According to the latest report by IMARC Group, titled "Intelligent Virtual Assistant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global intelligent virtual assistant market size reached US$ 8.1 Billion in 2022. 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$ 41.6 Billion by 2028, exhibiting a CAGR of 32.56% during 2023-2028.
- 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., Amazon.com Inc., International Business Machines (IBM) Corporation, Baidu, Inc., BlackBerry Ltd. and Inbenta Technologies, Inc.
|Base Year of the Analysis
||Product, Type, Technology, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||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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