Conversational AI: Intelligent Virtual Assistants and the road ahead.

In a fast-moving world, customers require efficiency and promptness when talking to any company. Here is where chatbots and Intelligent Virtual Assistants (IVAs) come into play. Thanks to their ability to engage into more advanced conversations, unlike rule-based chatbots, AI-powered systems are equipped with a multitude of features to assist and even entertain the users in their day-to-day activities. In addition to their customizable features, their self-learning ability and scalability have lead virtual assistants to gain popularity across various global enterprises. According to Grand View Research, the global intelligent virtual assistant market size was valued at USD 3.7 billion in 2019, growing at a Compound Annual Growth Rate (CAGR) of 34.0% over the forecast period.