Intelligent Virtual Assistant Market To Grow Enormously with Size Worth $14.10 Billion By 2030 |Grand View Research, Inc

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Intelligent Virtual Assistant Market Segment Analysis By Technology (Text-to-Speech, Text-based), By Product (Chatbot, Smart Speaker), By Application (IT & Telecom, Consumer Electronics), And Segment Forecasts, 2023 - 2030

San Francisco, 21 March 2024: The Report Intelligent Virtual Assistant Market Size, Share & Trend Analysis Report By Technology (Text-to-Speech, Text-based), By Product (Chatbot, Smart Speaker), By Application (IT & Telecom, Consumer Electronics), And Segment Forecasts, 2023 - 2030

The global intelligent virtual assistant market size is expected to reach USD 14.10 billion by 2030, registering a CAGR of 24.3% over the forecast period, according to a new report by Grand View Research, Inc. The rising demand for smart speaker-based technologies for digitization and home automation in the retail sector has led to the implementation of conversational e-commerce, which is one of the major factors in the overall industry. Intelligent Virtual Assistant (IVAs) help consumers find appropriate information and perform assignments with actionable advice. The information gathered from IVAs helps organizations create and execute various marketing strategies in real-time. Virtual assistants have been integrated into many retail shops’ operations, expanding the opportunities for customer interaction, and improving the shopping experience.

For instance, Walmart customers can order groceries from a virtual assistant with the help of smartphones. Development in speech technologies and voice recognition has been the driving factor behind the increasing growth of the industry. Smart speakers and chatbots can help people with various chores by listening to their needs, recognizing them, and responding accordingly. As a result, consumers are becoming more and more common for various use cases, including calling, shopping, making reminders and alarms, consulting, and more. In 2022, Google Home and Amazon Alexa will hold most of the market share for smart speakers. The banking, retail, education, e-commerce, travel, and hospitality industries are now easily accessible with the help of chatbots.

IVA helps streamline human efforts to create effective procedures, which is advantageous for all organizations. The IVA application increased output and improved work quality while reducing operational risk when scaling up. As a result, adoption has grown in several applications, such as retail, BFSI, healthcare, and automotive. IVA service providers implement organic and inorganic growth strategies to introduce new products, business growth, partnerships, and cooperation. For instance, in May 2022, Nuance Communication, Inc. partnered with athenahealth, Inc., and with the help of athenahealth, Inc. marketplace nuance dragon ambient eXperience (DAX) ambient clinical intelligence solution is available.

The need for increased efficiency across service-based businesses and the integration of Virtual Assistants (VAs) powered by AI across numerous devices, including computers, tablets, and smartphones, is expected to boost product demand. Intelligent Virtual Assistant (IVA) can fulfill various customer service roles, like offering product information, ease of navigation, helping consumers in paying bills, and directing problem queries to human agents in customer service.

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Such factors are prompting financial institutions worldwide to integrate VAs, leading to industry growth. IVAs are efficient and perform various functions for enterprises across retail, I.T., banking, automotive, etc. In addition, they provide better conversational responses, which enhances the customer experience. IVA providers are actively working to support regional languages and offer specialized VAs so that consumers from various regions may communicate with ease. IVA has enhanced smart home and security solutions. For instance, Amazon.com, Inc. acquired Ring (U.S.), a company offering solutions to home security with a range of video doorbells and smart cameras.

Intelligent Virtual Assistant Market Report Highlights

  • The smart speaker product segment is estimated to register the fastest CAGR over the forecast period. Constant innovations within the virtual assistant solution intended for various end-use industries support the demand for smart speakers
  • Text-to-speech technology emerged as the largest segment in 2022 and is estimated to remain dominant throughout the forecast period
  • North America held the largest revenue share in 2022 and will expand further at a steady CAGR from 2023 to 2030
  • On the other hand, the Asia Pacific region is projected to register the fastest growth rate over the forecast period

The acquisition will assist Amazon.com, Inc. in integrating voice-based technologies into the home security products provided by Ring. Bring Your Own Device (BYOD) trends and technological advancements have led to the advent of working distantly. The improvements over the years have increased the usage of cloud-based tools, such as Skype and M.S. Office Online. With these cloud-based tools, an increasing number of people are working remotely and are highly dependent on VAs to perform their tasks. Therefore, it offers enormous opportunities for market growth.

The IVA is crucial in mitigating driver distraction as various infotainment commands can execute through voice-enabled VAs. Businesses are installing AI-based VAs in automobiles that can do tasks like recommend locations based on the calendar and maximize driver productivity by reading out emails and messages & delivering news. For instance, in September 2023, Automakers: Skoda announced the integration of VAs in its vehicles, which can be accessed through vocal commands and currently supports six languages.

COVID-19 Impact Insights

The pandemic caused significant disruption in various industries, including the technology industry. The COVID-19 pandemic affected the service domain in the technology industry significantly. Meanwhile, the advanced technology solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and focus on continuously evolving challenges. The existing situation owing to the pandemic outbreak will inspire healthcare and pharmaceutical vendor establishments to improve their R&D investments, expand & launch products in AI, and act as a core technology for enabling several initiatives.

Intelligent Virtual Assistant Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 3.07 billion

Revenue forecast in 2030

USD 14.10 billion

Growth rate

CAGR of 24.3% from 2023 to 2030

Base year for estimation

2022

Historical data

2017 - 2021

Forecast period

2023 - 2030

With the global pandemic, various marketing agencies, financial organizations, and grocery outlets have initiated the full implementation of conversational AI tools and virtual internet assistants to enhance customer service in the crisis. Amid the pandemic, businesses face challenges in sustaining and are willing to try new technological avenues, such as VAs. Also, virtual internet assistants have assisted various industry verticals in these difficult times. Several medical insurance companies and public health institutions worldwide have deployed chatbots to assist users/patients in providing proper COVID-19 advice.

List of Key Players of Intelligent Virtual Assistant Market

  • Apple Inc.
  • Baidu, Inc.
  • Clara Labs
  • CSS Corp.
  • Creative Virtual
  • CodeBaby Corp.
  • eGain Corp.
  • Google Inc.
  • IBM Corp.
  • Kognito
  • Microsoft Corp.

 

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