A smart advisor, also called a smart advisor program, is an application program that is used to understand the natural language and complete all the electronic tasks for an end user. Such a task, which can be performed by a smart advisor and were performed by personal assistants in past, includes taking dictations, reading texts or emailing messages aloud, look up for phone numbers, anticipate requests, place calls and remind the end users about the appointments. Today’s smart advisors are programmed with the artificial intelligence, voice recognition and machine learning technology.
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As the end users interact with their smart advisors, the Artificial Intelligence program uses the sophisticated algorithm for learning from data inputs and becomes better in the prediction of an end user’s need. Tomorrow’s smart advisors would be built on a modern cognitive computing technology which allows a smart advisor understanding and carrying out multi-step request and then performs more complex task like making a plane reservation. Smart advisors are a contrast to other type of consumer facing Artificial Intelligence programming called digital assistants.
Smart advisors are subject oriented, on the other hand digital assistants are task oriented. For Example a Smart Advisor enables an organization to automatically identify physician with the highest or lowest cost and performance. By use of an intelligent IT (Information Technology) platform, a Smart Advisor filters the entire population of physicians in the database to extract out only those physicians which are warranting assessment based on statistical significance level, case load volume, and other key criterias.
The major driver for the smart advisors market is the increasing use of Artificial Intelligence in different industries for automation of tasks. Another driver driving the smart advisors market is the increasing of mobile phones and social media. Increasing use of smart advisors by banks and financial institutions is also major factor for the growth of the smart advisors market. Increasing use of smart advisors by both small scale and large scale enterprises is another factor leading to the growth of the smart advisors market. Increasing use of the technology in healthcare to provide virtual physicians is another factor leading to the growth of the smart advisors market.
The market is also driven by growing need of machine operations in performing different tasks. The major challenge faced by the smart advisors market is the huge investments required during the initial stage of adopting the technology. Another challenge faced by the smart advisors market is the complexity of the technology which requires more understanding, training and skills.
The smart advisors market can be segmented based on the type (Software, and Services), usage (websites, social media, mobile platform, and contact centers,), application (Financial Services, Healthcare, Consumer Electronics, Retails, Travel & Hospitality, Government, Education and Others) and based on geography (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
Both Software and Services accounts for the large smart advisors market as there is growing need of artificial intelligence in these sectors. Consumer Electronics accounts for the largest market when market is segmented by application as consumer electronics find the maximum use of the technology. North America is the largest market for smart advisors and is anticipated to be the largest market in the coming years owing to the increasing use of technology. Asia Pacific is the fastest growing market for the automated optical inspection systems in the region owing to the rise in application of the technology in different industries in the region.
Some of the key players include Artificial Solutions (Stockholm, Sweden), Nuance Communications Inc. (Massachusetts, U.S.)BM Watson (New York, U.S.), Next IT Corporation (Washington, U.S.), Creative Virtual Pvt. Ltd. (U.K.), eGain Corporation (California, U.S.), CX Company (The Netherlands), 24/7 Customer Inc. (U.S.), Codebaby (iDAvatars) ( U.S.), and Speaktoit Inc. (California, U.S.).