Intelligent Virtual Assistant Market, By Product (Smart Speakers, Chatbots), By Technology (Speech Recognition, Text-to-Speech, Text-Based), By Industry Vertical (Consumer Electronics, BFSI, Healthcare, Education, Retail, Government, Utilities, Travel & Hospitality, Others), By Region – Global Analysis Forecast Till 2030

Intelligent Virtual Assistant Market is figured to arrive at an estimation of US$ 59.1 Billion by 2030 at a CAGR of 26.10%, somewhere in the range of 2022 -2030

Intelligent Virtual Assistants (IVAs) can perform various customer service tasks, including creating an easy-to-use website, providing product information, helping customers pay bills, sending money or filling out forms, and directing problems to customer service agents who can help directly. These incentives are pushing financial institutions and banks around the world to integrate virtual assistants, spurring the expansion of the intelligent virtual assistant industry. In addition to this, the growing need for automation of customer support services is expanding the market. In addition, the growing use of IVA by younger generations and the ever-improving user experience fuel the demand for intelligent virtual assistant market.

Market Dynamics:

Drivers:

Smartphones have now become a necessity in consumer life. Consumers now have technologically advanced smartphones equipped with virtual assistant apps in addition to more traditional methods of communication, making the task somewhat more accessible. IVA is a practical form of assistance that connects customers' mobile devices to banks, doctors, and other services so they can perform various tasks, such as mobile transactions, scheduling appointments, and quickly solving queries. As a result, the intelligent virtual assistant market will benefit from the growing demand for smartphones.

Restraints:

The effectiveness of AI virtual assistants largely depends on their cognitive abilities. Customers prefer fast and responsive systems, but intelligent virtual assistants take time to get used to a user's specific voice patterns. Depending on the underlying complex software, integrated hardware features, and strength and speed of Internet access, this period can range from a few seconds to several hours or even days. Therefore, these aspects are expected somewhat to restrain the intelligent virtual assistant market’s expansion.

Key players:

• Amazon.com, Inc.

• Apple Inc.

• Baidu, Inc.

• Clara Labs

• CSS Corp.

• Creative Virtual

• CodeBaby Corporation

• eGain Corporation

• Google Inc.

• IBM Corporation

• Kognito

• Microsoft Corporation

• MedRespond

• Next IT Corp.

• Nuance Communications, Inc.

• Oracle Corporation

• True Image Interactive, Inc.

• Verint

• Welltok, Inc.

Market Segmentation:

Intelligent Virtual Assistant Market, By Product

• • Chatbots

  • Smart Speakers

Intelligent Virtual Assistant Market, By Technology

• • Text-to-Speech

  • Speech Recognition

  • Text-Based

Intelligent Virtual Assistant Market, By Industry Vertical

• • Consumer Electronics

  • BFSI

  • Healthcare

  • Education

  • Retail

  • Government

  • Utilities

  • Travel & Hospitality

  • Others

Intelligent Virtual Assistant Market, By Region

• • North America 

  • Europe

  • APAC    

  • Middle East and Africa (MEA)    

  • Latin America    

Regional Analysis:

North America ranks first in the digital assistant market in terms of size. Remote work has become more common due to the evolving BYOD trend. Working from home gives employee’s flexibility and allows them to get work done quickly using a virtual assistant. This increases overall productivity and work efficiency. Similarly, the healthcare sector in North America is recognizing the merits of IVA and focusing on improving the efficiency of the healthcare system. Additionally, companies are working on creating better IVA technology using machine learning and artificial intelligence to support automated decision-making systems, which is expected to drive the market across the region.

During the projected period, Asia Pacific is expected to witness the fastest CAGR growth due to China's retail and consumer electronics expansion. The development of AI-powered IVAs for business interactions has shown that they are quite competent for business tasks such as appointment booking and consulting in various industries. Companies launch products that allow apps or gadgets to function as AI agents.

Scope of the Report:

User

Tab Content