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Intelligent Virtual Assistants Software Global Market Report 2024 by The Business Research Company | Amazon.com Inc.; Apple Inc.; Alphabet Inc.; Samsung Electronics; Microsoft Corporation; Tencent Holdings Ltd.; International Business Machines Corporation
Intelligent Virtual Assistants Software Market Size
The intelligent virtual assistants software market size is expected to see rapid growth in the next few years. It will grow to $15.35 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to increasing adoption of AI-driven solutions, increased adoption of virtual assistants across industries, development of industry-specific virtual assistants, demand for efficient self-service options, increasing demand for convenience and automation. Major trends in the forecast period include integration of artificial intelligence in virtual assistants, advancements in natural language processing (NLP) and machine learning (ML), expansion of virtual assistants in retail industry, increasing adoption of virtual assistants across various industries, expansion of virtual assistants in healthcare services.
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Intelligent Virtual Assistants Software Market Major Segments
The intelligent virtual assistants software market covered in this report is segmented -
1) By Product: Chatbot, Smart Speaker
2) By Technology: Automatic Speech Recognition, Text To Speech, Text-Based
3) By Application: Government, Retail And Ecommerce, Healthcare And Life Sciences, Banking, Financial Services, And Insurance (BFSI), Transportation And Logistics, Telecom And Information Technology (IT), Manufacturing, Other Applications
Key Driver - The Impact of Voice Technology On The Intelligent Virtual Assistant Software Market
The rise in usage of voice technology is expected to propel the growth of the intelligent virtual assistant software market going forward. Voice technology refers to the use of voice recognition, natural language processing (NLP), and speech synthesis to enable interaction between humans and digital devices or systems through spoken commands or responses. This technology allows users to communicate with computers, smartphones, smart speakers, and other devices using their voice, rather than traditional input methods such as typing or clicking. Intelligent virtual assistant (IVA) software in voice technology enables natural language understanding, voice recognition, and interactive voice responses, to serve as the interface between users and voice-enabled devices or applications, facilitating seamless communication and interaction through spoken commands or queries. For instance, in June 2022, according to a survey of approximately 2200 U.S. adults conducted by National Public Radio, a US-based non-profit media organization, smartphone voice assistant users request an average of 10.7 tasks weekly, up from 8.8 in 2020. Additionally, in 2022, 62% of Americans 18+ use a voice assistant on any device. Therefore, the rise in usage of voice technology is driving the growth of the intelligent virtual assistant software market.
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Prominent Trend - Innovative Products Driving Competitive Edge in the Intelligent Virtual Assistants Software Market
Major companies operating in the intelligent virtual assistants software market are developing innovative products with advanced technologies, such as IntelliTek Health's Clinical Virtual Assistant (CVA), to gain a competitive edge in the market. IntelliTek Health's CVA technology enables care providers to use voice commands for consultations, medication changes, and appointment scheduling. For instance, in May 2023, SmarTek21, a US-based technology solutions company, and Medtech Global, a New Zealand-based general practice management software company, introduced IntelliTek Health's Clinical Virtual Assistant (CVA). IntelliTek Health's Clinical Virtual Assistant (CVA) is a voice-enabled solution that allows care providers to utilize voice commands for dictation during consultations, prescribing and changing medications, and scheduling follow-up appointments. It also offers clickless and voice navigation through the electronic medical record, reducing the administrative burden on clinicians.
Intelligent Virtual Assistants Software Market Players
Major companies operating in the intelligent virtual assistants software market report are Amazon.com Inc.; Apple Inc.; Alphabet Inc.; Samsung Electronics; Microsoft Corporation; Tencent Holdings Ltd.; International Business Machines Corporation (IBM); Cisco Systems Inc.; Oracle Corporation; Salesforce.com Inc.; Baidu Inc.; SAS Institute Inc.; SAP SE; RingCentral Inc.; Sonos Inc.; Nuance Communications Inc.; UiPath Inc.; Nice Systems Ltd.; Verint Systems Inc.; Clara Labs; 8x8 Inc.; Inbenta Technologies; LivePerson Inc.; Automation Anywhere Inc.; eGain Corporation
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Largest And Fastest Growing Region In The Market
North America was the largest region in the intelligent virtual assistants software market in 2023. Asia-Pacific is expected to be the fastest-growing region in forecast period. The regions covered in the intelligent virtual assistants software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Intelligent Virtual Assistants Software Market Report Structure
3. Intelligent Virtual Assistants Software Market Trends And Strategies
4. Intelligent Virtual Assistants Software Market - Macro Economic Scenario
5. Intelligent Virtual Assistants Software Market Size And Growth
…..
27. Intelligent Virtual Assistants Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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