Intelligent Virtual Assistant (IVA) Market Size was valued at USD 8.5 Billion in 2022. The Intelligent Virtual Assistant (IVA) market industry is projected to grow from USD 10.65 Billion in 2023 to USD 64.71 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 25.30% during the forecast period (2023 - 2032). The need for greater efficiency in service-based businesses and the integration of Virtual Assistants (VAs) powered by AI across various devices, including PCs, tablets, and smartphones, are the key market drivers anticipated to expand the growth of the global market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rapid use of intelligent virtual assistants is driving the market CAGR, which is driving the global virtual assistant market. In addition to other things, an intelligent virtual assistant can assist with data collection, offer quick responses, and lessen the need for customer support. Users can design a multilingual digital persona with the aid of an intelligent virtual assistant. This speedy implementation is supported by the creation of large-, mid-, and small-scale businesses. Additionally, IVA is preferred by the BFSI sector primarily for enabling mobile applications. IVA is used by the insurance, hospitality, and travel industries to improve capital management and overall client experience. The handling of customers has been enhanced by 46% for banking clients that have incorporated intelligent virtual assistants into their operations. Therefore, rising consumer usage encourages growth of the virtual assistants' global market.
Using chatbots as an example, artificial intelligence has completely changed the technological aspects of electronic devices. Numerous development efforts are concentrated on multi-modal dialogue systems that process two or more combined user input modes, such as image, speech, touch, manual gestures, gaze, & head, and body movements, such as hand spin or head movements, as interactive conversational systems are expanding quickly in the AI area. These devices are created and referred to as the model for the next-generation intelligent virtual personal assistant. This opportunistic market element will likely accelerate expansion over the next few years.
Microsoft's Cortana, Apple's Siri, and Google's Assistant are a few virtual personal assistants that have become well-known in the healthcare industry. Small and medium-sized firms also develop technology that underpins intelligent virtual assistants, making them crucial components of health-intelligent virtual assistants. For instance, Next IT's Alme of Healthcare is a virtual assistant that actively responds to patients' queries and requests while focusing on controlling chronic conditions. Healthcare providers are currently implementing this on a broad basis. Thus, growing advancement is one of the key factors driving the Intelligent Virtual Assistant (IVA) market revenue.
The Intelligent Virtual Assistant (IVA) Market segmentation, based on Technology, includes Speech Recognition, Text-to-Speech, and Voice Recognition. In 2022, the text-to-speech segment led the market and took the largest percentage of total revenue. Due to the widespread use of smart speakers across various industries, automated voice recognition technology is anticipated to experience the quickest growth rate over the projection period. Smart speakers understand human speech and react to consumer-generated speech in a predetermined way. The need for automatic speech recognition sectors is anticipated to increase as mobile computing technology becomes more widely adopted. Customers may now interact with cell phones and their applications more easily.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Intelligent Virtual Assistant (IVA) Market segmentation, based on Service, includes Customer Service and Marketing Assistance. Customer service segment is the fastest growing, and this is due to the increased demand for this Service. Additionally, as companies switch to digital platforms, there is a rising need for customer service. IVAs can offer round-the-clock customer assistance, which can help organizations lower expenses and increase customer satisfaction. Furthermore, as organizations explore methods to employ AI to enhance customer service, the rise of AI is fueling the expansion of the IVA market.
The Intelligent Virtual Assistant (IVA) Market segmentation, based on End-Use Industry, includes BFSI, Automotive, IT & Telecom, Retail, Healthcare, and Education. Automotive category accounted for the largest percentage of total revenue in 2022 and dominated the industry in market size. One of the application categories with the quickest growth is the automotive industry. The infotainment system's integration of virtual assistants helps deliver personalized content and enhances comfort and convenience.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. In 2022, North America had the highest revenue share, dominating the market. Because to the increasing popularity of bring-your-own-device policies, working remotely has become more widespread. Working from home offers employees greater flexibility and makes it possible for virtual assistants to finish their responsibilities in a shorter amount of time. These things contribute to an overall increase in productivity and efficiency on the work. In a similar vein, the healthcare industry in North America has recognized the benefits of IVAs and is currently focusing on ways to improve the efficiency of healthcare systems.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe’s Intelligent Virtual Assistant (IVA) market held the subsequent largest market share due to the rapid acceptance of cutting-edge technologies in well-known countries like Germany and the UK, particularly, and the increasing use of smartphones in the area. Further, the German Intelligent Virtual Assistant (IVA) market held the prime market share, and the UK Intelligent Virtual Assistant (IVA) market was the fastest-growing market in the European region.
The Asia-Pacific Intelligent Virtual Assistant (IVA) Market will likely rise at the fastest CAGR from 2023-2032. Due to China's growing retail and consumer electronics industries, the APAC region is anticipated to develop at the quickest rate over the projection period. Owing to AI-powered development, IVAs for professional interaction have completed business tasks like appointment setting and consulting across various industries. Moreover, China’s Intelligent Virtual Assistant (IVA) market held the major market share, and the Indian Intelligent Virtual Assistant (IVA) market was the fastest-growing market in this region.
There are several prominent companies in the market for intelligent virtual assistants, which are moderately competitive. Leading market players concentrate on introducing and growing new products while moving toward innovation. Businesses have added VA to cell phones, desktop computers, tablets, and other portable electronics. Some well-known companies take market developments, including Amazon Inc. and Baidu, which have launched virtual assistants (VAs) for their products and offer tailored solutions that support various platforms.
Manufacturers in the global Intelligent Virtual Assistant (IVA) industry are launching new products. Integrated speech and gesture recognition technologies are advancing, allowing new businesses to extend Intelligent Virtual Assistant (IVA) industry market share and commercial reach throughout emerging nations. Major players in the Intelligent Virtual Assistant (IVA) market include Apple Inc., Oracle Corporation, Google LLC, IBM Corporation, Nuance Communications, Microsoft Corporation, Clara Labs, InteliWISE, eGain Communications, Artificial Solutions, 24/7 Customer Inc., Creative Virtual, and Anboto.
Apple Inc. is a global technology corporation that produces hardware, software and provides internet-based services. The IVA of the firm is known as Siri. Siri debuted with the iPhone 4S in 2011. It's a virtual assistant that responds to voice commands and can make phone calls, send texts, set reminders, play music, and more on Apple devices. You may use Siri to find out various things, like the weather, traffic conditions, and sports scores. Siri is a voice assistant developed by Apple and included in several products, such as the iPad, iPhone, Apple Watch, and HomePod. Many third-party products, such as the Sonos One smart speaker, also support it.
Oracle Corporation, a publicly traded company with headquarters in Redwood City, California, is a global leader in enterprise software and database management solutions. Oracle Digital Assistant is the name of the company's IVA. In 2018, Oracle debuted its Digital Assistant. It's an IVA hosted in the cloud that can streamline processes across the board, including customer support, sales, and marketing. Oracle Digital Assistant can also give information like traffic reports, sports scores, and weather forecasts. Oracle Digital Assistant uses AI and ML to provide intelligent assistance. Oracle Digital Assistant can learn this way about the user and their habits. If a user often asks Oracle Digital Assistant to schedule a meeting, the assistant will know to do so without further instruction.
Apple Inc.
Google LLC
IBM Corporation
Nuance Communications
Microsoft Corporation
Clara Labs
InteliWISE
eGain Communications
Artificial Solutions
24/7 Customer Inc.
Creative Virtual
Anboto
May 2022: Nuance Communications, Inc. and Athenahealth, Inc. established a partnership so that Athenahealth Marketplace users may gain access to the Nuance Dragon Ambient experience (DAXTM) ambient clinical intelligence product.
February 2022: IBM and TD Securities teamed to develop a virtual assistant based on IBM Watson Assistant that can answer frequently asked questions and support customers with other inquiries related to the TD Precious Metals digital store.
April 2021: Verint introduced the Verint Intelligent Virtual Assistant (IVA) Pro Package. The package includes a conversational AI chatbot ready for production and can be used to divert calls and assist clients.
July 2018: Google Inc. collaborated with companies like Genesys and Cisco to develop AI technology that would eventually be used to replace human labor in call centers. Contact Center AI is innovative software that answers the phone and converses with a consumer using virtual agents.
Speech Recognition
Text-to-Speech
Voice Recognition
Customer Service
Marketing Assistance
BFSI
Automotive
IT & Telecom
Retail
Healthcare
Education
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 8.5 Billion |
| Market Size 2023 | USD 10.65 Billion |
| Market Size 2032 | USD 64.71 Billion |
| Compound Annual Growth Rate (CAGR) | 25.30% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Service, End-Use Industry, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Apple Inc., Oracle Corporation, Google LLC, IBM Corporation, Nuance Communications, Microsoft Corporation, Clara Labs, InteliWISE, eGain Communications, Artificial Solutions, 24/7 Customer Inc., Creative Virtual, and Anboto |
| Key Market Opportunities | Integration of AI and machine learning |
| Key Market Dynamics | Increase new product launchedGrowing penetration of smartphones |
Intelligent Virtual Assistant Market Highlights:
Frequently Asked Questions (FAQ) :
The Intelligent Virtual Assistant (IVA) Market size was valued at USD 8.5 Billion in 2022.
The global market is probable to grow at a CAGR of 25.30% during the forecast period, 2023-2032.
North America had the largest share of the global market
The key players in the market are Apple Inc., Oracle Corporation, Google LLC, IBM Corporation, Nuance Communications, Microsoft Corporation, Clara Labs, InteliWISE, eGain Communications, Artificial Solutions, 24/7 Customer Inc., Creative Virtual, and Anboto.
The Speech Recognition category dominated the market in 2022.
Customer Service had the largest share of the global market.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
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