Intelligent Virtual Assistant Market 2022 Qualitative and Quantitative Assessment by Industry Analysis, Segmentation and Development and Growth by Regions to 2028

latest research study on "Intelligent Virtual Assistant Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis - by Service, Technology and End-User, and Geography," The intelligent virtual assistant market is expected to grow from US$ 7.01 billion in 2021 to US$ 47.57 billion, by 2028 with an estimated CAGR of 31.9% from 2022 to 2028.

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The factors that are contributing to the high adoption of chatbots include the rise in the need for 24/7 customer support at a low operational cost, increased focus on customer engagement through multiple channels and technological advancements, and growing customer demand for self-service. The surge in adoption of chatbots among the end use industries is expected to witness high growth because of the rise in the need for enhanced customer experience and building personalized relations with prospects. Various verticals would deploy a diverse array of chatbot services to enable technological transformation initiatives that improve operations, differentiate client viewing experiences, and address mission-critical processes. The operational cost reduction, customer satisfaction, customer query resolution, enhanced visibility into operations and processes, and better real-time decision-making are key business and operational priorities that are expected to boost the adoption of chatbots, resulting in the growth of the intelligent virtual assistant market.

The reports cover key developments in the intelligent virtual assistant market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategies activities witnessed in the market were acquisitions, partnerships, and collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market players are anticipated to experience lucrative growth opportunities with the rising demand for IVAs. The list of a few companies engaged in the intelligent virtual assistant market is mentioned below:

Top Key Players

Alphabet Inc.

Amazon.com, Inc.

Anboto

Apple Inc.

Artificial Solutions

Reative Virtual Ltd.

IBM Corporation

Inbenta Technologies Inc.

Microsoft

Nuance Communications, Inc

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IMPACT OF COVID-19 PANDEMIC

The COVID-19 pandemic has benefited the market for IVAs. Businesses are facing new challenges due to the impacts of the pandemic, and the development of remote work environments has positively influenced the global market dynamics. The COVID-19 outbreak has highlighted the necessity for businesses in various industries to adopt digital technologies and leverage the potential of IVAs by helping companies address customer's queries digitally with lower turnaround time by implementing chatbots and AI technology. The associated advantages of IVA have enabled enterprises to adopt IVA solutions, which helps businesses grow. With the rise in demand for personalized services with agility, IVA will continue to receive impetus over the next few years. Moreover, the onset of the pandemic has augmented the deployments and investment in cloud-based

The global intelligent virtual assistant market is segmented into five major regions-North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.

APAC is expected to grow at the highest CAGR during the forecast period in the intelligent virtual assistant market. In APAC, various startups are investing in chatbots and machine learning technology. Small and medium-sized corporates are steadily integrating chatbots in the customer service process, which provides seamless performance, handles many customers, and develops customer engagement techniques. The intelligent virtual assistant market growth is expected to rise with the increase in information and technology infrastructures in developed and developing economies, such as India, Australia, Japan, and China. According to the market analysis, the rise in the adoption of smartphones and the massive population in APAC are creating a promising customer pool for chatbots. The below figure showcases the revenue growth trend in the global intelligent virtual assistant market:

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