HOME Top Market Reports Smart Advisors Market by Type (Software, and Services), Usage (Websites, Contact Centers, Social Media, and Mobile Platform), Deployment Type (On-Premises, and On-Cloud), Industry Verticals (Healthcare, Retail, Education), End User - Global Forecast to 2021

Smart Advisors Market by Type (Software, and Services), Usage (Websites, Contact Centers, Social Media, and Mobile Platform), Deployment Type (On-Premises, and On-Cloud), Industry Verticals (Healthcare, Retail, Education), End User - Global Forecast to 2021

By: marketsandmarkets.com
Publishing Date: October 2016
Report Code: TC 4647

 

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The smart advisors market is estimated to grow from USD 703.3 Million in 2016 to USD 3,172.0 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 35.2% during 2016–2021. The base year considered for the study is 2015 and the market size forecast is from 2016 to 2021.

Objectives of the study:

  • To define, describe, and forecast the market on the basis of five regions, namely, North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
  • To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges).
  • To strategically analyze each sub-segment with respect to individual growth trends, future prospects, and contribution to the total market.
  • To analyze the opportunities in the market for stakeholders by identifying high-growth segments of the smart advisors market.
  • To strategically profile key players of the market and comprehensively analyze their core competencies in the market.
  • To track and analyze competitive developments, such as new product launches, mergers & acquisitions, partnerships, agreements, and collaborations in the global market.

The research methodology used to estimate and forecast the smart advisors market begins with capturing data on key vendor revenues and the market size of the individual segments through secondary sources such as International Virtual Assistant Association (IVAA). The vendor offerings are also taken into consideration to determine market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market from the individual technology segment. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key industry personnel, such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary discussion participants is depicted in the below figure:

Smart Advisors Market

To know about the assumptions considered for the study, download the pdf brochure

The smart advisors market ecosystem include technology vendors such as IBM Watson (New York, U.S.), Nuance Communications Inc. (Massachusetts, U.S.), eGain Corporation (California, U.S.), Artificial Solutions (Stockholm, Sweden), Creative Virtual Pvt. Ltd. (London, U.K.), Next IT Corporation (Washington, U.S.), CX Company (Rotterdam, The Netherlands), Speaktoit Inc. (California, U.S.), 24/7 Customer Inc. (California, U.S.), and Codebaby (iDAvatars) (Mequon, U.S.) among others, which provide numerous IT and non-IT components required for smart advisors software deployment as well as assessment, consulting, system integration, and support services to smart advisors platform.

Key Target Audience

  • System design and development vendors
  • System integrators/migration service providers
  • Consultants/consultancies/advisory firms
  • Support and maintenance service providers
  • Network service providers
  • Smart advisors product and solution provider companies
  • Academic and research institutes
  • Government associations

Scope of the Report

The research report categorizes the smart advisors market to forecast the revenues and analyze the trends in each of the following subsegments:

By Type 

  • Software
  • Services
  • Professional services
  • Managed services

By Usage

  • Websites
  • Contact Centers
  • Social media
  • Mobile platform

By Industry Vertical

  • Financial services
  • Healthcare
  • Communication
  • Retail
  • Travel and hospitality
  • Government
  • Education
  • Utilities
  • Others

By Deployment Type

  • On-premises
  • On-cloud

By End User

  • Small and medium enterprises
  • Large enterprises

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Middle East and Africa (MEA)
  • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customization as per the company’s specific requirements. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 25)

4 Premium Insights (Page No. - 32)
    4.1 Attractive Market Opportunities in the Global Smart Advisors Market
    4.2 Market, By Type
    4.3 Global Market
    4.4 Lifecycle Analysis, By Region 2016

5 Smart Advisors Market Overview (Page No. - 34)
    5.1 Introduction
    5.2 Market Evolution
    5.3 Market Segmentation
           5.3.1 By Type
           5.3.2 By Service
           5.3.3 By Usage
           5.3.4 By Industry Vertical
           5.3.5 By Deployment Type
           5.3.6 By End User
           5.3.7 By Region
    5.4 Market Dynamics
           5.4.1 Drivers
                    5.4.1.1 Proliferating Demand of Intelligent Customer Engagement
                    5.4.1.2 Increasing Penetration of Websites and Mobile Applications
                    5.4.1.3 Surge in Demand of Automated Patient Management Tools in the Healthcare Industry
                    5.4.1.4 Strong Need to Understand Consumer Behavior
                    5.4.1.5 Adoption of Cloud-Based Technology
           5.4.2 Restraints
                    5.4.2.1 Lack of Awareness Owing to Relatively Early Presence in Tech-Adoption Life Cycle
                    5.4.2.2 High Deployment Cost as Well as System Integration Complexities
           5.4.3 Opportunities
                    5.4.3.1 Value Addition By Integrating Natural Language Processing (NLP)
                    5.4.3.2 Growing Number of Social Media Platforms
                    5.4.3.3 Proliferation in Demand of Intuitive Digital Shopping Experience in the Retail Sector
           5.4.4 Challenges
                    5.4.4.1 Lack of Technically Skilled Resources Which Can Effectively Use and Manage the Smart Advisor Tools
                    5.4.4.2 Impact on Business Application

6 Smart Advisors Market: Industry Trends (Page No. - 45)
    6.1 Value Chain Analysis
    6.2 Strategic Benchmarking
    6.3 Technology Architecture
           6.3.1 Speech Recognition
           6.3.2 Natural Language Processing
           6.3.3 Machine Learning
           6.3.4 Text-To-Speech

7 Smart Advisors Market Analysis, By Type (Page No. - 50)
    7.1 Introduction
    7.2 Software
    7.3 Services
           7.3.1 Professional Services
           7.3.2 Managed Services

8 Smart Advisors Market Analysis, By Usage (Page No. - 57)
    8.1 Introduction
    8.2 Websites
    8.3 Contact Centers
    8.4 Social Media
    8.5 Mobile Platform

9 Smart Advisors Market Analysis, By Industry Vertical (Page No. - 63)
    9.1 Introduction
    9.2 Financial Services
    9.3 Healthcare
    9.4 Communication
    9.5 Retail
    9.6 Travel and Hospitality
    9.7 Government
    9.8 Education
    9.9 Utilities
    9.10 Others

10 Smart Advisors Market Analysis, By Deployment Type (Page No. - 74)
     10.1 Introduction
     10.2 On-Premises
     10.3 On-Cloud

11 Smart Advisors Market Analysis, By End User (Page No. - 78)
     11.1 Introduction
     11.2 Small and Medium Enterprises
     11.3 Large Enterprises

12 Geographic Analysis (Page No. - 82)
     12.1 Introduction
     12.2 North America
     12.3 Europe
     12.4 Asia-Pacific
     12.5 Middle East and Africa (MEA)
     12.6 Latin America

13 Competitive Landscape (Page No. - 103)
     13.1 Overview
     13.2 Competitive Situations and Trends
             13.2.1 Partnerships, Agreements, and Collaborations
             13.2.2 New Product Launches
             13.2.3 Mergers and Acquisitions

14 Company Profiles (Page No. - 108)
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
     14.1 Introduction
     14.2 IBM Watson
     14.3 Nuance Communications, Inc.
     14.4 Egain Corporation
     14.5 Artificial Solutions
     14.6 Creative Virtual Pvt. Ltd.
     14.7 Next IT Corporation
     14.8 CX Company
     14.9 Speaktoit, Inc.
     14.10 24/7 Customer, Inc.
     14.11 Codebaby (Idavatars), Inc.

*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

15 Key Innovators (Page No. - 138)
     15.1 Anboto
     15.2 Existor Ltd.
     15.3 Synthetix
     15.4 Viclone
     15.5 AIVO
     15.6 Inbenta
     15.7 Kasisto
     15.8 Nohold, Inc.
     15.9 Smartaction Company, LLC
     15.10 Verbio Technologies
     15.11 Eidoserve Inc.

16 Appendix (Page No. - 145)
     16.1 Other Developments
             16.1.1 Partnerships, Collabrations and Agreements
             16.1.2 New Product Launches
             16.1.3 Mergers and Acquisitions
     16.2 Discussion Guide
     16.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     16.4 Introduction RT: Real-Time Market Intelligence
     16.5 Available Customizations
     16.6 Related Reports


List of Tables (64 Tables)

Table 1 Smart Advisors Market Size and Growth, 2014–2021 (USD Million, Y-O-Y %)
Table 2 Market Size, By Type, 2014–2021 (USD Million)
Table 3 Market Size, By Type, 2014–2021 (USD Million)
Table 4 Market Size, By Region, 2014–2021 (USD Million)
Table 5 Software: Smart Advisors Market Size, By Region, 2014-2021 (USD Million)
Table 6 Services: Market Size, By Type, 2014-2021 (USD Million)
Table 7 Services: Market Size, By Region, 2014-2021 (USD Million)
Table 8 Professsional Services: Market Size, By Region, 2014-2021 (USD Million)
Table 9 Managed Services: Market Size, By Region, 2014-2021 (USD Million)
Table 10 Market Size, By Usage, 2014–2021 (USD Million)
Table 11 Websites: Smart Adviors Market Size, By Region, 2014-2021 (USD Million)
Table 12 Contact Centers:Market Size, By Region, 2014-2021 (USD Million)
Table 13 Social Media:Market Size, By Region, 2014-2021 (USD Millions)
Table 14 Mobile Platform: Market Size, By Region, 2014-2021 (USD Millions)
Table 15 Market Size, By Industry Vertical, 2014–2021 (USD Million)
Table 16 Financial Services: Market Size, By Region, 2014–2021 (USD Million)
Table 17 Healthcare: Market Size, By Region, 2014–2021 (USD Million)
Table 18 Communication: Smart Advisors Market Size, By Region, 2014–2021 (USD Million)
Table 19 Retail: Market Size, By Region, 2014-2021 (USD Million)
Table 20 Travel and Hospitality: Market Size, By Region, 2014-2021 (USD Million)
Table 21 Government: Market Size, By Region, 2014-2021 (Million)
Table 22 Education: Market Size, By Region, 2014-2021 (Million)
Table 23 Utilities: Market Size, By Region, 2014-2021 (Million)
Table 24 Others: Market Size, By Region, 2014-2021 (Million)
Table 25 Market Size, By Deployment Type, 2014-2021 (Million)
Table 26 On-Premises: Smart Advisors Market Size, By Region, 2014-2021 (Million)
Table 27 On-Cloud: Market Size, By Region, 2014-2021 (Million)
Table 28 Market Size, By End User, 2014-2021 (Million)
Table 29 Small and Medium Enterprises: Market Size, By Region, 2014-2021 (Million)
Table 30 Large Enterprises: Market Size, By Region, 2014-2021 (Million)
Table 31 Market Size, By Region, 2014–2021 (USD Million)
Table 32 North America: Smart Advisors Market Size, By Type, 2014–2021 (USD Million)
Table 33 North America: Market Size, By Service, 2014–2021 (USD Million)
Table 34 North America: Market Size, By Usage, 2014–2021 (USD Million)
Table 35 North America: Market Size, By Industry Vertical, 2014-2021 (USD Million)
Table 36 North America: Market Size, By Deployment Type, 2014-2021 (USD Million)
Table 37 North America: Market Size, By End User, 2014-2021 (USD Million)
Table 38 Europe: Smart Advisors Market Size, By Type, 2014–2021 (USD Million)
Table 39 Europe: Market Size, By Service, 2014–2021 (USD Million)
Table 40 Europe: Market Size, By Usage, 2014–2021 (USD Million)
Table 41 Europe: Market Size, By Industry Vertical, 2014-2021 (USD Million)
Table 42 Europe: Market Size, By Deployment Type, 2014-2021 (USD Million)
Table 43 Europe: Market Size, By End User, 2014-2021 (USD Million)
Table 44 Asia-Pacific: Smart Advisors Market Size, By Type, 2014–2021 (USD Million)
Table 45 Asia-Pacific: Market Size, By Service, 2014–2021 (USD Million)
Table 46 Asia-Pacific: Market Size, By Usage, 2014–2021 (USD Million)
Table 47 Asia-Pacific: Market Size, By Industry Vertical, 2014-2021 (USD Million)
Table 48 Asia-Pacific: Market Size, By Deployment Type, 2014-2021 (USD Million)
Table 49 Asia-Pacific: Market Size, By End User, 2014-2021 (USD Million)
Table 50 Middle East and Africa: Smart Advisors Market Size, By Type, 2014–2021 (USD Million)
Table 51 Middle East and Africa: Market Size, By Service, 2014–2021 (USD Million)
Table 52 Middle East and Africa: Market Size, By Usage, 2014–2021 (USD Million)
Table 53 Middle East and Africa: Market Size, By Industry Vertical, 2014–2021 (USD Million)
Table 54 Middle East and Africa: Market Size, By Deployment Type, 2014–2021 (USD Million)
Table 55 Middle East and Africa: Market Size, By End User, 2014–2021 (USD Million)
Table 56 Latin America: Smart Advisors Market Size, By Type, 2014–2021 (USD Million)
Table 57 Latin America: Market Size, By Service, 2014–2021 (USD Million)
Table 58 Latin America: Market Size, By Usage, 2014–2021 (USD Million)
Table 59 Latin America: Market Size, By Industry Vertical, 2014–2021 (USD Million)
Table 60 Latin America: Market Size, By Deployment Type, 2014–2021 (USD Million)
Table 61 Latin America: Market Size, By End User, 2014–2021 (USD Million)
Table 62 Partnerships, Agreements, and Collaborations, 2015–2016
Table 63 New Product Launches, 2014–2015
Table 64 Mergers and Acquisitions, 2015–2016


List of Figures (51 Figures)

Figure 1 Global Smart Advisors Market: Research Design
Figure 2 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Global Smart Advisors Market Size and Growth Rate, 2014-2021 (USD Million, Y-O-Y %)
Figure 7 Services Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 8 Professional Services Segment is Expected to Hold the Largest Market Size During the Forecast Period
Figure 9 Mobile Platform Segment is Expected to Grow at the Highest CAGR From 2016 to 2021
Figure 10 Healthcare Vertical is Expected to Grow at the Highest CAGR From 2016 to 2021
Figure 11 On-Cloud Deployment is Expected to Grow at the Highest CAGR From 2016 to 2021
Figure 12 Small and Medium Enterprises Segment is Expected to Grow at the Highest CAGR From 2016 to 2021
Figure 13 Fastest-Growing Segments of the Smart Advisors Market
Figure 14 North America is Estimated to Hold the Largest Market Share in 2016
Figure 15 Proliferating Demand of Intelligent Customer Engagement Tools and Rise in the Adoption of Cloud-Based Technology is Expected to Boost the Market
Figure 16 Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 17 North America is Expected to Hold the Largest Share of the Market in 2016
Figure 18 The Smart Advisors Market has Immense Opportunities for Growth in Asia-Pacific
Figure 19 Evolution of the Market
Figure 20 Market Segmentation, By Type
Figure 21 Market Segmentation, By Service
Figure 22 Market Segmentation, By Usage
Figure 23 Market Segmentation, By Industry Vertical
Figure 24 Market Segmentation, By Deployment Type
Figure 25 Market Segmentation, By End User
Figure 26 Market Segmentation, By Region
Figure 27 Smart Advisors Market: Drivers, Restraints, Opportunities, and Challenges
Figure 28 Market: Value Chain
Figure 29 Strategic Benchmarking: Technology Integration and Product Enhancement
Figure 30 Technology Architecture
Figure 31 Services Segment is Expected to Grow at the Higher CAGR During the Forecast Period
Figure 32 Mobile Platform Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 33 Healthcare Vertical is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 34 On-Cloud Deployment is Expected to Grow at the Higher CAGR During the Forecast Period
Figure 35 Small and Medium Enterprises Segment is Expected to Grow at the Higher CAGR During the Forecast Period
Figure 36 North America to Hold the Largest Market Share in the Global Smart Advisors Market During the Forecast Period
Figure 37 Regional Snapshot: Asia-Pacific is the Emerging Region in the Market
Figure 38 North America Market Snapshot: Increasing Penetration of Websites and Mobile Applications is A Major Factor Contributing Towards the Growth of the Market
Figure 39 Asia-Pacific Market Snapshot: Proliferation of Internet Services, Surge in Mobility, and Rapid Internet Penetration are Some of the Major Factors Contributing Towards the Growth of the Market
Figure 40 Companies Adopted the Strategy of Partnerships, Agreements, and Collaborations as the Key Growth Strategy
Figure 41 Market Evaluation Framework
Figure 42 Battle for Market Share: the Strategy of Partnerships, Agreements, and Collaborations is the Key Strategy Adopted By Key Players
Figure 43 IBM Watson: Company Snapshot
Figure 44 IBM Watson: SWOT Analysis
Figure 45 Nuance Communications, Inc.: Company Snapshot
Figure 46 Nuance Communications, Inc.: SWOT Analysis
Figure 47 Egain Corporation: Company Snapshot
Figure 48 Egain Corporation: SWOT Analysis
Figure 49 Artificial Solutions: SWOT Analysis
Figure 50 Creative Virtual Pvt. Ltd.: SWOT Analysis
Figure 51 Next IT Corporation: SWOT Analysis

The smart advisors market size is estimated to grow from USD 703.3 Million in 2016 and to USD 3,172.0 Million by 2021, at a CAGR of 35.2% from 2016 to 2021. Some of the major factors that are driving the growth of the market include the proliferating demand of intelligent customer engagement, increasing penetration of websites & mobile applications, and surge in demand of automated patient management tools in healthcare industry. Furthermore, due to the rise in the demand for integrated and next generation technology, evolution of cloud-based solutions, and increasing wave of mobile applications, there are huge growth opportunities expected for the market in the next five years.

The scope of this report covers the smart advisors market analysis by type, services, usage, industry verticals, deployment type, end users, and region. The services segment is expected to grow at the highest CAGR during the forecast period, which supports the implementation of smart advisors solutions across various industries.

The mobile platform segment is expected to grow at the highest CAGR during the forecast period due to the increasing mobile users and BYOD. Growing needs of integrated patient engagement for better physician experience, comprehensive patient documentations, medicines, doctor visits and check-ups reminder systems, patient education, Electronic Health Records (EHR), is projected to increase the adoption of smart advisors across healthcare industry, hence the healthcare industry is expected to grow at a faster rate.

On-Cloud deployment type holds the largest market share and is expected to grow at the highest CAGR during the forecast period. The cloud-based smart advisor market solution reduces the up-front costs and eliminates maintenance of the server. Large enterprise is expected to have the largest market share during the forecast period. Customer retention and better revenue generation is leading towards the growth of smart advisors technology adoption in the large enterprises.

As per the geographic analysis, the adoption of smart advisors market solutions across APAC is estimated to rise at a significant rate due to the growing advancement in the technology and industries. These factors would drive market awareness about the business value and return on investment, which can be realized in the long run. The regional analysis of the market involves the classification of the type, usage, industry verticals, deployment type, and end users into North America, Europe, APAC, MEA, and Latin America.

Smart Advisors Market

A few of the restraining factors that affect the growth of the market include lack of awareness owing to relatively early presence in tech-adoption life cycle, high deployment cost as well as system integration complexities and lack of expertise. The major smart advisors solution vendors profiled in the report include IBM Watson (New York, U.S.), Nuance Communications Inc. (Massachusetts, U.S.), eGain Corporation (California, U.S.), Artificial Solutions (Stockholm, Sweden), Creative Virtual Pvt. Ltd. (London, UK), Next IT Corporation (Washington, U.S.), CX Company (Rotterdam, The Netherlands), Speaktoit Inc. (California, U.S.), 24/7 Customer Inc. (California, U.S.), and Codebaby (iDAvatars) (Mequon, U.S.) These players have adopted various strategies such as new product developments, mergers, strategic partnerships and collaborations, and regional expansions to cater to the needs of the global smart advisors market.

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