Market Research Report
2017 Intelligent Virtual Agent Product and Market Report
|Published by||DMG Consulting LLC||Product code||530129|
Delivery time: 1-2 business days
|2017 Intelligent Virtual Agent Product and Market Report|
|Published: July 19, 2017||Content info:||
The inaugural edition of DMG Consulting's Intelligent Virtual Agent Product and Market Report covers all aspects of this emerging IT sector, which is rightfully attracting a great deal of interest because of its numerous uses and benefits for enterprises, contact centers and customers. This Report focuses on contact center and customer service-related uses of intelligent virtual agents (IVAs). These "smart" applications represent the future of self-service; for the first time in over two decades, enterprises have innovative and effective options for building and enhancing self-service environments. However, it's important to separate hype from reality, and this Report clearly delineates which capabilities are real and what is still under development.
The market is ready for IVAs. These solutions use artificial intelligence (AI), machine learning and other technologies to produce highly innovative and exciting self-service capabilities for enterprises and their customers. IVAs are designed to emulate human conversations and interactions. They can provide assistance for many activities that previously required the attention of live agents, including customer service, help desk, product information, marketing, sales, placing orders and reservations, and more. These solutions are capable of delivering an intelligent and personalized customer experience.
IVAs , also known as "bots," "chatbots," "virtual assistants," "virtual agents," and a wide variety of other synonyms, are "smarter" and more accurate than their voice self-service predecessors. They are also far more advanced than natural language processing (NLP)-based interactive voice response (IVR) systems. IVAs make it possible to build advanced speech and digital-enabled self-service solutions that are cost effective and appealing to customers, who actually prefer to help themselves in this channel, as long as it works .
AI-based applications are a "hot" topic in the world of technology, although this concept has been talked about for over 30 years. The new AI-based solutions address a wide variety of enterprise and contact center needs. And what we are seeing today is just the beginning, as there are billions of dollars of investments being made in these solutions. Next-gen IVAs with more self-learning capabilities are on the horizon. In the future, IVAs will use an increasing amount of self-learning technology that allows them to get "smarter" over time and adapt to customers' individual preferences as they "learn" from past interactions to improve their understanding of what customers want and need.
The time for IVAs is now. Many companies are using voice self-service technologies that are 10 - 20 years old and long past their prime. Even if your current IVR handles a large percentage of calls, it's time to revisit and update your self-service environment to improve its effectiveness and the customer experience. IVAs have the potential to revolutionize the world of self-service. They can automate activities that do not require the cognitive capabilities of a live agent, and for interactions that do require live assistance, they can use their "smarts" to route the customer to the most appropriately skilled representative. If IVAs can automate just a few percentage points of additional calls (or emails and chat sessions) that previously required live assistance, their adoption will be higher and more rapid than for most new IT segments.
The 2017 Intelligent Virtual Agent Product and Market Report is the only in-depth analysis of these emerging solutions. It provides a timely and thorough analysis of the overall market and 7 innovative vendors who offer a broad range of solutions that address customer service, contact centers and other enterprise uses. The 6 vendors covered in detail in this Report are: 7, Astute Solutions, Creative Virtual, Interactions, Next IT and SmartAction. Artificial Solutions is covered at a higher level.