IMARC Group’s latest research report, titled “Intelligent Virtual Assistant (IVA) Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the intelligent virtual assistant market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global intelligent virtual assistant market size reached US$ 8.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 41.6 Billion by 2028, exhibiting a growth rate (CAGR) of 32.56% during 2023-2028.
Intelligent Virtual Assistant (IVA) Market Overview:
An intelligent virtual assistant (IVA) refers to an engineered component found in software that acts as an interface between humans and systems. It is an AI-enabled chat assistant that combines cognitive computing and analytics to understand natural language voice commands and help in completing basic tasks. It generates personalized responses based on past conversations, locations and individual customer information by leveraging corporate knowledgebase and human insight. This is mainly used on business websites and mobile platforms to provide answers to queries in an efficient manner.
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Global Intelligent Virtual Assistant Market Trends:
The global market is primarily driven by the widespread utilization of smart gadgets among the masses. This can be attributed to rapid digitization and the inflating disposable income levels of individuals. Along with this, continual technological advancements, such as the introduction of artificial intelligence (AI), the internet of things (IoT), advanced analytics and cloud computing, are providing a boost to the market. Coupled with the increasing demand for automation across multiple sectors, this is creating a positive market outlook. Apart from this, numerous leading players are heavily investing in extensive research and development (R&D) activities to introduce innovative intelligent virtual assistant devices in an attempt to strengthen their market position. Moreover, the penetration of high-speed internet connectivity and easy access to social media platforms are also considered to be major driving factors. Furthermore, continuous improvements in the information technology (IT) and e-commerce sectors are significantly supporting the demand for IVAs on the global level. Other factors, including intensive business competition, rapid urbanization and the rising awareness among individuals, are further positively influencing the market.
Key Market Segmentation:
Top Companies in Global Intelligent Virtual Assistant Industry:
- Microsoft Corporation
- Nuance Communications
- Samsung Electronics Co. Ltd
- Alphabet, Inc
- Apple, Inc
- Amazon.com Inc
- International Business Machines (IBM) Corporation
- Baidu, Inc
- BlackBerry Ltd
- Inbenta Technologies, Inc
Breakup by Application:
- Banking, Financial Services and Insurance (BFSI)
- Travel
- Retail
- Government
- Education
- Others
Breakup by Product:
- Chatbots
- IVA Smart Speakers
Breakup by Type:
- Rule-Based
- Conversational AI Based
Breakup by Technology:
- Text-Based
- Text-to-speech
- Automatic Speech Recognition (ASR)
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
TOC for the Intelligent Virtual Assistant Market Research Report:
- Preface
- Scope and Methodology
- Executive Summary
- Introduction
- Global Intelligent Virtual Assistant Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
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