Significant advances in combining natural language processing (NLP) with other forms of artificial intelligence (AI), primarily machine learning and deep learning, are making enterprise virtual digital assistants (VDAs) more intelligent and useful. Over the next 3 to 5 years, natural language AI will continue to improve and sentiment and emotion recognition AI will evolve. According to a new report from Tractica, these advancements and other market factors have expanded the use cases for enterprise AI-driven VDAs beyond customer service & marketing into other applications which will generate significant direct software revenue.
VDAs will become an increasingly significant interface that enterprises can use for both externally-facing and internally-facing purposes. Externally-facing use cases include handling customer service, marketing, and commerce transactions, while internally-facing use cases include running enterprise application software, productivity and collaboration applications, and administration functions. Tractica forecasts strong growth in enterprise VDA software revenue, rising from $1.3 billion in 2018 to more than $8.9 billion in 2025.
“While the use of VDAs has not reached mass-market adoption at either the global or country level, the market for AI-driven enterprise VDAs is beginning to show signs of maturity, particularly for the customer service & marketing use case,” says principal analyst Mark Beccue. “VDAs in these application areas are becoming more common and vendors are able to show real-life ROI.”
Tractica’s report, “Virtual Digital Assistants for Enterprise Applications,” examines the market and technology issues surrounding enterprise VDAs and presents profiles for key industry players throughout the ecosystem. It analyzes how enterprise VDAs will be used across multiple channels in four key use cases: customer service & marketing, e-commerce & sales, business applications, and healthcare VDAs. Tractica also presents global market forecasts for enterprise VDA software, segmented by region, solution type, and use case, covering the period from 2018 through 2025. An Executive Summary of the report is available for free download on the firm’s website.
Tractica, an Informa business, is a market intelligence firm that focuses on emerging technologies. Tractica’s global market research and consulting services combine qualitative and quantitative research methodologies to provide a comprehensive view of the emerging market opportunities surrounding Artificial Intelligence, Robotics, User Interface Technologies, Advanced Computing and Connected & Autonomous Vehicles. For more information, visit www.tractica.com or call +1.303.248.3000.