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 2025-2033," the global intelligent virtual assistant market size reached USD 13.5 Billion in 2024. 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 USD 119.9 Billion by 2033, exhibiting a CAGR of 26.07% during 2025-2033.
Market Summary:
Report Features | Details |
---|---|
Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
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., Amazon.com Inc., International Business Machines (IBM) Corporation, Baidu, Inc., BlackBerry Ltd. and Inbenta Technologies, Inc. |
Customization Scope | 10% Free Customization |
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) |
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