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Global Intelligent Virtual Assistant Market to Reach US$ 41.6 Billion by 2028, Fostered by Increasing Applications Across Service-Based Sectors

Published on Dec 01, 2022

IMARC Group’s latest report, titled “Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global intelligent virtual assistant market size reached US$ 8.1 Billion in 2022. Intelligent virtual assistant, or IVA, refers to artificial intelligence (AI)-based software that emulates human interaction and performs basic tasks for an individual. It understands natural language voice commands and incorporates interactive voice responses to deliver full-fledged virtual identities that converse with users. It generally relies on online resources to answer users’ queries and, therefore, requires an active internet connection. It can assist individuals in various tasks, such as searching for information on the internet, finding hotels or restaurants, checking flight reservations or status, drafting messages, playing music, adding events to the calendar, and checking the status of smart home devices. As a result, IVA is widely integrated with electronic gadgets, including smartphones, tablets, portable speakers, laptops, and smartwatches.

Global Intelligent Virtual Assistant Market Trends:

The increasing IVA applications across various service-based sectors to improve efficiency and customer support represents the primary factor driving the market growth. Moreover, the elevating sales of consumer electronics and the growing reliance on the internet have augmented product demand, especially among the younger generation. Additionally, IVA is gaining immense traction among banking and financial institutions as it directs queries to human agents in customer service and assists customers in paying bills, carrying out transfers, and completing forms. In line with this, the rising integration of voice-enabled IVA with the infotainment system in vehicles to deliver personalized content, enhance comfort and driving experience, and mitigate driver distraction has propelled the market growth. Besides this, the growing popularity of IVA in the healthcare sector to perform various tasks, including scheduling appointments, requesting lab results, and providing 24x7 assistance while improving patient engagement and reducing the administrative burden, has accelerated the product adoption rate. Furthermore, several key players are focusing on accommodating regional languages and introducing customized virtual assistants to allow users from different geographies to communicate effectively. Along with this, recent advancements in integrated speech and gesture recognition technologies have catalyzed market growth. Other factors, including the emerging applications in home security solutions, escalating demand for automation in customer services, rising number of social media platforms, and rapid digitization, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 41.6 Billion by 2028, growing at a CAGR of 32.56% during 2023-2028.

Market Summary:

  • Based on the product, the market has been bifurcated into chatbots and IVA smart speakers, wherein chatbots account for the majority of the market share.
  • On the basis of the type, the market has been classified as rule-based and conversational AI-based. Currently, conversational AI-based IVA dominates the market. 
  • Based on technology, the market has been divided into text-based, text-to-speech, automatic speech recognition (ASR), and others. Amongst these, text-to-speech technology represents the largest market segment. 
  • The market has been segregated based on the application into banking, financial services and insurance (BFSI), travel, retail, government, education, and others. At present, the retail sector exhibits a clear dominance in the market.
  • Region-wise, North America holds the leading position in the market. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America. 
  • The competitive landscape of the market has also been analyzed, with some of the key players being 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.
     

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