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2018 Intelligent Virtual Agent Product and Market Report

2018 Intelligent Virtual Agent Product and Market Report

The digital transformation is driving companies to reimagine their servicing strategies and operations. Now that artificial intelligence (AI) and speech recognition capabilities have become more accurate, the time is right for businesses to make long-overdue investments to improve their self-service capabilities with IVAs.

New-age self-service

It’s time for businesses to make long-overdue investments to improve their self-service capabilities with IVAs. Today’s leading service environments combine the best of self-service automation with human assisted elements. Recent advancements in AI technology, along with consumer preferences for self-service options in digital channels, are driving interest in and adoption of IVAs. IVAs are getting “smarter” thanks to increasing use of machine learning, which enables IVAs to “learn” from past interactions to improve their understanding of what customers want and need. IVAs assist agents by providing them with information drawn from knowledge bases, customer profiles and other online sources to optimize and personalize each customer interaction, allowing them to make the most of each service and sales opportunity. This results in reduced operating costs for the enterprise and a highly personalized experience for each and every person who reaches out to, or is contacted by, the organization.

Authoritative and in-depth analysis of this growth sector

The 2018 Intelligent Virtual Agent Product and Market Report provides a timely and thorough analysis of this sector and the 5 featured vendors who offer solutions to address service, contact centers and other enterprise functions. The Report analyzes vendors, products, functional capabilities, prices, and more. It includes information about the uses of these solutions, their benefits, and best practices to help realize the greatest return on an investment in IVAs. The 5 vendors covered in detail in this Report are: [24]7.ai, Artificial Solutions, Interactions, Omilia and Verint. Inbenta is covered at a higher level.

Key Elements of this Report:

  • Service deployment options for IVA solutions
  • Definition of IVAs: what they are, how they work, how they differ from robotic process automation (RPA), and an examination of the technical components that comprise these solutions
  • Market trends and challenges that are driving investments and influencing the direction of vendor research and development (R&D)
  • IVA market innovation, including new product features and what is planned to be delivered in the next 12 – 18 months
  • Discussion of the digital transformation of the front office, including top contact center initiatives  to lay the groundwork for success
  • Insightful look at how IVAs, artificial intelligence (AI), and machine learning are altering the servicing world and enabling the contact center of the future
  • A look at how IVAs combine the best of self-service automation augmented with human-assisted elements to raise the bar for self-service
  • Examination of the top front- and back-office uses of IVAs
  • Review and analysis of the IVA competitive landscape
  • IVA vendor market activity and 5-year projections
  • Overview of the 5 featured IVA vendors, including company snapshots, go-to-market strategies, product offerings and packaged/verticalized applications
  • Detailed side-by-side analysis of the functional and technical capabilities of the 5 featured IVA solutions
  • Implementation analysis, including vendor methodology, best practices, required resources, training and professional services, and maintenance and support
  • IVA benefits and return on investment (ROI) analysis
  • Review of IVA pricing strategies
  • Comprehensive customer satisfaction survey results that measure and rank vendors across 15 product components, 10 effectiveness categories and 11 vendor categories
  • Detailed company reports for the 6 IVA vendors, analyzing their products, functionality and future product development plans
  • IVA Glossary of Terms
  • Comprehensive IVA Vendor Directory
  1. Executive Summary
  2. Introduction
  3. DMG Consulting Research Methodology
    • 3.1 Report Participation Criteria
  4. Service Delivery Models
    • 4.1 Vendor Service Delivery Options
  5. What are Intelligent Virtual Agents?
    • 5.1 DMG Definition of IVAs
    • 5.2 Vendor Definitions
    • 5.3 IVA vs. RPA
    • 5.4 Technical Components of IVAs
  6. IVA Trends
  7. IVA Challenges
  8. IVA Market Innovation
    • 8.1 New Product Features
    • 8.2 Emerging Capabilities
  9. Digital Transformation of the Front Office
  10. The AI-Enabled Contact Center
    • 10.1 AI and Machine Learning Enter the Service World
  11. IVAs Disrupt the Self-Service Landscape
    • 11.1 Omni-Channel and Self-Service Capabilities
  12. IVA Front- and Back-Office Uses
  13. IVA Competitive Landscape
    • 13.1 Technology Sectors Delivering IVA Solutions
  14. IVA Market Activity
  15. IVA Market Projections
  16. IVA Vendors and Solutions
    • 16.1 Company Snapshot
    • 16.2 Go-to-Market Strategy
    • 16.3 Vendor Offerings and Products
    • 16.4 Packaged/Verticalized Solutions
  17. IVA High-Level Technical Summary
    • 17.1 Integration
    • 17.2 Accuracy and Tuning
  18. IVA High-Level Functional Summary
    • 18.1 Administration/Design and Development Environment
    • 18.2 Security
    • 18.3 Dashboards, Reporting and Analytics
  19. IVA Implementation Analysis
    • 19.1 Implementation Best Practices
    • 19.2 Resources
    • 19.3 Training and Professional Services
    • 19.4 Maintenance and Support
  20. IVA Benefits and Return on Investment
  21. IVA Pricing Structure
  22. IVA Customer Satisfaction Survey
    • 22.1 Summary of Survey Findings and Analysis: Vendor Categories
      • 22.1.1 Vendor Satisfaction by Sub-Category and Customer
    • 22.2 Summary of Survey Findings and Analysis: Product Categories
      • 22.2.1 Product Satisfaction by Sub-Category and Customer
    • 22.3 Summary of Survey Findings and Analysis: Product Effectiveness
      • 22.3.1 Product Effectiveness by Sub-Category and Customer
    • 22.4 Customer Background and Insights
      • 22.4.1 Top IVA Use Cases
      • 22.4.2 Business Units Using IVAs
      • 22.4.3 IVA Omni-Channel Support
      • 22.4.4 Top Challenges to Solve with an IVA
      • 22.4.5 Strengths of IVA Solutions
      • 22.4.6 Recommendation
      • 22.4.7 Product Enhancements
      • 22.4.8 Additional Comments
  23. Company Reports
    • 23.1 [24]7.ai, Inc.
    • 23.2 Artificial Solutions
    • 23.3 Inbenta Technologies
    • 23.4 Interactions LLC
    • 23.5 Omilia Natural Language Solutions Ltd.
    • 23.6 Verint Systems

Appendix A: IVA Glossary of Terms
Appendix B: IVA Vendor Directory

Table of Figures

  • Figure 1: DMG’s Service Delivery Model Definitions
  • Figure 2: IVA Vendor Service Delivery Options
  • Figure 3: Vendor IVA Definitions
  • Figure 4: IVAs vs. RPA
  • Figure 5: Product Overview
  • Figure 6: Technical Components Summary
  • Figure 7: 2018 IVA Trends
  • Figure 8: 2018 IVA Challenges
  • Figure 9: New Product Features, by Vendor
  • Figure 10: New Product Features, by Category
  • Figure 11: Future Application Enhancements, by Category
  • Figure 12: Digital Transformation
  • Figure 13: Top Contact Center Digital Transformation Initiatives
  • Figure 14: Contact Center Evolution
  • Figure 15: AI for Contact Centers Demystified
  • Figure 16: AI Capabilities
  • Figure 17: IVA: The Future of Self-Service
  • Figure 18: IVA Omni-Channel Capabilities
  • Figure 19: Front-Office and Back-Office Applications
  • Figure 20: IVA Competitive Landscape
  • Figure 21: IVA Market Share, by Customers, as of April 30, 2018
  • Figure 22: IVA Projections by Customer, 2019 – 2023
  • Figure 23: Company Information as of April 2018
  • Figure 24: IVA Go-To-Market Strategy
  • Figure 25: Product Information
  • Figure 26: Packaged/Verticalized Applications
  • Figure 27: High-Level Technical Summary
  • Figure 28: Integration
  • Figure 29: Accuracy
  • Figure 30: High-Level Functional Summary
  • Figure 31: Administration/Design and Development Environment
  • Figure 32: Security
  • Figure 33: Dashboards, Reporting and Analytics
  • Figure 34: Implementation Process
  • Figure 35: Top 10 IVA Implementation Best Practices
  • Figure 36: Internal Resources Required to Maintain an IVA
  • Figure 37: Training and Professional Services
  • Figure 38: Maintenance and Support
  • Figure 39: Benefits and Return on Investment (ROI)
  • Figure 40: Pricing Structure
  • Figure 41: Customer Survey Rating Categories
  • Figure 42: Average Satisfaction Ratings, by Category
  • Figure 43: Company Satisfaction Ratings, by Customer
  • Figure 44: Product Satisfaction Ratings, by Customer
  • Figure 45: Implementation Satisfaction Ratings, by Customer
  • Figure 46: Training Satisfaction Ratings, by Customer
  • Figure 47: Professional Services Satisfaction Ratings, by Customer
  • Figure 48: Ongoing Service and Support Satisfaction Ratings, by Customer
  • Figure 49: Product Innovation Satisfaction Ratings, by Customer
  • Figure 50: Responsiveness to Product Enhancement Requests Satisfaction Ratings, by Customer
  • Figure 51: Pricing Satisfaction Ratings, by Customer
  • Figure 52: Vendor Communication Satisfaction Ratings, by Customer
  • Figure 53: Overall Vendor Satisfaction Ratings, by Customer
  • Figure 54: Product Satisfaction Ratings by Category
  • Figure 55: Omni-Channel (Digital) Capabilities Satisfaction Ratings, by Customer
  • Figure 56: Design Tools Satisfaction Ratings, by Customer
  • Figure 57: Ease of Set-Up/Configuration/Maintenance Satisfaction Ratings, by Customer
  • Figure 58: Artificial Intelligence (AI) Capabilities Satisfaction Ratings, by Customer
  • Figure 59: Machine Learning Satisfaction Ratings, by Customer
  • Figure 60: NLU/ NLP Capabilities Satisfaction Ratings, by Customer
  • Figure 61: Accuracy and Tuning Capabilities Satisfaction Ratings, by Customer
  • Figure 62: Customer Self-Service Capabilities Satisfaction Ratings, by Customer
  • Figure 63: Employee Self-Service Capabilities Satisfaction Ratings, by Customer
  • Figure 64: Employee-Assisted Capabilities Satisfaction Ratings, by Customer
  • Figure 65: Automation Capabilities Satisfaction Ratings, by Customer
  • Figure 66: Ability to Deliver Real-Rime Employee Guidance Satisfaction Ratings, by Customer
  • Figure 67: Reporting and Dashboards Satisfaction Ratings, by Customer
  • Figure 68: Ease of Integration with Third-Party Applications Satisfaction Ratings, by Customer
  • Figure 69: Ongoing System Optimization Satisfaction Ratings, by Customer
  • Figure 70: Product Effectiveness Ratings, by Category
  • Figure 71: Ability to Deliver a Personalized Customer Experience Satisfaction Ratings, by Customer
  • Figure 72: Ability to Improve Productivity Satisfaction Ratings, by Customer
  • Figure 73: Ability to Increase the Use of Self-Service Satisfaction Ratings, by Customer
  • Figure 74: Ability to Increase the use of Digital Channels Satisfaction Ratings, by Customer
  • Figure 75: Ability to Reduce Operating Costs Satisfaction Ratings, by Customer
  • Figure 76: Ability to Reduce Customer Effort Satisfaction Ratings, by Customer
  • Figure 77: Ability to Reduce Employee Effort Satisfaction Ratings, by Customer
  • Figure 78: Ability to Address Regulatory and Compliance Requirements Satisfaction Ratings, by Customer
  • Figure 79: Ability to Increase Sales Satisfaction Ratings, by Customer
  • Figure 80: Ability to Improve the Customer Experience Satisfaction Ratings, by Customer
  • Figure 81: Please list the top 3 ways you are using this technology
  • Figure 82: What business units are using IVAs?
  • Figure 83: In what channels have you deployed an IVA?
  • Figure 84: What are the top 3 – 5 challenges you are addressing with your IVA solution?
  • Figure 85: What are the top 3 – 5 strengths of your IVA solution?
  • Figure 86: Given your experience with this vendor, would you recommend their product?
  • Figure 87: What product enhancements would you like to see?
  • Figure 88: Additional comments about your experience with the vendor and/or product.
+ Report Includes

Key Elements of this Report:

  • Service deployment options for IVA solutions
  • Definition of IVAs: what they are, how they work, how they differ from robotic process automation (RPA), and an examination of the technical components that comprise these solutions
  • Market trends and challenges that are driving investments and influencing the direction of vendor research and development (R&D)
  • IVA market innovation, including new product features and what is planned to be delivered in the next 12 – 18 months
  • Discussion of the digital transformation of the front office, including top contact center initiatives  to lay the groundwork for success
  • Insightful look at how IVAs, artificial intelligence (AI), and machine learning are altering the servicing world and enabling the contact center of the future
  • A look at how IVAs combine the best of self-service automation augmented with human-assisted elements to raise the bar for self-service
  • Examination of the top front- and back-office uses of IVAs
  • Review and analysis of the IVA competitive landscape
  • IVA vendor market activity and 5-year projections
  • Overview of the 5 featured IVA vendors, including company snapshots, go-to-market strategies, product offerings and packaged/verticalized applications
  • Detailed side-by-side analysis of the functional and technical capabilities of the 5 featured IVA solutions
  • Implementation analysis, including vendor methodology, best practices, required resources, training and professional services, and maintenance and support
  • IVA benefits and return on investment (ROI) analysis
  • Review of IVA pricing strategies
  • Comprehensive customer satisfaction survey results that measure and rank vendors across 15 product components, 10 effectiveness categories and 11 vendor categories
  • Detailed company reports for the 6 IVA vendors, analyzing their products, functionality and future product development plans
  • IVA Glossary of Terms
  • Comprehensive IVA Vendor Directory
+ Table of Contents
  1. Executive Summary
  2. Introduction
  3. DMG Consulting Research Methodology
    • 3.1 Report Participation Criteria
  4. Service Delivery Models
    • 4.1 Vendor Service Delivery Options
  5. What are Intelligent Virtual Agents?
    • 5.1 DMG Definition of IVAs
    • 5.2 Vendor Definitions
    • 5.3 IVA vs. RPA
    • 5.4 Technical Components of IVAs
  6. IVA Trends
  7. IVA Challenges
  8. IVA Market Innovation
    • 8.1 New Product Features
    • 8.2 Emerging Capabilities
  9. Digital Transformation of the Front Office
  10. The AI-Enabled Contact Center
    • 10.1 AI and Machine Learning Enter the Service World
  11. IVAs Disrupt the Self-Service Landscape
    • 11.1 Omni-Channel and Self-Service Capabilities
  12. IVA Front- and Back-Office Uses
  13. IVA Competitive Landscape
    • 13.1 Technology Sectors Delivering IVA Solutions
  14. IVA Market Activity
  15. IVA Market Projections
  16. IVA Vendors and Solutions
    • 16.1 Company Snapshot
    • 16.2 Go-to-Market Strategy
    • 16.3 Vendor Offerings and Products
    • 16.4 Packaged/Verticalized Solutions
  17. IVA High-Level Technical Summary
    • 17.1 Integration
    • 17.2 Accuracy and Tuning
  18. IVA High-Level Functional Summary
    • 18.1 Administration/Design and Development Environment
    • 18.2 Security
    • 18.3 Dashboards, Reporting and Analytics
  19. IVA Implementation Analysis
    • 19.1 Implementation Best Practices
    • 19.2 Resources
    • 19.3 Training and Professional Services
    • 19.4 Maintenance and Support
  20. IVA Benefits and Return on Investment
  21. IVA Pricing Structure
  22. IVA Customer Satisfaction Survey
    • 22.1 Summary of Survey Findings and Analysis: Vendor Categories
      • 22.1.1 Vendor Satisfaction by Sub-Category and Customer
    • 22.2 Summary of Survey Findings and Analysis: Product Categories
      • 22.2.1 Product Satisfaction by Sub-Category and Customer
    • 22.3 Summary of Survey Findings and Analysis: Product Effectiveness
      • 22.3.1 Product Effectiveness by Sub-Category and Customer
    • 22.4 Customer Background and Insights
      • 22.4.1 Top IVA Use Cases
      • 22.4.2 Business Units Using IVAs
      • 22.4.3 IVA Omni-Channel Support
      • 22.4.4 Top Challenges to Solve with an IVA
      • 22.4.5 Strengths of IVA Solutions
      • 22.4.6 Recommendation
      • 22.4.7 Product Enhancements
      • 22.4.8 Additional Comments
  23. Company Reports
    • 23.1 [24]7.ai, Inc.
    • 23.2 Artificial Solutions
    • 23.3 Inbenta Technologies
    • 23.4 Interactions LLC
    • 23.5 Omilia Natural Language Solutions Ltd.
    • 23.6 Verint Systems

Appendix A: IVA Glossary of Terms
Appendix B: IVA Vendor Directory

Table of Figures

  • Figure 1: DMG’s Service Delivery Model Definitions
  • Figure 2: IVA Vendor Service Delivery Options
  • Figure 3: Vendor IVA Definitions
  • Figure 4: IVAs vs. RPA
  • Figure 5: Product Overview
  • Figure 6: Technical Components Summary
  • Figure 7: 2018 IVA Trends
  • Figure 8: 2018 IVA Challenges
  • Figure 9: New Product Features, by Vendor
  • Figure 10: New Product Features, by Category
  • Figure 11: Future Application Enhancements, by Category
  • Figure 12: Digital Transformation
  • Figure 13: Top Contact Center Digital Transformation Initiatives
  • Figure 14: Contact Center Evolution
  • Figure 15: AI for Contact Centers Demystified
  • Figure 16: AI Capabilities
  • Figure 17: IVA: The Future of Self-Service
  • Figure 18: IVA Omni-Channel Capabilities
  • Figure 19: Front-Office and Back-Office Applications
  • Figure 20: IVA Competitive Landscape
  • Figure 21: IVA Market Share, by Customers, as of April 30, 2018
  • Figure 22: IVA Projections by Customer, 2019 – 2023
  • Figure 23: Company Information as of April 2018
  • Figure 24: IVA Go-To-Market Strategy
  • Figure 25: Product Information
  • Figure 26: Packaged/Verticalized Applications
  • Figure 27: High-Level Technical Summary
  • Figure 28: Integration
  • Figure 29: Accuracy
  • Figure 30: High-Level Functional Summary
  • Figure 31: Administration/Design and Development Environment
  • Figure 32: Security
  • Figure 33: Dashboards, Reporting and Analytics
  • Figure 34: Implementation Process
  • Figure 35: Top 10 IVA Implementation Best Practices
  • Figure 36: Internal Resources Required to Maintain an IVA
  • Figure 37: Training and Professional Services
  • Figure 38: Maintenance and Support
  • Figure 39: Benefits and Return on Investment (ROI)
  • Figure 40: Pricing Structure
  • Figure 41: Customer Survey Rating Categories
  • Figure 42: Average Satisfaction Ratings, by Category
  • Figure 43: Company Satisfaction Ratings, by Customer
  • Figure 44: Product Satisfaction Ratings, by Customer
  • Figure 45: Implementation Satisfaction Ratings, by Customer
  • Figure 46: Training Satisfaction Ratings, by Customer
  • Figure 47: Professional Services Satisfaction Ratings, by Customer
  • Figure 48: Ongoing Service and Support Satisfaction Ratings, by Customer
  • Figure 49: Product Innovation Satisfaction Ratings, by Customer
  • Figure 50: Responsiveness to Product Enhancement Requests Satisfaction Ratings, by Customer
  • Figure 51: Pricing Satisfaction Ratings, by Customer
  • Figure 52: Vendor Communication Satisfaction Ratings, by Customer
  • Figure 53: Overall Vendor Satisfaction Ratings, by Customer
  • Figure 54: Product Satisfaction Ratings by Category
  • Figure 55: Omni-Channel (Digital) Capabilities Satisfaction Ratings, by Customer
  • Figure 56: Design Tools Satisfaction Ratings, by Customer
  • Figure 57: Ease of Set-Up/Configuration/Maintenance Satisfaction Ratings, by Customer
  • Figure 58: Artificial Intelligence (AI) Capabilities Satisfaction Ratings, by Customer
  • Figure 59: Machine Learning Satisfaction Ratings, by Customer
  • Figure 60: NLU/ NLP Capabilities Satisfaction Ratings, by Customer
  • Figure 61: Accuracy and Tuning Capabilities Satisfaction Ratings, by Customer
  • Figure 62: Customer Self-Service Capabilities Satisfaction Ratings, by Customer
  • Figure 63: Employee Self-Service Capabilities Satisfaction Ratings, by Customer
  • Figure 64: Employee-Assisted Capabilities Satisfaction Ratings, by Customer
  • Figure 65: Automation Capabilities Satisfaction Ratings, by Customer
  • Figure 66: Ability to Deliver Real-Rime Employee Guidance Satisfaction Ratings, by Customer
  • Figure 67: Reporting and Dashboards Satisfaction Ratings, by Customer
  • Figure 68: Ease of Integration with Third-Party Applications Satisfaction Ratings, by Customer
  • Figure 69: Ongoing System Optimization Satisfaction Ratings, by Customer
  • Figure 70: Product Effectiveness Ratings, by Category
  • Figure 71: Ability to Deliver a Personalized Customer Experience Satisfaction Ratings, by Customer
  • Figure 72: Ability to Improve Productivity Satisfaction Ratings, by Customer
  • Figure 73: Ability to Increase the Use of Self-Service Satisfaction Ratings, by Customer
  • Figure 74: Ability to Increase the use of Digital Channels Satisfaction Ratings, by Customer
  • Figure 75: Ability to Reduce Operating Costs Satisfaction Ratings, by Customer
  • Figure 76: Ability to Reduce Customer Effort Satisfaction Ratings, by Customer
  • Figure 77: Ability to Reduce Employee Effort Satisfaction Ratings, by Customer
  • Figure 78: Ability to Address Regulatory and Compliance Requirements Satisfaction Ratings, by Customer
  • Figure 79: Ability to Increase Sales Satisfaction Ratings, by Customer
  • Figure 80: Ability to Improve the Customer Experience Satisfaction Ratings, by Customer
  • Figure 81: Please list the top 3 ways you are using this technology
  • Figure 82: What business units are using IVAs?
  • Figure 83: In what channels have you deployed an IVA?
  • Figure 84: What are the top 3 – 5 challenges you are addressing with your IVA solution?
  • Figure 85: What are the top 3 – 5 strengths of your IVA solution?
  • Figure 86: Given your experience with this vendor, would you recommend their product?
  • Figure 87: What product enhancements would you like to see?
  • Figure 88: Additional comments about your experience with the vendor and/or product.
    • This field is for validation purposes and should be left unchanged.