The Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market would witness market growth of 25.0% CAGR during the forecast period (2022-2028).
The words a user speaks or enters are processed by intelligent virtual assistants and turned into digital data that the software may analyze. The program employs a cutting-edge speech recognition algorithm to determine the most likely response. The software gradually learns, as the volume of searches rises, what users desire when they enter a particular response. This enhances the responsiveness and quickness of replies.
Users engage with a product that closely resembles a human agent Some customers who choose the text-based option might mistakenly think they are messaging an agent. Even for individuals who are aware that the system is still an automated bot, the IVA system should function to provide them with the prompt assistance they need. Older chat-based systems frequently malfunction at this point because they can send users down irritating and counterproductive pathways without providing many options for escape.
The creation of AI-powered IVAs for business discussion has demonstrated that they are quite successful in delivering services and carrying out business tasks like organizing appointments and consulting across numerous industries. Businesses are releasing goods that let an app or device function as an AI agent. For instance, SBI Card (India) launched the debut of "ELA" (Electronic Live Assistant) in July 2018. This virtual assistant is used for customer care and support. By responding to consumer inquiries in a timely and suitable manner, it is powered by artificial intelligence and machine learning (ML) and intended to enhance the customer experience.
The China market dominated the Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $414.6 million by 2028. The Japan market is estimated to grow a CAGR of 24.2% during (2022 - 2028). Additionally, The India market would experience a CAGR of 25.7% during (2022 - 2028).
Based on Product, the market is segmented into Chatbots and Smart Speakers. Based on User Interface, the market is segmented into Text-to-Text, Text-to-Speech, and Automatic Speech Recognition. The report also covers geographical segmentation of Intelligent Virtual Assistant (IVA) Based Banking market. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Intelligent Virtual Assistant (IVA) Based Banking Market is Projected to reach USD 5.1 Billion by 2028, at a CAGR of 24.3%
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
By User Interface
- Text-to-Text
- Text-to-Speech
- Automatic Speech Recognition
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
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.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market, by Product
1.4.2 Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market, by User Interface
1.4.3 Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market, by Country
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. Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by Product
3.1 Asia Pacific Chatbots Market by Country
3.2 Asia Pacific Smart Speakers Market by Country
Chapter 4. Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
4.1 Asia Pacific Text-to-Text Market by Country
4.2 Asia Pacific Text-to-Speech Market by Country
4.3 Asia Pacific Automatic Speech Recognition Market by Country
Chapter 5. Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by Country
5.1 China Intelligent Virtual Assistant (IVA) Based Banking Market
5.1.1 China Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.1.2 China Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.2 Japan Intelligent Virtual Assistant (IVA) Based Banking Market
5.2.1 Japan Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.2.2 Japan Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.3 India Intelligent Virtual Assistant (IVA) Based Banking Market
5.3.1 India Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.3.2 India Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.4 South Korea Intelligent Virtual Assistant (IVA) Based Banking Market
5.4.1 South Korea Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.4.2 South Korea Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.5 Singapore Intelligent Virtual Assistant (IVA) Based Banking Market
5.5.1 Singapore Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.5.2 Singapore Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.6 Malaysia Intelligent Virtual Assistant (IVA) Based Banking Market
5.6.1 Malaysia Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.6.2 Malaysia Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface
5.7 Rest of Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market
5.7.1 Rest of Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by Product
5.7.2 Rest of Asia Pacific 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
TABLE 1 Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market, 2018 - 2021, USD Million
TABLE 2 Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market, 2022 - 2028, USD Million
TABLE 3 Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2018 - 2021, USD Million
TABLE 4 Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2022 - 2028, USD Million
TABLE 5 Asia Pacific Chatbots Market by Country, 2018 - 2021, USD Million
TABLE 6 Asia Pacific Chatbots Market by Country, 2022 - 2028, USD Million
TABLE 7 Asia Pacific Smart Speakers Market by Country, 2018 - 2021, USD Million
TABLE 8 Asia Pacific Smart Speakers Market by Country, 2022 - 2028, USD Million
TABLE 9 Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2018 - 2021, USD Million
TABLE 10 Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2022 - 2028, USD Million
TABLE 11 Asia Pacific Text-to-Text Market by Country, 2018 - 2021, USD Million
TABLE 12 Asia Pacific Text-to-Text Market by Country, 2022 - 2028, USD Million
TABLE 13 Asia Pacific Text-to-Speech Market by Country, 2018 - 2021, USD Million
TABLE 14 Asia Pacific Text-to-Speech Market by Country, 2022 - 2028, USD Million
TABLE 15 Asia Pacific Automatic Speech Recognition Market by Country, 2018 - 2021, USD Million
TABLE 16 Asia Pacific Automatic Speech Recognition Market by Country, 2022 - 2028, USD Million
TABLE 17 Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by Country, 2018 - 2021, USD Million
TABLE 18 Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by Country, 2022 - 2028, USD Million
TABLE 19 China Intelligent Virtual Assistant (IVA) Based Banking Market, 2018 - 2021, USD Million
TABLE 20 China Intelligent Virtual Assistant (IVA) Based Banking Market, 2022 - 2028, USD Million
TABLE 21 China Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2018 - 2021, USD Million
TABLE 22 China Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2022 - 2028, USD Million
TABLE 23 China Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2018 - 2021, USD Million
TABLE 24 China Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2022 - 2028, USD Million
TABLE 25 Japan Intelligent Virtual Assistant (IVA) Based Banking Market, 2018 - 2021, USD Million
TABLE 26 Japan Intelligent Virtual Assistant (IVA) Based Banking Market, 2022 - 2028, USD Million
TABLE 27 Japan Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2018 - 2021, USD Million
TABLE 28 Japan Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2022 - 2028, USD Million
TABLE 29 Japan Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2018 - 2021, USD Million
TABLE 30 Japan Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2022 - 2028, USD Million
TABLE 31 India Intelligent Virtual Assistant (IVA) Based Banking Market, 2018 - 2021, USD Million
TABLE 32 India Intelligent Virtual Assistant (IVA) Based Banking Market, 2022 - 2028, USD Million
TABLE 33 India Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2018 - 2021, USD Million
TABLE 34 India Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2022 - 2028, USD Million
TABLE 35 India Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2018 - 2021, USD Million
TABLE 36 India Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2022 - 2028, USD Million
TABLE 37 South Korea Intelligent Virtual Assistant (IVA) Based Banking Market, 2018 - 2021, USD Million
TABLE 38 South Korea Intelligent Virtual Assistant (IVA) Based Banking Market, 2022 - 2028, USD Million
TABLE 39 South Korea Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2018 - 2021, USD Million
TABLE 40 South Korea Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2022 - 2028, USD Million
TABLE 41 South Korea Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2018 - 2021, USD Million
TABLE 42 South Korea Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2022 - 2028, USD Million
TABLE 43 Singapore Intelligent Virtual Assistant (IVA) Based Banking Market, 2018 - 2021, USD Million
TABLE 44 Singapore Intelligent Virtual Assistant (IVA) Based Banking Market, 2022 - 2028, USD Million
TABLE 45 Singapore Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2018 - 2021, USD Million
TABLE 46 Singapore Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2022 - 2028, USD Million
TABLE 47 Singapore Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2018 - 2021, USD Million
TABLE 48 Singapore Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2022 - 2028, USD Million
TABLE 49 Malaysia Intelligent Virtual Assistant (IVA) Based Banking Market, 2018 - 2021, USD Million
TABLE 50 Malaysia Intelligent Virtual Assistant (IVA) Based Banking Market, 2022 - 2028, USD Million
TABLE 51 Malaysia Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2018 - 2021, USD Million
TABLE 52 Malaysia Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2022 - 2028, USD Million
TABLE 53 Malaysia Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2018 - 2021, USD Million
TABLE 54 Malaysia Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2022 - 2028, USD Million
TABLE 55 Rest of Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market, 2018 - 2021, USD Million
TABLE 56 Rest of Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market, 2022 - 2028, USD Million
TABLE 57 Rest of Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2018 - 2021, USD Million
TABLE 58 Rest of Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by Product, 2022 - 2028, USD Million
TABLE 59 Rest of Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2018 - 2021, USD Million
TABLE 60 Rest of Asia Pacific Intelligent Virtual Assistant (IVA) Based Banking Market by User Interface, 2022 - 2028, USD Million
TABLE 61 Key Information – Google LLC
TABLE 62 Key Information – Amazon.com, Inc.
TABLE 63 Key information – IBM Corporation
TABLE 64 Key Information – Oracle Corporation
TABLE 65 Key information –Verint Systems, Inc.
TABLE 66 Key information - Artificial Solutions International AB
TABLE 67 Key Information – CSS Corp.
TABLE 68 Key Information – eGain Corporation
TABLE 69 Key Information – True Image Interactive, Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 SWOT Analysis: Alphabet Inc. (Google LLC)
FIG 3 SWOT analysis: Amazon.com, Inc.
FIG 4 Swot analysis: IBM Corporation
FIG 5 SWOT analysis: Oracle Corporation