Global Intelligent Virtual Assistant Market to Reach US$ 99.9 Billion by 2032, Impelled by Rising Adoption of Smart Gadgets

March 03, 2023 | Technology & Media

According to the latest report by IMARC Group, titled "Intelligent Virtual Assistant Market Report by Application (Banking, Financial Services and Insurance (BFSI), Travel, Retail, Government, Education, and Others), Product (Chatbots, IVA Smart Speakers), Type (Rule-Based, Conversational AI Based), Technology (Text-Based, Text-to-Speech, Automatic Speech Recognition (ASR), and Others), and Region 2024-2032," the global intelligent virtual assistant market size reached US$ 10.6 Billion in 2023. An intelligent virtual assistant (IVA) refers to an engineered component found in software that acts as an interface between humans and systems. It is an AI-enabled chat assistant that combines cognitive computing and analytics to understand natural language voice commands and help in completing basic tasks. It generates personalized responses based on past conversations, locations and individual customer information by leveraging corporate knowledgebase and human insight. This is mainly used on business websites and mobile platforms to provide answers to queries in an efficient manner.

Global Intelligent Virtual Assistant Market Trends:

The global market is primarily driven by the widespread utilization of smart gadgets among the masses. This can be attributed to rapid digitization and the inflating disposable income levels of individuals. Along with this, continual technological advancements, such as the introduction of artificial intelligence (AI), the internet of things (IoT), advanced analytics and cloud computing, are providing a boost to the market. Coupled with the increasing demand for automation across multiple sectors, this is creating a positive market outlook. Apart from this, numerous leading players are heavily investing in extensive research and development (R&D) activities to introduce innovative intelligent virtual assistant devices in an attempt to strengthen their market position. Moreover, the penetration of high-speed internet connectivity and easy access to social media platforms are also considered to be major driving factors. Furthermore, continuous improvements in the information technology (IT) and e-commerce sectors are significantly supporting the demand for IVAs on the global level. Other factors, including intensive business competition, rapid urbanization and the rising awareness among individuals, are further positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 99.9 Billion by 2032, exhibiting a CAGR of 27.4% during 2024-2032.

Market Summary:

  • On the basis of the application, the market has been segmented into banking, financial services and insurance (BFSI), travel, retail, government, education and others.
  • Based on the product, the market has been bifurcated into chatbots and IVA smart speakers. Chatbots currently exhibit a clear dominance in the market.
  • On the basis of the type, the market has been segregated into rule-based and conversational AI based. Conversational AI Based intelligent virtual assistants presently account for the largest market share.
  • Based on the technology, the market has been classified into text-based, text-to-speech, automatic speech recognition (ASR) and others. Text-to-speech technology currently represents the largest market segment.
  • On the basis of the regional insights, the market has been divided into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Among these, North America holds the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Microsoft Corporation, Nuance Communications, Inc., Samsung Electronics Co. Ltd., Alphabet, Inc., Apple, Inc., Inc., International Business Machines (IBM) Corporation, Baidu, Inc., BlackBerry Ltd. and Inbenta Technologies, Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product, Type, Technology, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Microsoft Corporation, Nuance Communications, Inc., Samsung Electronics Co. Ltd., Alphabet, Inc., Apple, Inc., Inc., International Business Machines (IBM) Corporation, Baidu, Inc., BlackBerry Ltd. and Inbenta Technologies, Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

30 N A
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Intelligent Virtual Assistant Market to Reach US$ 99.9 Billion by 2032, Impelled by Rising Adoption of Smart Gadgets
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-714-6104


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More