Global Intelligent Virtual Assistant (IVA) Market Forecast: By Technology: Speech Recognition, Text-to-Speech; By Products: Chatbots, Smart Speakers; By Application: Automotive, Healthcare, BFSI, Retail (E-commerce), Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032

Global Intelligent Virtual Assistant (IVA) Market Size

The global intelligent virtual assistant (IVA) market attained a value of USD 8.74 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 37%.

Intelligent Virtual Assistant (IVA) Market Outlook

• Currently, 19% of online businesses use chatbots, and 50% of large companies plan to increase their chatbot expenses.

• As per industry reports, 87.2% of consumers who have engaged with a chatbot report it as a positive customer experience.

• Some popular chatbots and smart speakers include WeChat, Slack, ManyChat, Amazon Alexa, Apple Siri, Microsoft Cortana, and Google Home.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Intelligent Virtual Assistant (IVA) Market Growth

The intelligent virtual assistant (IVA) is referred to as the next-generation software solution that enhances user interaction with PC, via the internet, messenger, SMS, and other interfaces. The software solution uses different interaction methods, including text-to-text, text-to-speech, and speech-to-text, among others, to help users in executing their respective tasks.

The intelligent virtual assistant (IVA) market expansion is driven by the increase in the adoption of cost-effective methodologies to offer effective and efficient customer services. The software solution is a cost-effective technology, which aids several customers to gain access to a service, swiftly and effectively. The rising smartphone penetration, the increasing adoption of intelligent virtual assistant software within large enterprises, and the incorporation of natural language processing (NLP) technology in IVAs are the major factors driving the global market for intelligent virtual assistant (IVA).

Key Trends and Developments

Integration of conversational AI in IAVs and rising development of IAVs offering multilingualism and cultural sensitivity are trends favourably impacting the intelligent virtual assistant (IVA) market

May 2024

Google and OpenAI have developed supercharged AI assistants that can engage in real-time conversations, adapt when interrupted, analyse live video, and translate discussions.

May 2024

Wipro announced a collaboration with Microsoft for launching a suite of cognitive assistants for financial services powered by generative artificial intelligence (GenAI). These assistants include Wipro GenAI Investor Intelligence, Wipro GenAI Investor Onboarding, and Wipro GenAI Loan Origination.

May 2024

Apple is set to renovate its Siri virtual assistant with more advanced artificial intelligence features, enabling users to control individual app functions with their voice. The new system will allow Siri to command all app features for the first time.

April 2024

Meta AI, the virtual assistant available on Facebook, Instagram, and WhatsApp, has received an upgrade. With the latest advances using Meta Llama 3, it now generates images as you type and offers enhanced capabilities for users worldwide.

Integration of conversational AI in IAVs

The trend of conversational AI is transforming the IVA market by enabling sophisticated conversational agents that can interpret user intent and understand context and subtext. This trend is driven by the need for more natural and context-aware human interactions.

Demand for IAVs offering multilingualism and cultural sensitivity

The demand for multilingual and culturally sensitive IVAs is increasing due to the global nature of businesses and their diverse customer bases. This trend is driven by the need for inclusiveness and efficient online communications across different regions.

Rising accessibility of IAVs among disabled

The trend of accessibility and inclusivity is focused on making IVAs accessible to people with disabilities. Companies like Inbenta Technologies are adding voice recognition capability and speech-to-text functions to their IVAs to make them more comprehensive. Such advancements lead to intelligent virtual assistant (IVA) market development.

Incorporation of emotional intelligence in IAVs

Emotional intelligence is being integrated into IVAs to make interactions more humane and sympathetic. Avaamo Inc. is leveraging IAVs that can recognise and respond to user emotions. Similarly, Microsoft Corporation is incorporating emotional intelligence into its Cortana virtual assistant.

Intelligent Virtual Assistant (IVA) Market Trends

The rising demand for automation across industries to provide customers with uninterrupted customer support services is driving the growth of the market. The increasing adoption of smart speakers, especially in North American and European regions, is also expected to drive the growth of the intelligent virtual assistant (IVA) market.

Moreover, companies like Apple Inc. are incorporating conversational AI into its Siri virtual assistant to improve its ability to understand and respond to user queries. Additionally, companies like Sonos Inc. are developing language processing technologies to enable IVAs to understand and respond in multiple languages. Google LLC is also expanding its language support for its Google Assistant virtual assistant to cater to a broader global audience. In addition, Amazon.com Inc. is developing IVAs that can be controlled using voice commands, making it easier for people with disabilities to interact with virtual assistants. These developments are providing further impetus to market’s expansion.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Intelligent Virtual Assistant (IVA) Industry Segmentation

The EMR’s report titled “Intelligent Virtual Assistant (IVA) Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Technology

• Speech Recognition

• Text-to-Speech

Market Breakup by Products

• Chatbots

• Smart Speakers

Market Breakup by Application

• Automotive

• Healthcare

• BFSI

• Retail (E-commerce)

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Intelligent Virtual Assistant (IVA) Market Share

Chatbots are widely used due to their versatility and ease of implementation, while smart speakers are gaining traction due to their convenience

Chatbots are the dominant segment in the market as they are widely used across various healthcare settings, such as hospitals, clinics, and insurance companies due to their versatility, ease of implementation, and ability to provide personalised assistance to users. Chatbots can be integrated into websites, mobile apps, and messaging platforms, allowing healthcare providers to efficiently engage with patients, answer their queries, schedule appointments, and offer relevant health information. This segment is expected to continue growing due to its widespread adoption and the increasing demand for efficient patient engagement and care delivery.

Smart speakers, equipped with voice assistants like Amazon Alexa or Google Assistant, are aiding the intelligent virtual assistant (IVA) market growth as these voice-activated devices enable hands-free interactions, making them convenient for patients with mobility issues or those who prefer voice-based interactions. Smart speakers can assist users in medication reminders, vital sign monitoring, accessing health-related information, and even connecting with healthcare providers for telehealth consultations. The increasing adoption of smart speakers in homes and healthcare facilities, along with advancements in voice recognition technology, is driving the rapid growth of this segment.

The market is witnessing rapid growth due to rising adoption of IAVs across industries

As per intelligent virtual assistant (IVA) market analysis, the automotive segment is expected to grow significantly, driven by the increasing adoption of IVAs in vehicles for features like voice-controlled infotainment systems and driver assistance. Meanwhile, the healthcare segment is expected to grow rapidly due to the increasing adoption of IVAs in hospitals and clinics for patient care and medical assistance.

According to intelligent virtual assistant (IVA) market report, the BFSI segment is expected to grow significantly due to the increasing adoption of IVAs in banking and financial institutions for customer support and transaction processing. The retail segment is expected to grow rapidly due to the increasing adoption of IVAs in e-commerce platforms for customer support and order processing.

Leading Companies in the Intelligent Virtual Assistant (IVA) Market

Market players are focused on improving customer experience across professional services and leveraging smart speakers, AI, and NLP technologies to drive market growth

Apple Inc. was founded in 1976 and is based in California, United States. Apple is known for its innovative and user-friendly products, such as iPhone smartphones, iPad tablet computers, Mac personal computers, Apple Watch smartwatches, Apple TV streaming media players, and AirPods wireless earbuds. It also offers Apple Music streaming service and iCloud cloud storage.

Google Inc. was founded in 1998 and is based in California, United States. It specialises in internet-related services and products, such as Google Search engine, Google Maps, Google Drive cloud storage, Google Photos, Google Chrome web browser, and Google Home smart speakers. It also offers services, such as Google Cloud Platform, Google Analytics, Google AdWords, and Google Ads.

IBM Corporation was founded in 1911 and is headquartered in New York, United States. IBM’s product portfolio includes servers, storage systems, mainframes, and personal computers. It also offers a range of services, including cloud computing, artificial intelligence, blockchain, and cybersecurity solutions.

Amazon.com, Inc. was founded in 1994 and is headquartered in Washington, United States. The company offers an online retail marketplace, cloud computing services, artificial intelligence-based personal digital assistants, smart speakers, streaming services, online music and video content, self-publishing and book distribution, logistics and delivery services.

Other key players in the global intelligent virtual assistant (IVA) market include CSS Corp., Clara Labs, Creative Virtual, CodeBaby Corporation, eGain Corporation, and Kognito, among others.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Intelligent Virtual Assistant (IVA) Market Analysis by Region

North America has the dominant position in the market, driven by technological advancements and presence of key industry players

The North American region is expected to hold the highest share in the market due to high technological adoption in industries such as consumer electronics, BFSI, healthcare, education, retail, government, utilities, and travel and hospitality. The region's robust IT infrastructure, coupled with significant investments in artificial intelligence and machine learning, fuels the growth of IVAs.

Asia Pacific intelligent virtual assistant (IVA) market share is expected to grow at the highest rate due to the presence of emerging economies like China and India, which are adopting IVAs for providing uninterrupted customer support services. The regional market is also growing due to ongoing technological advancements and increasing smartphone penetration. Countries such as Japan and South Korea are at the forefront of adopting IVA technologies, supported by large consumer bases and booming e-commerce sectors.

Key Highlights of the Report

Intelligent Virtual Assistant (IVA) Market Report Snapshots

Intelligent Virtual Assistant (IVA) Market Size

Intelligent Virtual Assistant (IVA) Market Growth

Intelligent Virtual Assistant (IVA) Market Trends

Intelligent Virtual Assistant (IVA) Market Share

Intelligent Virtual Assistant (IVA) Companies

Intelligent Virtual Assistant (IVA) Market Regional Analysis

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.