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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 Trends
Rising automation demand and advancements in conversational AI are driving IVA market growth globally.
The increasing requirement of automation in different industries for offering customers unbroken customer support services is the primary growth driver for the market. In addition, the increasing demand for smart speakers around the North American and European regions is also expected to boost new trends in the intelligent virtual assistant market (IVA) market.
Companies like Apple Inc. recently have integrated the conversational AI technology in its Siri virtual assistant for more understanding and responding to a user's query. Companies like Sonos Inc. develop new language processing technologies to enable IVAs to understand and respond in different languages. Further, Google LLC aims to extend more language support with its Google Assistant virtual assistant to connect with a broader global audience. In addition, Amazon.com Inc. is developing IVAs that can be controlled using voice commands, making it easier for people with disabilities to interact with virtual assistants. These developments are providing further impetus to the market's expansion.
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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