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  • Intelligent Virtual Assistant Market Growth Analysis | 2023-2028

    Intelligent Virtual Assistant Market Growth Analysis | 2023-2028

    Intelligent Virtual Assistant Market Growth Analysis | 2023-2028
    Report code - SR1857 Delivery - 2 Weeks
    Intelligent Virtual Assistant Market Size, Share, Trend, Dynamics, Forecast, & Gr See more...

    Market Insights

    The intelligent virtual assistant market was estiamated at USD 3.26 billion in 2023 and is likely to grow at a CAGR of 24.3% during 2023-2028 to reach USD 9.67 billion in 2028.

    Intelligent-Virtual-Assistant-Market-Size

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    An Intelligent Virtual Assistant (IVA) is referred to as an application program which understands natural language voice commands and completes the tasks for the user. This technology implements elements of interactive voice response and other modern artificial intelligence projects to offer full-fledged virtual identities which converse with users. IVA is mainly used in the customer service department for engaging the customers through offering bills, product-related information, and payment, guiding on transfers ease to navigate.

    COVID-19 Impact

    The COVID-19 pandemic has positively influenced the intelligent virtual assistant sector. Advanced technology solutions are expected to significantly contribute while responding to the pandemic and address continuously upcoming challenges. The existing situation due to the pandemic will promote pharmaceutical and healthcare companies to enhance their R&D investments in AI, thus augmenting the market growth.

    This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the intelligent virtual assistant market. The historic years considered for the study are 2017-2021, base year is 2022, and forecast period is 2023-2028.

    Intelligent Virtual Assistant Market Report Overview

    Market Size in 2028

    USD 9.67 Billion

    Market Size in 2023

    USD 3.26 Billion

    Market Growth (2023-2028)

    CAGR of 24.3%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Key Players

    The key players operating in the intelligent virtual assistant market are-

    • Avaamo Inc. (US)
    • EdgeVerve Systems Limited (An Infosys Company) (India)
    • SMOOCH.ai (Canada)
    • Inbenta Technologies Inc. (US)
    • Creative Virtual Ltd (UK)
    • Serviceaide Inc. (US)
    • Ipsoft Inc. (US)
    • Kore.ai Inc. (US)
    • IBM Corporation (US)
    • Amazon.com (US).

    Market Dynamics

    Growing adoption of digital & intelligent speaker-based technologies in the retail sector is one of the key factors boosting the market growth. The surge in the adoption of automation across several industries including residential, BFSI, retail, and others has implemented the adoption of the IVA. Moreover, IVA finds widespread usage in the automation in customer services for collecting conversation & customer satisfaction survey response and customer information analysis, further augmenting the market growth during the forecast period.

    Intelligent-Virtual-Assistant-Market-Snapshot

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    Segments Analysis

    Product Trends

    The intelligent virtual assistant market has been bifurcated into chatbot and smart speakers. Under these, the chatbot segment held a significant market share in 2022. Chatbot has widespread adoption in the BFSI, retail, and educational sectors. They enable to access the required information and facilitate the end-users with ease of operation, thereby boosts the segment growth.

    Regional Analysis

    North America market held the highest market share of more than 40% in 2022 and is projected to grow at a healthy CAGR in the coming years. The changing BYOD trends have resulted in an emergence of working remotely. Working remotely offers flexibility to the employees and enables the usage of a virtual assistant to speed up the work allotted, further bolsters the regional market growth during the review period.

    Intelligent-Virtual-Assistant-Market-Regional-Analysis

    Know the high-growth countries in this report. .

    Critical Questions Answered in the Report

    • What are the key trends in the intelligent virtual assistant market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
    • What is the impact of COVID-19 on intelligent virtual assistant market?
    • What are the key strategies adopted by the major vendors to lead in the intelligent virtual assistant market?
    • What is the market share of the top vendors?

    Report Features

    This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the global market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Intelligent Virtual Assistant Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Target Audience

    The target audience of Intelligent Virtual Assistant Market includes-

    • Intelligent Virtual Assistant companies
    • Intelligent Virtual Assistant distributors
    • BFSI companies
    • Government organizations
    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The Intelligent Virtual Assistant market is projected to grow from USD 3.26 billion in 2023 to USD 9.67 billion by 2028 at a CAGR of over 24.3% during the forecast period.

    The key players operating in the intelligent virtual assistant market are Avaamo Inc. (US), EdgeVerve Systems Limited (An Infosys Company) (India), SMOOCH.ai (Canada), Inbenta Technologies Inc. (US), Creative Virtual Ltd (UK), Serviceaide Inc. (US), Ipsoft Inc. (US), Kore.ai Inc. (US), IBM Corporation (US), and Amazon.com (US).

    The target audience of Intelligent Virtual Assistant Market includes Intelligent Virtual Assistant companies, Intelligent Virtual Assistant distributors, BFSI companies, Government organizations.

    North America market held the highest market share of more than 40% in 2022 and is projected to grow at a healthy CAGR in the coming years.

    Growing adoption of digital & intelligent speaker-based technologies in the retail sector is one of the key factors boosting the market growth. The surge in the adoption of automation across several industries including residential, BFSI, retail, and others has implemented the adoption of the IVA.