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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 Regional Insights
North America Intelligent Virtual Assistant (IVA) Market Opportunities
The North America intelligent virtual assistant (IVA) market holds great potential for growth, driven by the rapidly growing AI and natural language processing technologies. Due to these advancements in technology, organisations are now growing more towards IVAs for assisting with higher customer interaction and simplification of processes in all sectors, especially in retail and health care. Organisations can now take advantage of IVAs to fulfil consumer needs as the practice becomes more widespread in offering experience personalization for customers. In view of growing levels of smart devices and voice-activated technologies, IVAs are also on the rise, and hence, they are absolutely must-have tools for business growth and efficiency.
Europe Intelligent Virtual Assistant (IVA) Market Dynamics
Stronger focus on data privacy and new compliance across several regulations, including GDPR, impacts the Europe intelligent virtual assistant (IVA) market. There is indeed growing interest in designing IVAs that put greater focus on safe data management and explicit user consent. This helps build the trust of the customers and nudges more compliance, thereby setting the businesses well in competitive settings. It will, therefore, ensure that organisations meet the regulatory requirements even as they come out to deliver personalised and effective customer experiences through their intelligent virtual assistants by integrating strong data protection measures.
Asia Pacific Intelligent Virtual Assistant (IVA) Market Trends
A key trend seen in the Asia Pacific intelligent virtual assistant (IVA) market is multilingual capabilities. As languages and cultures diversify the region has businesses steadily embracing IVAs that are multilingual for assisting in good interaction with the customers. This is more prevalent in industries such as e-commerce and banking since there is a requirement for understanding language. Companies like Haptik are spearheading this change and are producing IVAs that can relate to regional languages to enhance accessibility and overall customer satisfaction.
Latin America Intelligent Virtual Assistant (IVA) Market Insights
The Latin America intelligent virtual assistant (IVA) market is growing fast, driven by increasing demand for service quality and operational efficiency. Companies use IVAs to simplify communication and support processes. This is notably prevalent in the retail and telecommunications industries, as smartphone penetration and Internet access are increasingly expanding. Also, companies are using IVAs to collect rich customer insight, which they will reap to personalise services and improve customer experiences. This provides them with an edge over others and makes IVAs one of the strategic tools used for attaining competitive advantage.
Middle East and Africa Intelligent Virtual Assistant (IVA) Market Drivers
A major driver of the intelligent virtual assistants (IVAs) industry in the Middle East and Africa is the rapid pace of digital transformation across the industries. Adoption of IVAs is on the increase among business, which will enable them to reach out further to customers while decomplexing operations. Actually, the leading telecommunication company in the United Arab Emirates, Etisalat, has been using AI-driven IVAs in delivering customised customer support, thereby drastically cutting down on response times and operation efficiency. This is among the key trends in companies looking to improve customer satisfaction and contain their cost in an increasingly competitive marketplace.
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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