Intelligent Virtual Assistants Software Market is Expected to Reach US$ 24.32 Bn by the End of 2031-Conversica, LogMeIn, Ada, e-bot7, IPsoft, ultimate.ai, Actionable Science, Nuance Communications, Microsoft, Netomi, Cognigy, Floatbot, AllyO, Membit, Comm

The global intelligent virtual assistant market size was valued at USD 6.42 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 29.23% from 2021 to 2032. This market expected to reach at USD 24.42 billion in 2032. The need for improved efficiency across service-based companies and the integration of Artificial Intelligence (AI) powered virtual assistants among various devices such as tablets, computers, and smartphones, among others, is anticipated to boost the market growth. An Intelligent Virtual Assistant (IVA) is capable of fulfilling a wide range of customer service roles such as ease to navigate, offer product information, assist customers in paying bills, and carry out transfers or complete forms, and direct problem queries to human agents in customer service. Such factors are prompting banking and financial institution across the world to integrate virtual assistants, leading to industry growth.

Companies operating in the Intelligent Virtual Assistants Software
Conversica, LogMeIn, Ada, e-bot7, IPsoft, ultimate.ai, Actionable Science, Nuance Communications, Microsoft, Netomi, Cognigy, Floatbot, AllyO, Membit, Comm100, CogniCor Technologies, boost.ai, GetJenny, Conversocial, ChatrHub, True Image Interactive, Verint Next IT, Tilde, Replicant, Percept.AI, ONLIM, Web Spiders, interface

The report highlights of emerging examples, with principal drivers, risks, and likely entryways In the Intelligent Virtual Assistants Software. The crucial creators across the world in the worldwide Intelligent Virtual Assistants Software are organized in the report. Considering such things introduced in the Intelligent Virtual Assistants Software, the around the world Intelligent Virtual Assistants Software is ordered Into different segments. The part overpowered the Intelligent Virtual Assistants Software and held the greatest piece of around the world Intelligent Virtual Assistants Software in the year 2020, and continues to govern the market in 2021 are positive in the report.

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Intelligent Virtual Assistant Market Trends
A virtual assistant lowers the operating cost by streamlining the business activities and saves the cost of advertising, interviewing and training new employees for the tasks. The assistant can help in managing company emails, managing business correspondence, scheduling and conforming appointments and assists in book keeping and invoicing. For instance, Amy by x.ai that performs most of the functions above. Several companies are using Nuance's Nina, which is a virtual assistant that reduces call-center volume and drive efficiency when responding to customer requests. For instance, Kaspersky Labs, an end-point security company is using Nina powered a virtual assistant Lena to reduce call volumes and scale up its customer service in an affordable manner.

Furthermore, they can work as a virtual call center that can handle or follow up calls as needed. Marketing campaigns including email, blog and social media promotions can be handled by the virtual assistant. They can research content, monitor, plan and schedule the campaigns, which helps in building a network for the business, for instance, Social Media Virtual Assistant by TaskBullet. This increases the flexibility and work-life balance by affording the benefit of time. Thus, it has led to a rise in outsourcing activities by entrepreneurs. This trend is expected to drive the market over the forecast period.

By the product type, the market is primarily split into:
Rule Based, Conversational AI Based.

By the end-users/application, this report covers the following segments:
Government, Retail and eCommerce, Healthcare and Life Sciences, BFSI, Transportation and Logistics, Telecom and IT, Manufacturing, Others

Technology Insights
The text to speech segment dominated the intelligent virtual assistant market with a revenue share of 59.7% in 2020. Automatic speech recognition technology is expected to expand at the fastest CAGR of 30.0% over the forecast period owing to the wide adoption of smart speakers in various sectors. Smart speakers recognize the speech and respond to the speech generated by the consumers in a predefined manner. The rising adoption of mobile computing technology across the world is expected to boost the demand for the automatic speech recognition segment. It makes it easier for customers to interact with smartphones and their applications. Major smart speaker manufacturers such as Amazon-Alexa, Google Home, and Bose are based out of the U.S., hence, most of the products are launched and shipped early in the region.

The text-to-speech recognition segment is expected to expand at a steady CAGR, owing to the versatile application of the technology that benefits businesses, consumers, educational institutes, and personal users. Furthermore, it allows content owners to respond to different needs and desires of users and the way they interact with the content. Meanwhile, internet virtual assistants are designed to provide marketing, support, order placing, sales, and to cater other customer services.

Application Insights
In terms of market size, the consumer electronics segment dominated the market with a revenue share of 18.5% in 2020. Automotive is emerging as one of the fastest-growing segments in the IVA market, which is expected to witness continuous growth over the future. Integration of virtual assistants with the infotainment system contributes towards delivering personalized content as well as improves comfort and convenience. Several companies such as Daimler, BMW, and Hyundai have integrated voice-enabled infotainment systems. In January 2020, Amazon launched Echo Auto, a voice assistant device that contributes toward enhancing the driving experience. Several companies are investing in developing the advanced virtual assistant for the automotive platform to tap into the full potential of the segment.

Table of Contents
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered: Ranking by Vessel Monitoring System Software Revenue
1.4 Market Analysis by Type
1.4.1 Intelligent Virtual Assistants Software Size Growth Rate by Type: 2020 VS 2028
1.5 Market by Application
1.5.1 Intelligent Virtual Assistants Software Share by Application: 2020 VS 2028
1.6 Study Objectives
1.7 Years Considered
1.8 Continue…

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