Intelligent Virtual Assistant (IVA) Market Report 2023-2028: Industry Growth Rate (CAGR 32.56%), Size, Share, Demand and Forecast

Intelligent Virtual Assistant (IVA) Market Report 2023-2028: Industry Growth Rate (CAGR 32.56%), Size, Share, Demand and Forecast
Intelligent Virtual Assistant (IVA) Market
The global market is primarily driven by the increasing requirement for improved efficiency across service-based companies.

What is the Market Size of Intelligent Virtual Assistant (IVA) Market?

 

IMARC Group’s latest research report, titled “Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” The global intelligent virtual assistant market size reached US$ 8.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 41.6 Billion by 2028, exhibiting a growth rate (CAGR) of 32.56% during 2023-2028.

 

What is the Intelligent Virtual Assistant (IVA) Market?

An intelligent virtual assistant (IVA) is an AI and machine learning-powered chat assistant that creates personalized responses. It combines analytics and cognitive computing based on customer information, past conversations, and location, leveraging virtual assistance technologies, company knowledgebase, and human insights and uses various interaction methods, such as text-to-text, speech-to-text, text-to-speech, and speech-to-speech, to assist users in executing their respective tasks. It offers numerous services, including easy navigation, product information, assisting customers in paying bills and carrying out transfers or complete forms, adding events to a calendar, and directing problem queries to human agents in customer service. Consequently, it is widely utilized across automotive, BFSI, retail, IT and telecom, healthcare, education, hospitality, and tourism sectors. Some of the extensively used IVAs include Google Assistant, Apple’s Siri, Microsoft’s Cortana, and Amazon’s Alexa.

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Is Intelligent Virtual Assistant a Growing Industry?

The global market is primarily driven by the increasing requirement for improved efficiency across service-based companies. Apart from this, the rising incorporation of artificial intelligence (AI) powered virtual assistants among various devices, such as tablets, computers, and smartphones are, significantly contributing to the market. Moreover, several major companies are focusing on accommodating regional languages and providing customized virtual assistants so that customers from different geographies can easily communicate, which is catalyzing the overall demand. Besides, the escalating need to streamline business activities and lower the cost of advertising, interviewing, and training new employees is further propelling the adoption of intelligent virtual assistants across various corporations. Furthermore, the increasing adoption of virtual assistants to act as customer service agents in numerous industries is also fuelling the demand.

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What is the Future of Intelligent Virtual Assistant Industry? 

The widespread implementation of AI-based virtual assistants in vehicles that can suggest destinations based on the calendar and optimize driver productivity by providing news, and reading out emails and messages, is creating a positive market outlook. Along with this, the increasing investments in research and development activities (R&D) by the leading players for introducing innovative products are providing a boost to the market. Moreover, the rising demand for automation for offering uninterrupted support services to customers and the growing adoption of smart home systems, which include music players, wirelessly connected thermostats, and air conditioners, are impacting the market favorably. Other factors, such as the growing usage of cloud-based tools, rising trends for bring your own device (BYOD), the introduction of voice-activated speakers, and continuous technological advancements, are projected to propel the market further.

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Key Market Segmentation:

Top Companies in IVA Market Research Report:

  • Microsoft Corporation
  • Nuance Communications
  • Samsung Electronics Co. Ltd
  • Alphabet, Inc
  • Apple, Inc
  • Amazon.com Inc
  • International Business Machines (IBM) Corporation
  • Baidu, Inc
  • BlackBerry Ltd
  • Inbenta Technologies, Inc


Breakup by Application:

  • Banking, Financial Services and Insurance (BFSI)
  • Travel
  • Retail
  • Government
  • Education
  • Others


Breakup by Product:


Breakup by Type:

  • Rule-Based
  • Conversational AI Based


Breakup by Technology:

  • Text-Based
  • Text-to-speech
  • Automatic Speech Recognition (ASR)


Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)


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