Potential Vertical Applications for AI Virtual Assistant

As AI capabilities like NLP (Natural Language Processing), machine learning, and voice/speech recognition keep improving, AI virtual assistants are becoming mainstream products in consumer electronics markets. Companies are now in the process of exploring potential business opportunities related to these virtual assistants. This report examines the main topics and requirements for AI virtual assistants in different industry verticals, their applications in the several industry sectors, including the banking, insurance, and financial service, telecommunications, medicine, online/physical retail, leisure/hospitality, and government/public utility sectors; explores their development potential in the future.

List of Topics

Development of vertical applications for commercial AI virtual assistants with breakdowns by industry
Outline of vertical applications for commercial AI virtual assistants and includes their development issues in the banking, insurance and finance sector, telecommunications sector, media sector, online/physical retail sector, leisure/hospitality sector, and government/public utility sector

1. Definitions and Categories2. Vertical Applications for Commercial AI Virtual Assistants

3. AI Virtual Assistants and Industry Issues

3.1 Banking, Insurance, and Financial Services
3.1.1 More Customer Contact Points and Higher Brand Image Requirements, Challenging Customer Service Efficiency and Cost Control
3.1.2 Outsourced Customer Service Can Reduce Costs but at the Cost of Branding
3.1.3 AI Helps Websites and Customer Service Centers Share the Workload while Communicating Brand Message
3.2 Telecommunications
3.2.1 Price Wars Have Hurt Profits; Operators Plan to Automate Basic Services
3.2.2 Longer Call Times and More Pressure on Agents
3.2.3 AI Helps Optimize the Existing Automated Service Experience and Create New Interaction Channels
3.3.1 Shortage of Staff; Time-consuming Paperwork
3.3.2 AI Reduces Time Spent on Paperwork, and Acts as an Assistant
3.3.3 AI Special Assistants and Integrated Home Care Systems and Insurance Platforms Will Form a Complete Health Care Network
3.4 Online/Physical Retail
3.4.1 Innovative In-store Experiences, and 24-hour, Multi-lingual Online Services
3.4.2 Online Retail Channels Use AIs as 24-hour Customer Service and Sales Staff; Physical Storefronts Have Only Enacted Demonstration Sites
3.5 Leisure/Hospitality
3.5.1 Travel Itinerary Recommendations, and Futuristic Travel Agents
3.5.2 AIs Provide Something New at Hotel Counters and Guest Rooms but also Create Privacy Concerns
3.6 Government/Public Utilities
3.6.1 Government Focuses on Service Convenience; Public Utilities Use AIs to Support On-site Operations

4. Perspective

Appendix
Glossary of Terms
List of Companies

List of Tables

Table 1 Service Issues, Applications, and Cases of AI Virtual Assistants in Banks, Insurers, and Financial Institutions
Table 2 Service Issues, Applications, and Cases of AI Virtual Assistants in The Telecommunications Industry
Table 3 Service Issues, Applications, and Cases of AI Virtual Assistants in the Medical Industry
Table 4 Service issues, applications, and cases of AI virtual assistants in the general retail/channel sector
Table 5 Service Issues, Applications, and Cases of AI Virtual Assistants in The Leisure/Hospitality Industry
Table 6 Service Issues, Applications, and Cases of AI Virtual Assistants in The Government/Public Utility Sector

List of Figures

Figure 1 Categories of AI Virtual Assistants, Divided by Users
Figure 2 Relative Potential for AI Virtual Assistant Application by Industry

Companies Mentioned

A selection of companies mentioned in this report includes:

Alaska Airlines
Australian Tax Office
AXIS Bank
Bank of America
Baptist Health South Florida
Barclays
BBVA Group
Bell
Best Buy
Caesars Entertainment
CIMB Bank
Co-operative Bank
Comcast
Crowne Plaza
DBS
DoubleTree Hotel
Dubai Electricity and Water Authority
Emergency Medical Services
Fairfield Inn
FWD Travel
GoPro
HDFFC Securities
Hilton
Hotel Indigo
Inc.
Income Bank
IndusInd Bank
Insurance
Kiehl’s
Kindred
KLM Royal Dutch Airlines
LaSalle Hotel Properties
Levi Strauss
LOreal
Louis Vuitton
Movistar
Municipal Services Office and Land Authority
Nebraska Medicine
OCBC Bank
Orange
Pearlparadise.com
S&P Global
Sephora
Shell
Sheraton
Singapore Airlines
Singapore Ministry of Education
Skruvat
Societe Generale
Standard Chartered
Target Corp.
TDBank
Telenor
Ticketmaster
Treasure Island Las Vegas
Turkiye Bankasi
Universal Health Services
US Bank
USAA
Verclare Boutique
Verizon
Visa
Vodafone
W Hotels
Walmart
Wells Fargo
Widiba Bank
Wyndham
Yello Strom

Methodology

Primary research with a holistic, cross-domain approach

The exhaustive primary research methods are central to the value that the analyst delivers. A combination of questionnaires and on-site visits to the major manufacturers provides a first view of the latest data and trends. Information is subsequently validated by interviews with the manufacturers' suppliers and customers, covering a holistic industry value chain. This process is backed up by a cross-domain team-based approach, creating an interlaced network across numerous interrelated components and system-level devices to ensure statistical integrity and provide in-depth insight.

Complementing primary research is a running database and secondary research of industry and market information. Dedicated research into the macro-environmental trends shaping the ICT industry also allows the analyst to forecast future development trends and generate foresight perspectives. With more than 20 years of experience and endeavors in research, the methods and methodologies include:

Method