Category : ICT | Delivery Format : PDF | Status: Forthcoming | Report ID : ARC2241
Rapid technological advancements in AI and rising adoption of AI from various end use industries with the focus on process automation are major factors expected to drive the growth of global smart advisors market.
In addition, increasing government spending on development of present infrastructure in order to facilitate the adoption of advanced technology allowing players to deliver customers with enhanced workflow experience this is another factor expected to support the growth of smart advisors market.
Strategic business expansion activities by major players through partnership and focused on introduction of innovative solutions in order to increase the customer base is expected to augment the growth of smart advisors market. In addition, players approach towards acquisition in order to enhance the service portfolio is also expected to impact the growth of market.
In 2020, Artificial Solutions a leading specialist in enterprise-strength conversational AI announced that it has acquired partnered with Blue Prism. The partnership was focused to enable enterprises to easily add advanced conversational interfaces to their business automations under the Technology Alliance Program (TAP). This is expected to help the company to enhance the business presence.
In 2020, the company also signed a partnership agreement with UiPath global robotic process automation (RPA) enterprise Software Company. The partnership was focused to enhance the UiPath customers experience by delivering end to end automation in the enterprise.
In 2020, Artificial Solutions partnered with Babel Sistema de información a global player in system integration. The partnership approach was towards using Teneo®, company’s conversational AI development platform, as a key component of the digital transformation services it provides to financial, telecommunications and public sector clients. This is expected to enhance the company customer base.
In 2020, Creative Virtual, a global player in customer and employee engagement solutions singed a commercial partnership with Spitch AG. Spitch AG is a global developer of enterprise speech solutions and in partnership with the company is focused on utilizing best-of-breed technologies of both companies to provide their customers with innovative self-service solutions.
In 2020, the company launched an innovative virtual agent and chatbot technology named Neutrino release of V-Person. The company launched the product with the focus to deliver the industry smartest solution while bringing together humans and artificial intelligence (AI) with powerful integration options and easy-to-manage workflows. This is expected to help the company to enhance the business presence and increase the revenue share.
Moreover, increasing use of social media and smart phones in developed and developing countries is expected to augment the growth of smart advisors market. Additionally, favorable business policies by the government and emergence of small and mid-size enterprises with innovative solution are expected to boost the market growth.
However, factors such as high initial cost of service and high data complexity are projected to hamper the growth of smart advisors market. Moreover, rising concerns related to data security and lack of skilled professionals would impact market growth.
High investment by major players, increasing spending on infrastructure development and integration of AI by major players; along with increasing partnership between regional and international players will create new opportunities for players operating in the smart advisors market.
Segment Analysis by Region
The market in North America is expected to account for major revenue share in the global smart advisors market due to availability of advanced infrastructure. In addition, high penetration of AI in various end use industries such as financial services, healthcare, consumer electronics, etc. and demand for solution to improve the customer experience are factors expected to support the growth of target market.
Increasing merger and acquisition activities by major players with the focus to enhance the business presence and increase the customer base that would drive the market in the region. Furthermore, increasing demand for machine learning in order to improve and perform different task would further support the growth of target market.
Competitive Landscape
The global smart advisors market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Report coverage
|
Market |
Global Smart Advisors Market |
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Analysis Period |
2016 – 2027 |
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Base Year |
2019 |
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Forecast Data |
2020 – 2027 |
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Market Stratification |
Type, End Use and Geography |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Smart Advisors Market Segment Analysis, 2019
The global smart advisors market is segmented into type and end use. The type segment is further bifurcated into software and service. Among the type segment the software segment is expected to account for major revenue share in the global market.
The end use segment is further divided into financial services, healthcare, consumer electronics, retails, travel & hospitality, government, education and others. Among the end use the financial segment is expected to account for significant revenue share due to rapid adoption of advanced solution in order to enhance the customer experience.
The players profiled in the report are Artificial Solutions, Creative Virtual Pvt. Ltd., CX Company, eGain Corporation, IBM Corp, iDAvatars (IDA), Ivanti, Next IT Corporation, and Nuance Communications Inc.
Market Segmentation
Market By Type
Software
Service
Market By End Use
Financial Services
Healthcare
Consumer Electronics
Retails
Travel & Hospitality
Government
Education
Others
Market By Region
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
