Intelligent Virtual Assistant (IVA) Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Product (Chatbots, and Smart Speakers), By Technology (Text-to-Speech, Automated Speech Recognition (ASR), Text-Based, and Others), By Service (Customer Service and Market Assistant), By Vertical (BFSI, Automotive & Consumer Electronics, Healthcare, Education, Retail
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIntelligent Virtual Assistant (IVA) Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Product (Chatbots, and Smart Speakers), By Technology (Text-to-Speech, Automated Speech Recognition (ASR), Text-Based, and Others), By Service (Customer Service and Market Assistant), By Vertical (BFSI, Automotive & Consumer Electronics, Healthcare, Education, Retail
Global Intelligent Virtual Assistant (IVA) market is expected to register a healthy CAGR during the forecast period.
The COVID-19 pandemic had a significant impact on the technology sector's service sector. While responding to the COVID-19 pandemic and focusing on constantly evolving challenges, advanced technology solutions are anticipated to significantly contribute to the market growth. The current situation brought on by the pandemic outbreak would motivate healthcare and pharmaceutical vendor establishments to increase their R&D spending, expand & launch AI products, and act as a core technology for facilitating several initiatives.
Intelligent virtual assistants have a favorable future. This technology would probably keep developing and get better at handling difficult tasks. Intelligent virtual assistants are anticipated to become more personalized and capable of handling tasks like scheduling, making recommendations, tracking purchases, and managing customer service conversations as AI develops. Intelligent virtual assistants are becoming more and more popular, and businesses and individuals are starting to invest in them, which suggests that many people will find them to be very useful in the future.
Increase in demand for automation in customer service is fueling the market of intelligent virtual assistants (IVA) across the globe
The market for intelligent virtual assistants (IVA) is expected to continue to be driven by the growing demand for convenient customer service and a better customer experience. This is because IVAs can interact with customers by comprehending natural language, accepting free-text queries, and determining the context and intent of the request. Intelligent Virtual Assistants (IVA) are anticipated to lower customer service costs and churn rates globally. Additionally, increasing investments in AI technology are likely to support the creation of advanced IVAs that are better able to interact with customers naturally through conversation.
Additionally, the market for intelligent virtual assistants (IVA) is anticipated to grow as internet connectivity and the adoption of connected devices and integrated technologies increase. For instance, chatbot-powered IVAs are being used more and more in customer service centers to enable customers to type in their question and receive automated responses. In several industries, including retail, transportation, media & entertainment, healthcare, and travel & hospitality, chatbot adoption has become widespread. The rising trend of customer service personalization is also anticipated to support the expansion of the IVA market.
Increasing popularity of chatbots and voice assistants drive the demand for Intelligent Virtual Assistant (IVA) Market
Intelligent Virtual Assistant are computer programs that can carry out certain. Some of the key features offered by IVAs include natural language processing (NLP), text-to-speech recognition (TTS), and artificial intelligence (AI). These powerful systems can interact with users, understand their queries, and respond with relevant answers and information. IVAs are increasingly being used in customer service, customer experience management, and automatic business process automation. This is due in part to the fact that IVAs can provide faster, more accurate, and more cost-effective service compared to traditional customer service and customer experience management solutions. Additionally, IVAs can be embedded in various devices, such as smartphones, tablets, and IoT-enabled devices, which are becoming increasingly popular. The global Intelligent Virtual Assistant (IVA) market size is expected to grow significantly during the forecast period as there is an increasing preference for digital solutions and automation in many organizations. The various advantages offered by IVAs, such as cost effectiveness, increased accuracy, low maintenance costs, and the ability to interact with customers in real-time, are expected to drive their demand. Additionally, the development of more advanced technologies, such as deep learning and natural language processing (NLP), which enable IVAs to understand more complex tasks and provide relevant solutions, are expected to drive their demand further. Furthermore, the increasing competition among vendors is projected to drive the market’s growth during the forecast period.
Advancements in natural language processing (NLP) and machine learning (ML) propel the market for Intelligent Virtual Assistants
Significant improvements have been made in NLP and ML recently. The development of deep learning techniques, which allowed for the creation of potent language models and automated natural language tasks, is one of the major advances in NLP. Additionally, improvements in machine learning (ML) techniques like transfer learning, generative adversarial networks, and reinforcement learning have made it possible to significantly improve processes like computer vision, autonomous navigation, and natural language processing. These developments have created new avenues for NLP and ML research and development, opening the door to innovative new applications.
Data security and privacy concerns hinder the Global Intelligent Virtual Assistant (IVA) Market
Any company implementing an Intelligent Virtual Assistant faces serious concerns about data security and privacy. To deliver pertinent and accurate customer service, it is critical to avoid gathering, storing, or sharing excessive amounts of unnecessary customer data. Strong data security and privacy protocols, like encryption, authentication, authorization, and access control, must also be implemented by businesses. They must also determine all potential risks to customer data due to potential Intelligent Virtual Assistant system misuse and limit the amount of data that is gathered, stored, and shared with the intelligent virtual assistants. Additionally, businesses must make sure that customer data is stored safely and in accordance with applicable laws like the GDPR. Customers should also be informed about the type of data collected, how it will be used, and how it will be stored by businesses.
Customers therefore benefit from a quick, responsive framework, but intelligent virtual right-hand uses recognize time because it gets used to the unique speech patterns of its customers. The amount of time needed can range from a few seconds to several hours or even days, depending on the capabilities of the integrated equipment, the basic modern computer program, and the speed and strength of the web connection. Therefore, it is anticipated that such a calculation will somewhat impede market growth.
Recent developments and strategies adopted by the leading companies
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Market Segmentation
Based on Product, the market is segmented into Chatbots, and Smart Speakers. Based on Technology, the market is further divided into Text-to-Speech, Automated Speech Recognition (ASR), Text-Based, and Others. Based on Service, the market is further bifurcated into Customer Service and Market Assistant. Based on vertical, the market is further split into BFSI, Automotive & Consumer Electronics, Healthcare, Education, Retail, IT & Telecom, Travel & Hospitality, and Others.
Company Profiles
Avaamo Inc, EdgeVerve Systems Limited, Inbenta Holdings Inc., Creative Virtual Ltd., Serviceaide, Inc., Amelia US LLC, Kore.ai Inc., Nuance Communications, Inc., Microsoft, Baidu, Inc
| Attribute | Details |
| Base Year | 2022 |
| Historical Years | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Billion and CAGR for 2018-2022 and 2023E-2028F |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | By Product By Technology By Service By Vertical By Region |
| Regional Scope | Asia-Pacific, North America, Europe, Middle East & Africa, and South America |
| Country Scope | China, Japan, India, Australia, South Korea, United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Israel, Turkey, Saudi Arabia, UAE, South Africa, Brazil, Argentina, Colombia |
| Key Companies Profiled | Avaamo Inc, EdgeVerve Systems Limited, Inbenta Holdings Inc., Creative Virtual Ltd., Serviceaide, Inc., Amelia US LLC, Kore.ai Inc., Nuance Communications, Inc., Microsoft, Baidu, Inc. |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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