Intelligent Virtual Assistant Global Market Report 2024

An intelligent virtual assistant refers to an AI-enabled conversational companion that generates personalized responses by integrating analytics and cognitive computing based on individual client information, their interactions, and context. This is achieved using a commercial knowledge base and human-like wisdom. An intelligent virtual assistant surpasses the capabilities of a simple chatbot, as it is automated and powered by artificial intelligence.

The primary product categories of intelligent virtual assistants include IVA (intelligent virtual assistant) smart speakers and chatbots. IVA smart speakers are internet-connected devices with microphones, allowing users to interact with an intelligent virtual assistant through voice commands. These speakers are designed to enhance the user experience across various devices such as smartphones, tablets, and laptops. Smart speakers incorporate AI capabilities to deliver a seamless user experience through voice-based commands. The user interfaces utilized by intelligent virtual assistants include text-to-text, text-to-speech, and automatic speech recognition, catering mainly to end-users in sectors such as retail, BFSI, healthcare, telecom, and others.

The intelligent virtual assistants market research report is one of a series of new reports that provides intelligent virtual assistants market statistics, including intelligent virtual assistants industry global market size, regional shares, competitors with a intelligent virtual assistants market share, detailed intelligent virtual assistants market segments, market trends and opportunities, and any further data you may need to thrive in the intelligent virtual assistants industry. This intelligent virtual assistants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The intelligent virtual assistant market size has grown exponentially in recent years. It will grow from $12.66 billion in 2023 to $17.06 billion in 2024 at a compound annual growth rate (CAGR) of 34.7%. The expansion observed in the historical period can be attributed to the increasing demand for customer self-service, a heightened focus on user experience and convenience, improved accessibility for individuals with disabilities, seamless integration with business processes, and the prevailing trends in e-commerce and virtual shopping.

The intelligent virtual assistant market size is expected to see exponential growth in the next few years. It will grow to $58.17 billion in 2028 at a compound annual growth rate (CAGR) of 35.9%. The anticipated growth in the forecast period can be attributed to the incorporation of customization and personalization features, the ongoing expansion of remote work solutions, applications related to energy and sustainability, and the implementation of enhanced data privacy and security measures. Major trends expected during this forecast period encompass advancements in natural language processing, the proliferation of multichannel and omnichannel support, the emergence of voice-enabled intelligent virtual assistants, increased adoption in customer service, integration with business applications, and cross-platform integration with smart devices.

The intelligent virtual assistant market is witnessing growth driven by an increasing demand for self-service options. Self-service, where consumers independently access resources to resolve issues without assistance from service agents, has become prevalent with the rise of digital technologies. Customers, accustomed to online shopping and communication, now actively participate in their journey through self-service solutions. As the demand for self-service options rises, there is a growing need to provide automated yet personalized chat service options, often facilitated by intelligent virtual assistants. A 2021 survey by OnePoll revealed that 58% of customers plan to continue having more digital interactions post-COVID-19, citing the effectiveness of digital channels, particularly through intelligent virtual assistants, in quick and easy issue resolution. Hence, the escalating demand for self-service options is a key driver of intelligent virtual assistant market growth.

The adoption of artificial intelligence (AI) is anticipated to fuel the expansion of the intelligent virtual assistant market. AI, simulating human intelligence in computer systems, involves algorithms, software, and hardware enabling machines to perform tasks requiring human-like intelligence. Intelligent virtual assistants leverage AI for enhanced natural language processing, improved machine learning, superior speech recognition, and efficient user intent recognition. A report by Forbes Media LLC in April 2023 projects a 37.3% yearly growth rate for the AI field between 2023 and 2030. Currently, 35% of businesses have integrated AI into their operations, while 42% are in the exploratory phase, considering AI implementation in the coming years. The increased adoption of AI is thus expected to be a driving force for the growth of the intelligent virtual assistant market.

Technological advancement is a prominent trend shaping the intelligent virtual assistant market. Major companies in the industry are dedicated to developing advanced technological solutions, including user preferences and privacy features, to fortify their market position. These advancements offer improved accuracy and output, ease of use, and user privacy protection. For instance, in April 2022, Skoda Auto AS expanded its conversational AI solution, 'Laura,' to cover new European regions. Laura, an intelligent chatbot aiding customers in the vehicle selection process, is designed to engage with customers across Europe in their native language.

Strategic partnerships are a favored approach among major companies in the intelligent virtual assistant industry to deliver essential services. This approach involves leveraging each other's strengths and resources for mutual benefits. In February 2022, IBM collaborated with TD Securities to create an AI-powered virtual assistant using IBM Watson Assistant. This virtual assistant assists consumers with inquiries on the TD Precious Metals digital shop, offering a self-service option to simplify the purchasing experience.

In October 2021, Accenture acquired Umlaut, expanding its engineering capabilities in digital technologies such as cloud, AI, and 5G. This strategic move adds over 4,200 industry-leading engineers and consultants to Accenture's Industry X services, enhancing its capabilities in areas like automotive, aerospace and military, telecommunications, energy, and utilities. Umlaut, a German-based engineering consulting and services firm, contributes to Accenture's goal of transforming how organizations design, create, and manufacture products while embedding sustainability.

Major companies operating in the in the intelligent virtual assistant market report are Amazon. com Inc., Apple Inc., IBM Corporation, Nuance Communications Inc., Alphabet Inc.,Mindsay,Microsoft, Oracle,SAP SE,Salesforce,OpenAI,Rulai Inc.,Interactions,24/7. ai Inc.,Creative Virtual,Artificial Solutions,SmartAction,Inbenta,Kore. ai,Verint,Next IT,ChatGPT, Acobot,LivePerson,Amelia, eGain Corporation,Cognigy,Zoho Corporation,Pypestream,Replicant,

North America was the largest region in the intelligent virtual assistants market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the intelligent virtual assistant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the intelligent virtual assistant market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The intelligent virtual assistant market includes revenues earned by entities by providing services such as lead qualification, meetings scheduling, data entry, pipeline management, pre and post-event outreach. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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