A smart advisor is an application program used to understand natural language and complete all electronic tasks for an end user. Smart advisors are subject oriented and perform tasks such as taking dictations, reading texts or emailing messages, look up for phone numbers, anticipate requests, place calls, and remind users about appointments, these tasks were earlier performed by a personal assistant. Smart advisors are programmed with artificial intelligence, machine learning, and voice recognition technology. In near future, technological advancements will provide smart advisors built on cognitive computing technology, which will enable the user to carry multi-step request and perform more complex tasks.
Increasing adoption of artificial intelligence in various industries for automation of processes, increasing internet penetration, and rising adoption of smartphones are major factors driving growth of the global smart advisor market. In addition, increasing adoption of smart advisor by banks, financial institution, and small and large-scale enterprises owing to factors such as increased revenue generation and customer retention are further driving growth of the global smart advisor market. Rising adoption of Internet of Things (IoT) and cloud-based solutions and services are further fueling growth of the global smart advisor market.
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High initial and deployment costs coupled with complexities in deployment are major factors hampering growth of the global smart advisor market. In addition, lack of awareness and lack of expertise are some other factors further hampering growth of the global smart advisor market.
Rising need for integrated patient management to provide high end-to-end service are factors boosting adoption of smart advisor technology in healthcare industry, which is expected to fuel growth of the global smart advisor market during the forecast market.
The global smart advisor market is segmented On the basis of type, usage, application, and region.
North America holds the largest revenue share and is expected to be the largest market in terms of revenue contribution during the forecast period. This is attributed to early adoption of technology and rising demand for smart solutions and services. The market in Europe accounts for XX.X% of the global revenue share. The market is Asia Pacific is expected to witness significant growth and is expected to register a CAGR of XX.X% during the forecast period. Rising adoption of this technology in various industries is a major factor fueling growth of the market in this region.
Key players in the global smart advisor market are Artificial Solutions, Nuance Communications Inc., IBM Watson, eGain Corporation, Next IT Corporation, 24/7 Customer Inc., Creative Virtual Pvt. Ltd., CX Company, Codebaby (iDAvatars), and Speaktoit Inc.
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