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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.
Intelligent Virtual Assistant (IVA) Market Share
By Technology Analysis
Speech recognition and text-to-speech technologies enhance user interaction and accessibility across various industries.
In the IVA market, both speech recognition and text-to-speech are gaining tremendous momentum. Speech recognition enhances interaction with a user system in that it enables hands-free command through voice activation, especially into automotive and healthcare applications. This kind of technology enables or facilitates more natural and efficient communication, bolstering the intelligent virtual assistant (IVA) market revenues. On the other hand, text-to-speech gives a natural-sounding voice that encourages more engagement and helps accessibility, mainly for the visually impaired or even in customer service situations. The acceptance of these technological advancements across various industries requires them to be integrated so as to enrich user experience.
Market Analysis by Products
Chatbots dominate healthcare IVAs, while smart speakers enhance patient engagement and convenience through voice interaction.
Chatbots are highly used in a broad spectrum of health care, mainly by insurance firms, hospitals and clinics, which is the reason why it holds such dominance on the market due to its versatility, ease of use, and providing individualized support to the users. Through chatbots hosted on the websites, mobile apps, and messaging software, health care providers can then serve their patients responsibly, respond to their questions, facilitate an appointment, and be able to offer them relevant health information. This market is expected to continue growing because of its increasing adoption as well as the rising demand for effective patient engagement and care delivery.
These smart speakers, which have a voice assistant like Amazon Alexa or Google Assistant in them, have been promoting the growth of the intelligent virtual assistant market as these voice-enabled devices provide hands-free interaction and are, therefore helpful for patients suffering from mobility issues or even patients who choose voice-based interaction. As per intelligent virtual assistant (IVA) market analysis, these smart speakers can also assist with reminding the users of their medications, monitoring their vital signs, gathering any health information they require, and even linking them up with health care providers for telehealth consultation. Improving incorporation of smart speakers into homes and healthcare settings, coupled with improvements in voice recognition technology, are some of the factors that have been fueling the adoption of this particular segment at a very rapid pace.
Application Insights
Automotive, healthcare, BFSI, and retail segments are rapidly adopting IVAs for improved customer interactions.
As per intelligent virtual assistant (IVA) industry analysis, the automotive segment is expected to grow significantly, driven by the increasing adoption of IVAs in vehicles for features like voice-controlled infotainment systems and driver assistance. Meanwhile, the growing use of IVAs in clinics and hospitals for patient care and medical support is predicted to fuel the healthcare segment's quick growth.
The BFSI sector is anticipated to expand dramatically as a result of the growing use of intelligent virtual assistants (IVAs) in banking and financial institutions for transaction processing and customer assistance, per the intelligent virtual assistant (IVA) market study. Because IVAs are being used more and more in e-commerce platforms for order processing and customer service, the retail sector is predicted to expand quickly.
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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