)

Latest Product Innovations

In recent times, a number of anti-drone systems have been introduced in order to keep a check on the use of unauthorized drones. Some of the recently launched anti-drone systems are as follows:

• DroneShield

DroneShield employs acoustic technology to identify incoming drones from over 150 yards. It sends alerts in the form of text messages or e-mails to the monitoring service in use.

• Maldrone

This is the very first backdoor malware that can take control of drones from a distance by infecting the program or software that operates the sensors & drivers of drones. The malware then shuts down the autopilot, thereby causing the infected drone to crash.

• Operator Locator:

The U.S. Federal Aviation Administration (FAA) has begun testing a certain technology that can spot small drone operators functioning illicitly near airports. This technology can sense radio signals utilized to run rogue drones within 8 km radius. The exact location of operators of unauthorized drones can thus be traced.

Market Overview:

According to a report published by Grand View Research, Inc., the global anti-drone market is expected to reach nearly USD 1.8 billion by 2024. Widespread adoption of UAVs (Undefined Aerial Vehicles) or drones fuels the demand for anti-drone systems. These systems track the presence of illicit drones. Airbus Group SE; The Boeing Company; Blighter Surveillance Systems; Droneshield Ltd.; and Dedrone GmbH are some of the major companies operating in the global anti-drone market.

In-depth report on Anti-Drone Market by Grand View Research:

http://www.grandviewresearch.com/industry-analysis/anti-drone-market