Intelligent Virtual Assistant Market Scope and Size by 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
Market Size Value in US$ 7.01 Billion in 2021 Market Size Value by US$ 47.57 Billion, by 2028 Growth rate CAGR of 31.9% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Intelligent Virtual Assistant Market: Strategic Insights
| Market Size Value in | US$ 7.01 Billion in 2021 |
| Market Size Value by | US$ 47.57 Billion, by 2028 |
| Growth rate | CAGR of 31.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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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 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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Service, Technology and End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Frequently Asked Questions
In terms of revenue, the chatbot segment held the major market share in 2023.
Personalized customer experience and omnichannel integration to bring new Intelligent Virtual Assistant Market trends in the coming years.
The key players holding majority shares in the global Intelligent Virtual Assistant Market are Alphabet Inc., Amazon.com, Inc., Anboto, and Apple Inc.
Advances in machine learning, natural language processing, and robotic process automation and rising adoption in contact centers are the major factors that propel the global Intelligent Virtual Assistant market growth.
The global Intelligent Virtual Assistant market was estimated to be US$ 12.20 billion in 2023 and is expected to grow at a CAGR of 31.9% during the forecast period 2024 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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