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Major Growth Driver Identified in 2025 Intelligent Virtual Assistants Software Market: The Impact of Voice Technology On The Intelligent Virtual Assistant Software Market
Intelligent Virtual Assistants Software
Intelligent Virtual Assistants Software Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for intelligent virtual assistant software has seen a swift expansion recently. It is expected to surge from $7.9 billion in 2024 to $9.35 billion in 2025, with a compound annual growth rate (CAGR) of 18.3%. The historic period's growth is linked to the increased requirement for virtual assistants in insurance services, the expansion of virtual assistants in IT support and helpdesk roles, the growing acceptance of virtual assistants in personal productivity tools, a surge in the demand for these assistants in the travel and hospitality industry, and the rise of virtual assistant use within the education sector.
Intelligent Virtual Assistants Software Market Size Forecast: What's the Projected Valuation by 2029?
The market size of software for intelligent virtual assistants is projected to experience a substantial increase in the coming years, reaching $18.13 billion by 2029 with a compound annual growth rate (CAGR) of 18.0%. Factors contributing to this projected growth within the forecast period include the rising embrace of solutions powered by artificial intelligence, widespread use of virtual assistants across various sectors, the creation of industry-specific virtual assistants, and growing demand for efficient self-service methods and convenience and automation. Noteworthy trends foreseen in the forecast period are the incorporation of artificial intelligence in virtual assistants, advancements in machine learning (ML) and natural language processing (NLP), widening use of virtual assistants in the retail sector, and the growth of virtual assistants in the healthcare services sector.
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What Are the Drivers Transforming the Intelligent Virtual Assistants Software Market?
The anticipated surge in voice technology utilization is expected to boost the intelligent virtual assistant software market's progression moving forward. Voice technology involves the deployment of voice recognition, natural language processing (NLP), and speech synthesis to facilitate communication between humans and digital devices or systems using spoken instructions or feedback. This enables users to interact with computers, smartphones, smart speakers, and other devices using their voice, eliminating the need for traditional input measures such as typing or clicking. In the realm of voice technology, intelligent virtual assistant (IVA) software allows for natural language comprehension, voice recognition, and interactive voice responses, acting as a bridge between users and voice-enabled devices or apps. This allows for effortless communication and interaction via spoken instructions or inquiries. For example, in June 2022, a survey conducted by National Public Radio, a non-profit media organization based in the US, found that smartphone voice assistant users on average requested 10.7 tasks per week, an increase from 8.8 in 2020. Furthermore, in 2022, it was found that 62% of Americans aged 18 and above utilized a voice assistant on any device. As a result, the increased use of voice technology is fueling the growth of the intelligent virtual assistant software market.
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What Long-Term Trends Will Define the Future of the Intelligent Virtual Assistants Software Market?
Several prominent businesses in the intelligent virtual assistants software market are introducing innovative tools embedded with advanced technology, such as voice-enabled solutions. These solutions are software applications or technologies enabling users to interact with systems, devices, or services through spoken instructions or natural language processing. For example, SmarTek21, a US-based tech solutions firm, and Medtech Global, a New Zealand-based general practice management software business, launched IntelliTek Health's Clinical Virtual Assistant (CVA) in May 2023. The CVA is a voice-enabled technology that allows healthcare providers to use voice commands for tasks such as dictation during consultations, prescriptions and medication adjustments, and scheduling future appointments. Additionally, it provides healthcare professionals with a benefit of clickless and voice navigation throughout electronic health records, thus alleviating administrative pressure on clinicians.
Which Segments in the Intelligent Virtual Assistants Software Market Offer the Most Profit Potential?
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 Firms Dominate the Intelligent Virtual Assistants Software Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in 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.
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