Intelligent Virtual Assistants Software Global Market Report 2024

The intelligent virtual assistants software market size has grown rapidly in recent years. It will grow from $6.71 billion in 2023 to $7.9 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth witnessed during the historical period can be attributed to several factors. These include an increase in the demand for virtual assistants within insurance services, the proliferation of virtual assistants in IT support and helpdesk functions, the adoption of virtual assistants within personal productivity tools, a rise in demand for virtual assistants within the travel and hospitality sector, and the expansion of virtual assistants within the education sector.

The intelligent virtual assistants software market size is expected to see rapid growth in the next few years. It will grow to $15.35 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The projected growth in the forecast period can be attributed to several key factors. These include the increasing adoption of AI-driven solutions, a rising trend of virtual assistant utilization across diverse industries, the development of industry-specific virtual assistants tailored to specific needs, growing demand for efficient self-service options, and increasing consumer preference for convenience and automation. Major trends expected in the forecast period include the integration of artificial intelligence into virtual assistants to enhance their capabilities, advancements in natural language processing (NLP) and machine learning (ML) technologies to improve interaction and understanding, the expansion of virtual assistants into the retail industry to enhance customer experiences, a broadening adoption of virtual assistants across various sectors, and an extended reach of virtual assistants into healthcare services to improve patient care and operational efficiency.

The expected surge in voice technology adoption is set to drive the growth of the intelligent virtual assistant software market. Voice technology encompasses voice recognition, natural language processing (NLP), and speech synthesis, facilitating human-device interaction through spoken commands or responses. This mode of communication enables users to interact with digital devices like computers, smartphones, smart speakers, and others using their voice, bypassing traditional input methods like typing or clicking. Intelligent virtual assistant (IVA) software, within the realm of voice technology, leverages natural language understanding, voice recognition, and interactive voice responses to act as the interface between users and voice-enabled devices or applications, ensuring seamless communication and interaction through spoken commands or queries. For example, a survey conducted by National Public Radio in June 2022, involving approximately 2200 U.S. adults, revealed that smartphone voice assistant users engaged in an average of 10.7 tasks weekly, up from 8.8 in 2020. Furthermore, in 2022, 62% of Americans aged 18 and above utilized a voice assistant on any device. Hence, the escalating adoption of voice technology is a significant driver propelling the growth of the intelligent virtual assistant software market.

Key players in the intelligent virtual assistants software market are actively innovating with advanced technologies to gain a competitive advantage. For instance, IntelliTek Health has developed the Clinical Virtual Assistant (CVA) technology, allowing care providers to execute tasks using voice commands such as consultations, medication adjustments, and appointment scheduling. SmarTek21 and Medtech Global collaborated to introduce IntelliTek Health's Clinical Virtual Assistant (CVA) in May 2023. This voice-enabled solution empowers care providers with voice commands for dictation during consultations, prescribing medications, and managing follow-up appointments, alongside clickless and voice navigation within electronic medical records, thus reducing clinicians' administrative workload.

In August 2023, Generative AI Solutions Corp., a prominent US-based company specializing in comprehensive generative AI solutions, completed the acquisition of SpeakGPT for $60,000. The strategic objective behind GenAI's acquisition of SpeakGPT was to augment its artificial intelligence capabilities, encompassing detailed documentation, text-to-speech integration, GitHub source code, and a prototype application tailored for iOS and Android platforms. SpeakGPT, headquartered in the US, offers an AI-driven virtual assistant renowned for its innovative approach to interacting with ChatGPT through advanced voice recognition and text-to-speech technologies.

Major companies operating in the intelligent virtual assistants software market are Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Electronics, Microsoft Corporation, Tencent Holdings Ltd., International Business Machines Corporation (IBM), Cisco Systems Inc., Oracle Corporation, Salesforce.com Inc., Baidu Inc., SAS Institute Inc., SAP SE, RingCentral Inc., Sonos Inc., Nuance Communications Inc., UiPath Inc., Nice Systems Ltd., Verint Systems Inc., Clara Labs, 8x8 Inc., Inbenta Technologies, LivePerson Inc., Automation Anywhere Inc., eGain Corporation.

North America was the largest region in the intelligent virtual assistants software market in 2023. Asia-Pacific is expected to be the fastest-growing region in forecast period. The regions covered in the intelligent virtual assistants software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the intelligent virtual assistants software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Intelligent virtual assistant software refers to AI-driven digital agents or chatbots that emulate human-like interactions, leveraging natural language processing (NLP) and machine learning techniques. This technology aims to enhance efficiency, productivity, and convenience by enabling users to interact with digital systems conversationally, leading to improved customer satisfaction and operational effectiveness.

The primary products within intelligent virtual assistant software include chatbots and smart speakers. Chatbots are computer programs engineered to engage in conversations with human users, particularly online. They employ various technologies such as automatic speech recognition, text-to-speech, and text-based interactions, serving diverse applications across sectors including government, retail and e-commerce, healthcare and life sciences, banking and financial services, transportation and logistics, telecommunications and IT, manufacturing, and others.

The intelligent virtual assistants software market research report is one of a series of new reports that provides intelligent virtual assistants software market statistics, including intelligent virtual assistants software industry global market size, regional shares, competitors with an intelligent virtual assistants software market share, detailed intelligent virtual assistants software market segments, market trends and opportunities, and any further data you may need to thrive in the intelligent virtual assistants software industry. This intelligent virtual assistants software 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 assistants software market consists of revenues earned by entities by providing services such as virtual customer support, automated chatbots, personalized recommendations, task automation, and virtual sales assistants. The market value includes the value of related goods sold by the service provider or included within the service offering. The intelligent virtual assistants software market also includes sales of smart speakers, smartphones, tablets, and other IoT (Internet of Things) devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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