Intelligent Virtual Assistant Market Trends and Forecast 2031

The Intelligent Virtual Assistant Market size is projected to reach US$ 111.72 billion by 2031 from US$ 12.20 billion in 2023. The market is expected to register a CAGR of 31.9% in 2023–2031. Personalized customer experience and omnichannel integration are likely to remain key Intelligent Virtual Assistant Market trends.

Intelligent Virtual Assistant Market Analysis

Intelligent Virtual Assistant (IVA) is an AI-enabled chat assistant that uses analytics and cognitive computing to provide personalized responses based on specific customer information, previous chats, and geography while also leveraging the corporate knowledge base and human expertise. It is more sophisticated than a basic chatbot, which is automated but not powered by AI.

Intelligent Virtual Assistant Market Overview

Advances in machine learning, natural language processing, and robotic process automation are enabling live workers to give better customer support. IVAs are used by many companies for use cases such as customer support, human resource, and internal communication, talent acquisition and recruiting, sales and marketing, among others.   The market is expected to increase rapidly in the next years. Organizations across all industries are seeing the promise of Conversational AI solutions as the demand for personalized and engaging consumer experiences grows. Enhance customer engagement and streamline procedures.

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Intelligent Virtual Assistant Market: Strategic Insights

Intelligent Virtual Assistant Market

• Market Size 2023
  US$ 12.20 billion
• Market Size 2031
  US$ 111.72 billion

Market Dynamics

GROWTH DRIVERS

• Advances in machine learning, natural language processing, and robotic process automation and rising adoption in contact centers

FUTURE TRENDS

• Personalized customer experience and omnichannel integration

OPPORTUNITIES

• Healthcare and Telemedicine

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Product

• Chatbots and Smart Speakers

Technology

• Text-to-Speech
• Speech Recognition
• Text-Based

Industry Vertical

• BFSI
• IT & Telecommunications
• Retail
• Healthcare
• Travelling & Hospitality

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Intelligent Virtual Assistant Market Drivers and Opportunities

Advances in Machine Learning, Natural Language Processing, And Robotic Process Automation to Favor Market

Advanced virtual assistants use machine learning algorithms to handle and analyze massive volumes of data, allowing them to spot patterns, forecast outcomes, and provide responses based on user input. Machine learning and AI enable firms to spot patterns in interactions and statistics more efficiently than people. This allows brands to anticipate and address service issues that customers may not be aware of yet. Advanced root cause analysis can result in new products and services, as well as the potential for companies to expand into new markets with improved service features and performance.

Healthcare and Telemedicine - An Opportunity in the Intelligent Virtual Assistant Market

AI-powered virtual assistants can offer patients 24-hour access to medical information and support. These assistants can answer inquiries about common medical disorders, track symptoms, and connect patients with doctors or other healthcare providers as needed.  These assistants simplify the scheduling process, allowing patients to readily book appointments and healthcare providers to better manage their calendars. Healthcare virtual assistants can monitor patients' health metrics, provide prescription reminders, and follow up on treatment plans, all of which promote ongoing care.

Intelligent Virtual Assistant Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Intelligent Virtual Assistant Market analysis are product, technology, and industry vertical.

• Based on the product, the intelligent virtual assistant market is divided into chatbots and smart speakers. The chatbots segment held the largest share of the market in 2023.
• Based on the technology, the intelligent virtual assistant market is divided into text-to-speech, speech recognition, and text-based.
• Based on the industry vertical, the intelligent virtual assistant market is divided into BFSI, IT & telecommunications, retail, healthcare, traveling & hospitality, and others.

Intelligent Virtual Assistant Market Share Analysis by Geography

The geographic scope of the Intelligent Virtual Assistant Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

North America has dominated the intelligent virtual assistant market. The region’s dominance can be attributed to the presence of major companies involved in developing AI and machine learning, such as Alphabet, Inc., Amazon, and Apple, among others. The US is among the top adopters of IVA in segments such as customer service, enterprise application, and others.

Intelligent Virtual Assistant Market Market Report Scope

Intelligent Virtual Assistant Market News and Recent Developments

The Intelligent Virtual Assistant Market is evaluated by gathering qualitative and quantitative data post-post-primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Intelligent Virtual Assistant Market and strategies:

• Creative Virtual Ltd released Gluon, a new version of its V-PersonTM technology.  Powering Creative Virtual’s V-PortalTM and V-Person product suites, the Gluon release has new technical capabilities and provides a better user experience. Driven by the latest technology advances and customer feedback, this new version of the company’s V-Person technology makes it quicker and easier to build, deploy, and maintain effective conversational AI solutions in V-Portal with greater scalability, more advanced functionality, and increased workflow flexibility. (Source: Creative Virtual Ltd, Press Release, 2023)

Intelligent Virtual Assistant Market Report Coverage and Deliverables

The “Intelligent Virtual Assistant Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles