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Report Overview
The global intelligent virtual assistant (IVA) market attained a value of USD 8.74 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 37%.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- Presently, 19% of online businesses are using chatbots, while 50% of the big companies are looking forward to increasing their expenses in chatbots.
- According to industry reports, 87.2% of customers who engage with a chatbot find it to be a great positive customer experience, which accelerates the growth of the intelligent virtual assistant market.
- Some popular chatbots and smart speakers include WeChat, Slack, ManyChat, Amazon Alexa, Apple Siri, Microsoft Cortana, and Google Home.
Competitive Landscape
Intelligent virtual assistant (IVA) market players are focusing on how to make user experiences richer by using the advanced capabilities of natural language processing and machine learning, which can provide accuracy and context awareness for interactions as well as seamless integration across all platforms. Additionally, intelligent virtual assistant (IVA) companies are investing in customization features tailored to specific business needs to keep the focus of their customers on engaging interaction with the IVAs. Also, scalability and collaboration tools are presented to enable organisations to deploy and manage IVAs much more efficiently.
Key Market Players
Key industry leaders in this market are:
Apple Inc. was founded in 1976 and is based in California, United States. It is also famous for innovative and user-friendly products. The firm produces such products as iPhone or smartphones, iPad as a tablet computer, Mac as personal computers, Apple Watch smartwatches, Apple TV streaming media players, and AirPods wireless earbuds. Also, Apple Inc. offers its users Apple Music - streaming service and provides users with iCloud - cloud storage.
Headquartered in California, United States of America, Google Inc. was established in 1998. The service and product internet related activities include Google Search engine, Google Maps, Google Drive cloud storage, Google Photos, Google Chrome web browser and Google Home smart speakers. Other services include Google Cloud Platform, Google Analytics, Google AdWords, and Google Ads.
IBM Corporation was founded in 1911 and is headquartered in New York, United States. The product profile of IBM contains servers, storage systems, and mainframes for personal computers. Besides, it offers services consisting of cloud computing, artificial intelligence, blockchain, and cybersecurity solutions.
Amazon.com, Inc. was founded in 1994 and is headquartered in Washington, United States. The company offers an online retail marketplace, cloud computing services, artificial intelligence-based personal digital assistants, smart speakers, streaming services, online music and video content, self-publishing and book distribution, logistics and delivery services.
Other key players in the global intelligent virtual assistant (IVA) market include CSS Corp., Clara Labs, Creative Virtual, CodeBaby Corporation, eGain Corporation, and Kognito, among others.
Intelligent Virtual Assistant (IVA) Market Report Snapshots
Intelligent Virtual Assistant (IVA) Market Size
Intelligent Virtual Assistant (IVA) Market Growth
Intelligent Virtual Assistant (IVA) Market Trends
Intelligent Virtual Assistant (IVA) Market Share
Intelligent Virtual Assistant (IVA) Companies
Intelligent Virtual Assistant (IVA) Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the intelligent virtual assistant (IVA) market reached an approximate value of USD 8.74 billion.
The market indicates a healthy growth at a CAGR of 37% between 2024 and 2032.
The major drivers of the market include the rising smartphone penetration, incorporation of natural language understanding technology, growing use of smart speakers in residential sector, automation and digitisation in the retail sector, and increasing IT investments.
The increasing adoption of cost-effective methodologies to deliver effective and efficient customer services, increasing adoption of intelligent virtual assistant software within large enterprises, and increasing customer’s demand for speech recognition technology in IAVs are the key industry trends propelling the market's growth.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Based on technology, the market is divided into speech recognition and text-to-speech.
Chatbots and smart speakers are considered in the market report.
The major applications include automotive, healthcare, BFSI, and retail (e-commerce), among others.
Key players in the market are Amazon.com, Inc., Apple Inc., Google Inc., IBM Corporation, CSS Corp., Clara Labs, Creative Virtual, CodeBaby Corporation, eGain Corporation, and Kognito, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124