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Intelligent Virtual Assistants Software Market Size, Growth Analysis, Share, Leading Key Players, Trends, And Forecast To 2033
Intelligent Virtual Assistants Software Market
As per the report, the intelligent virtual assistants software market size has grown rapidly in recent years. It will grow from $6.71 billion in 2023 to $7.90 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. 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%.
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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.
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.
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
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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
Contents of the report:
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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