Press release
Intelligent Virtual Assistant Market to Reach US$ 41.6 Billion by 2028 | CAGR of 32.56%
Intelligent Virtual Assistant Market
Intelligent Virtual Assistant Industry Outlook:
An intelligent virtual assistant is an AI and machine learning-powered chat assistant that creates personalized responses by combining analytics and cognitive computing based on customer information, past conversations, and location, leveraging virtual assistance technologies, company knowledgebase, and human insight. It allows customers to quickly find relevant information or complete tasks based on individual user information, past conversations, and their location. It utilizes natural language processing that aids computers in understanding text and spoken words, similar to humans. It provides a superior customer experience due to its AI-powered backbone that delivers real-time results. It is adopted across various industry verticals.
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Global Intelligent Virtual Assistant Industry Drivers:
The global market is majorly driven by the increasing requirement for improved efficiency across service-based companies. In line with this, the rising incorporation of Artificial Intelligence (AI) powered virtual assistants among various devices, such as tablets, computers, and smartphones, are significantly contributing to market growth. Furthermore, an Intelligent Virtual Assistant (IVA) can provide various customer service services, such as offering product information, carrying out transfers or complete forms, directing problem queries to human agents in customer service, and helping customers pay bills.
Such factors encourage banking and financial institutions worldwide to incorporate virtual assistants, leading to market growth. Moreover, the market players are focusing on accommodating regional languages and providing customized virtual assistants so that customers from different geographies can easily communicate, which is expected to catalyze market growth. Besides, the escalating need to streamline business activities and lower the cost of advertising, interviewing, and training new employees is propelling the adoption of intelligent virtual assistants across various corporations.
Additionally, the IVA assists in mitigating driver distraction by enabling voice-enabled virtual assistants. The leading players are executing AI-based virtual assistants in automotive that can optimize driver productivity by reading out emails and messages and suggesting destinations based on the calendar. This, in turn, is anticipated to provide a boost to the market.
Top Companies in 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
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Key Market Segmentation:
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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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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