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Global Intelligent Virtual Assistants Software Market Projected to Surpass $18.13 Billion by 2029 with 18% Annual Growth
Global Intelligent Virtual Assistants Software Market
The increase in the adoption of voice technology is anticipated to stimulate the expansion of the intelligent virtual assistant software market. Voice technology encompasses voice recognition, natural language processing (NLP), and speech synthesis, which facilitate the interaction between human beings and digital systems or devices via vocal commands or responses. It enables users to interact with computers, smart speakers, smartphones and other devices using voice instead of traditional methods like typing or clicking. Intelligent virtual assistant (IVA) software within voice technology provides natural language comprehension, voice recognition, and interactive voice responses which act as an interface between users and voice-enabled devices, enabling efficient communication and interaction through voice commands or queries. For example, a survey conducted by National Public Radio in June 2022 with around 2200 U.S. adults revealed that smartphone voice assistant users demand an average of 10.7 tasks weekly, an increase from 8.8 tasks in 2020. Additionally, 62% of American adults above 18 years old were using a voice assistant on any device in 2022. Thus, the increasing utilization of voice technology is propelling the growth of the intelligent virtual assistant software market.
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What is the projected compound annual growth rate (CAGR) of the intelligent virtual assistants software market from 2025 to 2034, and what factors influence it?
The market size for intelligent virtual assistant software has seen a rapid surge in recent times. It is forecasted to increase from $7.9 billion in 2024 to $9.35 billion in 2025, with a compound annual growth rate (CAGR) of 18.3%. The historic rise can be tied to factors such as the escalating demand for virtual assistants in the insurance sector, the expansion of virtual assistants in IT support and helpdesks, the adoption of virtual assistants in personal productivity tools, increased requirement for virtual assistants in the travel and hospitality industry, and the burgeoning growth of virtual assistants in the educational sector.
The market size for intelligent virtual assistant software is predicted to experience a swift expansion in the coming years, with expectations for it to reach $18.13 billion in 2029, reflecting a compound annual growth rate (CAGR) of 18.0%. This uptrend during the forecast phase can be attributed to factors such as a surge in the adoption of AI-powered solutions, proliferation of virtual assistants across various sectors, the emergence of virtual assistants designed for specific industries, increased demand for efficient self-service alternatives, and a growing call for convenience and automation. Key trends within the forecast period to watch for include the integration of artificial intelligence into virtual assistants, progress in natural language processing (NLP) and machine learning (ML), the growth of virtual assistants in the retail sector, a rise in the use of virtual assistants across diverse industries, and the deployment of virtual assistants in healthcare services.
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How are the latest trends influencing the growth of the intelligent virtual assistants software market?
Major companies in the intelligent virtual assistant software market are developing cutting-edge products with sophisticated technologies such as voice-enabled solutions. These solutions are technologies or software applications that enable users to interact with devices, systems, or services via spoken commands or natural language processing. An illustration of such advancements is the introduction of IntelliTek Health's Clinical Virtual Assistant (CVA) by SmarTek21, a US-based technology solutions firm, and Medtech Global, a New Zealand-based company specializing in general practice management software, in May 2023. The CVA is a voice-enabled solution that empowers care providers to use voice commands for dictation during consultations, medication prescriptions and adjustments, and arranging follow-up appointments. Additionally, it facilitates clickless and voice navigation within the electronic medical record, thus lessening the administrative load on clinicians.
What are the major segments of the intelligent virtual assistants software market and their role in driving growth?
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
Subsegments:
1) By Chatbot: Customer Service Chatbots, E-Commerce Chatbots, Social Media Chatbots, AI-Powered Support Chatbots, Voice-Enabled Chatbots
2) By Smart Speaker: Voice-Activated Assistants, Home Automation Integration, Music And Entertainment Features, Voice Search And Information Retrieval, Smart Home Control And Management
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Which regions are key players in the growth of the intelligent virtual assistants software market?
North America was the largest region in the intelligent virtual assistants software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the 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.
Who are the key firms paving the way for growth in the intelligent virtual assistants software market?
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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What Is Covered In The Intelligent Virtual Assistants Software Global Market Report?
•Market Size Forecast: Examine the intelligent virtual assistants software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the intelligent virtual assistants software market for a structured understanding.
•Key Players Overview: Analyze major players in the intelligent virtual assistants software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the intelligent virtual assistants software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the intelligent virtual assistants software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the intelligent virtual assistants software market.
•Industry Challenges: Identify potential risks and obstacles affecting the intelligent virtual assistants software market.
•Competitive Landscape: Review strategic developments in the intelligent virtual assistants software market, including expansions, agreements, and new product launches.
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