Intelligent Virtual Assistant Market Share Worth USD 150.58 Billion in 2032 | Emergen Research

In recent years, the market for Integrated Intelligent Virtual Assistants (IIVA) has grown dramatically. This technology has transformed how organisations function, and its market is anticipated to expand much more in the future years. In this post, we will present an overview of the IIVA market, including its drivers, restraints, growth factors, and government statistics.

Overview

An Integrated Intelligent Virtual Assistant (IIVA) is a sort of software that understands natural language and can do a variety of functions such as answering consumer questions, arranging appointments, and making personalised recommendations. Healthcare, finance, retail, and hospitality are all areas that use IIVAs. Because of increased demand for personalised customer service, the need to reduce operational costs, and the emergence of new technologies such as Artificial Intelligence (AI) and Natural Language Processing (NLP), the IIVA market is rapidly expanding.

Drivers

One of the primary drivers of the IIVA market is the demand for personalised customer service. IIVAs can improve the consumer experience by providing personalised suggestions based on their preferences and purchasing history. Another motivator is the desire to cut operational costs. IIVAs may answer consumer questions, schedule appointments, and provide personalised advice without requiring human participation, decreasing the requirement for staff and operational expenditures.

Restraints

One of the greatest impediments to the IIVA industry is a lack of technological awareness among small and medium-sized businesses. Many companies are unaware of the advantages of IIVAs and are hesitant to invest in them. Another constraint is the high expense of implementing IIVAs. Implementing an IIVA can be costly, particularly for small and medium-sized businesses.

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Factors of Growth

One of the primary growth factors for the IIVA industry is the advent of new technologies such as AI and NLP. These technologies have improved the intelligence and efficiency of IIVAs, allowing them to execute more complicated jobs. Another element driving growth is the increased need for IIVAs in the healthcare business. IIVAs can monitor patient health, remind patients about prescription schedules, and provide personalised advice to patients, among other things.

Statistics

According to the most recent Emergen Research report, the global Intelligent Virtual Assistant (IVA) market size was USD Billion 11.40 in 2022 and is predicted to grow at a steady revenue CAGR of 29.6% over the forecast period. According to the analysis, the banking, financial services, and insurance (BFSI) segment will have the biggest market share over the projection period.

According to a US Department of Health and Human Services research, the use of IIVAs in the healthcare business is projected to skyrocket in the next years. According to the paper, the usage of IIVAs can assist healthcare practitioners in improving patient outcomes, lowering costs, and increasing patient satisfaction.

Because of increased demand for personalised customer service, the need to reduce operational costs, and the emergence of new technologies such as AI and NLP, the IIVA market is rapidly expanding. However, a lack of awareness about the technology among small and medium-sized businesses, as well as the high implementation cost of IIVAs, are major market restraints. The use of IIVAs in the healthcare industry is predicted to skyrocket in the next years, presenting a significant potential opportunity for the market.

Major Companies and Competitive Landscape:

[24]7.ai, Inc., Amazon.com, Inc., CSS Corp., Microsoft, Apple Inc., Clara, eGain Corporation, Creative Virtual Ltd., Nuance Communications, Inc., True Image Interactive, Inc., and Oracle

As more firms enter the market, the Intelligent Virtual Assistant (IVA) market becomes more competitive. IVAs are being used by enterprises in a variety of industries, resulting in a boom in demand for this technology. In this article, we will present an insight of the Intelligent Virtual Assistant market's competitive landscape.

Players on the Rise Aside from the major players, the IVA market has several emerging players. These firms are relatively new to the market, but their unique IVA solutions are gaining popularity. Haptik Inc., Semantic Machines, Inc., and Conversica Inc. are some of the market's newcomers. These businesses provide innovative IVA solutions in order to give a more personalised consumer experience.

Collaborations and Partnerships Companies are increasingly forming partnerships and collaborations in order to remain competitive in the IVA industry. This allows them to complement each other's capabilities and offer more comprehensive solutions to their consumers. For example, IBM Corporation teamed with Sentient Technologies in 2020 to provide a more advanced IVA solution. Similarly, Nuance Communications Inc. will engage into a strategic agreement with Microsoft Corporation in 2021 to improve its IVA products.

Consolidation of the Market The IVA market is also undergoing market consolidation, with major firms acquiring smaller players in order to expand their product portfolio and client base. In 2019, for example, eGain Corporation purchased Exony Limited in order to develop its cloud-based IVA products. Similarly, Verint Systems Inc. purchased Next IT Corporation in 2021 to bolster its IVA products.

Presence in the Region At the regional level, the IVA market is likewise experiencing significant rivalry. Some major players are increasing their regional presence through partnerships and collaborations with local players. Artificial Solutions, for example, teamed with DigiDesk in 2020 to increase its reach in the Middle East and Africa.

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Segmentation Insights for Intelligent Virtual Assistant Market Report:

Emergen Research has conducted a segmentation of the global Intelligent Virtual Assistant (IVA) market based on various factors. The market has been segmented on the basis of product, technology, service, verticals, and region.

In terms of product, the IVA market has been segmented into AI virtual assistant and smart speakers. The revenue generated by these products is expected to reach USD billion by 2032.

The IVA market has also been segmented on the basis of technology, which includes text-to-speech, automated speech recognition (ASR), text-based, and others. The revenue generated by these technologies is expected to reach USD billion by 2032.

In terms of service outlook, the IVA market has been segmented into customer service and market assistant. The revenue generated by these services is expected to reach USD billion by 2032.

The verticals outlook of the IVA market includes BFSI, automotive & consumer electronics, healthcare, education, retail, IT & telecom, travel & hospitality, and others. The revenue generated by these verticals is expected to reach USD billion by 2032.

the IVA market has been segmented based on region. The regions considered in the segmentation are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The revenue generated by these regions is expected to reach USD billion by 2032.

the segmentation conducted by Emergen Research provides a comprehensive understanding of the global IVA market, and helps in identifying potential growth opportunities for businesses operating in this market.

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