Intelligent Virtual Assistant Market Size 2024-2033 | Insights, Demand, Outlook

The intelligent virtual assistant market size has grown exponentially in recent years. It will grow from $12.66 billion in 2023 to $17.06 billion in 2024 at a compound annual growth rate (CAGR) of 34.7%. The growth in the historic period can be attributed to growing demand for customer self-service, focus on user experience and convenience, increased accessibility for people with disabilities, integration with business processes, e-commerce and virtual shopping trends..

The intelligent virtual assistant market size is expected to see exponential growth in the next few years. It will grow to $58.17 billion in 2028 at a compound annual growth rate (CAGR) of 35.9%. The growth in the forecast period can be attributed to customization and personalization features, continued growth in remote work solutions, energy and sustainability applications, enhanced data privacy and security measures.. Major trends in the forecast period include advancements in natural language processing, multichannel and omnichannel support, voice-enabled intelligent virtual assistants, increased adoption in customer service, integration with business applications, cross-platform integration with smart devices..

Market Overview -
The intelligent virtual assistant refer to an artificial intelligence (AI)-enabled converse adjunct that generates individualized responses by combining analytics and cognitive computing grounded on individual client information, one's exchange and position, using the commercial knowledgebase and mortal sapience. An intelligent virtual assistant is more advanced than a simple chatbot, which is automated but not powered by artificial intelligence.

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Surging Demand For Self-Service Solutions Fuels Growth In The Intelligent Virtual Assistant Market
The increasing demand for self-service options is driving the growth of the intelligent virtual assistant market. Self-service is a practice in which consumers access resources to solve problems on their own without the assistance of a service agent. Self-service grew alongside growing digital technologies as customers become more accustomed to shopping and chatting online. Self-service solutions are now available in almost every business, allowing customers to take a more active role in their journey. As the demand increases for self-service options, there will be an increase in the need to offer automated yet personalized chat service options to customers which are mostly provided through the implementation of intelligent virtual assistants. For instance, according to a recent survey in 2021 by OnePoll, a UK-based survey-led company, 58% of customers stated that they will continue to have more digital interactions in the future than they had before the COVID-19 pandemic as they were impressed by the quick, easy issue resolution received through digital channels, wherein, an intelligent virtual assistant is a critical component of digital self-service success. Therefore, the rising demand for self-service options drives the intelligent virtual assistant market growth.

Competitive Landscape -
Major companies operating in the intelligent virtual assistant market report are Amazon. com Inc., Apple Inc., IBM Corporation, Nuance Communications Inc., Alphabet Inc.,Mindsay,Microsoft, Oracle,SAP SE,Salesforce,OpenAI,Rulai Inc.,Interactions,24/7. ai Inc.,Creative Virtual,Artificial Solutions,SmartAction,Inbenta,Kore. ai,Verint,Next IT,ChatGPT, Acobot,LivePerson,Amelia, eGain Corporation,Cognigy,Zoho Corporation,Pypestream,Replicant,

Technological Advancement For Enhanced User Experience And Privacy Protection
Technological advancement is a key trend gaining popularity in the intelligent virtual assistant market. Major companies operating in the intelligent virtual assistant market are focused on developing new technological solutions for intelligent virtual assistants such as user preferences and privacy features to strengthen their position in the market. These technologically advanced features in intelligent virtual assistants offer better accuracy and output, are easy to use, and protect the privacy of users. For instance, in April 2022, Skoda Auto AS, a Czech Republic-based company mainly operating in motor vehicle manufacturing announced the expansion of its conversational AI solution 'Laura' to cover new European regions. Laura is an intelligent chatbot offering customers valuable information and helping in the process of new ŠKODA vehicle selection. It will be deployed in the respective native language, allowing for deeper levels of engagement and communication with customers across Europe.

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Key Segments -

The intelligent virtual assistant market covered in this report is segmented -

1) By Product: IVA (Intelligent Virtual Assistant) Smart Speaker, Chatbots
2) By User Interface: Text-To-Text, Text-To-Speech, Automatic Speech Recognition
3) By End User: Retail, BFSI, Healthcare, Telecom, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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