Intelligent Virtual Assistant (IVA) Market Size By Technology (Speech Recognition, Text-To-Speech, Voice Recognition), By Service (Customer Service, Marketing Assistant), By Application (Automotive, BFSI, Retail, IT & Telecom, Healthcare, Education), By End-Use (SMBs, Large Enterprises, Individual Users), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Fore
Published Date: April - 2025 | Publisher: MRA | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIntelligent Virtual Assistant (IVA) Market Size By Technology (Speech Recognition, Text-To-Speech, Voice Recognition), By Service (Customer Service, Marketing Assistant), By Application (Automotive, BFSI, Retail, IT & Telecom, Healthcare, Education), By End-Use (SMBs, Large Enterprises, Individual Users), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Fore
Intelligent Virtual Assistant Market Size
Intelligent Virtual Assistant (IVA) Market size exceeded USD 1 billion in 2017 and is projected to grow at 37% CAGR through 2024. Advanced features such as the ability to recognize different languages, interact in natural language, and respond via text or voice is likely to drive the industry demand. Increasing penetration of the technology in smartphones and the growing adoption of smartphones are propelling the IVA market growth.
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Think about being able to order something to eat, or get assistance with your account, without ever having to speak to a human. That is what this technology allows you to do. It's like carrying a personal aide in your pocket or on your computer. And you can obtain the information that you require, quickly and with ease, without having to hold on the phone or stand in a long queue. This technology is appearing all over the place, from your phone to your top websites and even social media. Companies are utilizing it to facilitate customers connecting with them more easily. For instance, there are some companies that have virtual assistants that can provide you with information regarding their services or products. And some apps prompt you to join a loyalty program on first use. This technology is a win-win for businesses and customers alike. It benefits businesses by enhancing their sales, profits, and customer satisfaction. And it simplifies life for customers like you and me.
| Report Attribute | Details |
|---|---|
| Base Year | 2017 |
| Intelligent Virtual Assistant (IVA) Market Size in 2017 | 1 Billion (USD) |
| Forecast Period | 2018 to 2024 |
| Forecast Period 2018 to 2024 CAGR | 37% |
| 2024 Value Projection | 11.5 Billion (USD) |
| Historical Data for | 2013 to 2017 |
| No. of Pages | 300 |
| Tables, Charts & Figures | 266 |
| Segments covered | Technology, Service, Application, End-Use and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
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Intelligent Virtual Assistant Market Analysis
Speech recognition market is anticipated to surpass USD 7.5 billion by 2024 owing to the application of the technology on smartphones. The technology is enabling customers to interact and get tasks done using smartphones with ease. The industry verticals, including BFSI, retail, and education, are applying the technology to enhance the quality of operations and do business operations smoothly, thereby facilitating the intelligent virtual assistant market growth.
Consumer services segment accounted for a lion's market share and is expected to witness 37% CAGR by 2024. Exponentially rising customer expectations and increasing necessity among firms to meet their demand are driving the demand for such services. The technology enables firms to respond in a dynamic manner to meet customer demands and respond to their queries. It enables firms to process higher volumes of customer requests and respond suitably & efficiently.
Large enterprises intelligent virtual assistant market demand is expected to exceed USD 6 billion by 2024. More and more large enterprises are embracing the technology to enhance revenue and minimize the reliance on human beings for customer service. Industry verticals such as banking, IT & telecom, and retail are upgrading traditional systems with these systems in order to maximize the return on investment.
SMBs segment contributed over 30% of the IVA market revenue share. Benefits of the technology such as low operating expenses and enhanced business processes are motivating SMBs to implement these solutions. Lower demands of the human resource to meet customer service needs are enabling SMBs to integrate the technology into businesses.
Automotive smart virtual assistant market is forecasted to grow in excess of USD 2.8 billion by the year 2024 due to the rise in the adoption of technology in connected vehicles.
The BFSI applications is projected to grow at 20% CAGR through 2024. The use of technology in the BFSI industry is primarily caused by advantages provided by the technology like instant search of queries and minimizing response time. The technology responds to queries made by customers while transferring funds and paying bills. The technology has helped customers achieve customer service twenty-four seven and minimize call waiting time.
The Germany IVA market surpassed USD 110 million in 2017 and is forecast to achieve exponential growth owing to the adoption of smart devices in the country. Technological adoption has resulted in an increased adoption of applications such as MS Office Online and Skype in enterprise applications. Furthermore, the adoption of voice assistants in consumer devices such as smart speakers has rapidly increased in the last five years. According to a report published by Federal Association for Information Technology of Germany, about 13% of people own voice-enabled devices.
The Asia Pacific intelligent virtual assistant market is growing significantly over the forecast timespan propelled by the increasing need to automate and fulfill tasks such as managing schedules, playing music, and answer questions.
Intelligent Virtual Assistant Market Share
Key players in the IVA market include
- Clara Labs
- Nuance Communications
- Creative Virtual
- InteliWISE
- Artificial Solutions
- eGain Communications
- 24/7 Customer, Inc
- Anboto
The industry is highly competitive and is driven by continuous innovations & technological advancements. These companies need to differentiate to gain a competitive edge and hence they invest heavily in R&D.
This market research report on intelligent virtual assistant (IVA) includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments
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Market, By Technology
- Speech recognition
- Text-to-speech
- Voice recognition
Market, By Service
- Customer service
- Marketing assistant
Market, By End-Use
- SMBs
- Large enterprises
- Individual users
Market, By Application
- BFSI
- Automotive
- IT & telecom
- Retail
- Healthcare
- Education
- Others
The above information is provided on the basis of the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
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