Intelligent Virtual Assistant Market Size is predicted to grow at a CAGR of 28% from 2022 to 2028, from USD 6.94 billion in 2021 to USD 54.35 billion in 2028.
The rise of the intelligent virtual assistant industry is mostly due to the increased acceptance of digital and intelligent speaker-based technologies in the retail sector. The IVA business has advanced due to the increased usage of automation in numerous areas, including BFSI, retail, residential, and others. The study on the Global Intelligent Virtual Assistant Industry provides an in-depth analysis of the market for the next five years. There are various sections in the report, as well as an examination of the market's significant trends and determinants.
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The Global Intelligent Virtual Assistant Market is defined as follows:
A software application known as an Intelligent Virtual Assistant (IVA) recognises natural language voice commands and conducts tasks for the user. This technology combines characteristics of interactive voice response and other recent artificial intelligence technologies to create full-fledged virtual personas that converse with users. The Intelligent Virtual Assistant (IVA) is used in the customer support department to engage clients by giving product-related information, invoices and payments, and directing on-transfer ease of navigation. Improved overall online customer service, increased revenue, reduced expenses, created an easier experience, and answered concerns are just a few of the benefits of using an Intelligent Virtual Assistant.
The Global Intelligent Virtual Assistant Market: An Overview
The rise of the intelligent virtual assistant industry is mostly due to the increased acceptance of digital and intelligent speaker-based technologies in the retail sector. The IVA business has advanced due to the increased usage of automation in numerous areas, including BFSI, retail, residential, and others. For obtaining client information, conducting dialogues, and analysing customer satisfaction survey replies, IVA is frequently used in customer service automation. Because of the growing demand for customer service automation, the market is growing.
During the COVID period, the demand for IVA in the healthcare industry has skyrocketed. This factor is predicted to help the industry advance. Clients benefit from Intelligent Virtual Assistants (IVAs), which provide relevant information and practical advice. Based on real-time data analysis, the IVA inputs aid businesses in designing and implementing various pricing and marketing strategies. As a result, IVA is becoming more necessary.
Intelligent Virtual Assistants Market Segmentation Around the World
There are three types of intelligent virtual assistants on the market: product, application, and geography.
Intelligent Virtual Assistant Market, By Product
• IVA Smart Speakers
• Chatbots
Intelligent Virtual Assistant Market, By Application
• Healthcare
• Government
• Consumer Electronics
• Banking, Financial Services, and Insurance (BFSI)
• Travel and Hospitality
• Retail
• Education
• Others
North America, Europe, Asia Pacific, and the Rest of the World are the four regions that make up the Global Intelligent Virtual Assistant Market. The North American area emerged as the prominent region in the global Intelligent Virtual Assistant market in 2020, owing to the presence of important industry players. Large corporations are investing heavily in new technology, which is assisting the industry's growth in North America.
The region's market growth is being driven by the rapid adoption of new technologies in significant nations such as the United States, as well as the growing prevalence of smartphones in the region. To attract more consumers, large firms are putting more effort into introducing complicated and distinctive features to their products, which is increasing market growth in the United States.
Players to Keep an Eye On
With a focus on the global market, the study of "Global Intelligent Virtual Assistant Market" will provide important information. The following are the key market participants: Nuance Communications, Samsung Electronics, Apple, IBM Corporation, Amazon, Microsoft, Alphabet, Inbenta Technologies, Blackberry, Baidu and Facebook are a few major companies operating in the IVA market. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
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Significant Changes
• In April 2021, Verint launched the Verint Intelligent Virtual Assistant Professional (IVA Pro) Package, which combines low-code conversational artificial intelligence (AI) with a production-ready chatbot to deflect calls and support clients.
• Amazon.com Inc, Apple Inc, and Alphabet Inc announced a collaboration in November 2019 to develop voice assistants and other smart products that are more compatible with smart homes.
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