Intelligent Virtual Assistant Market Analysis Report (2023-2028)

Market Insights

"The global intelligent virtual assistant market size was estimated at USD 2.6 billion in 2022 and is likely to grow at a CAGR of 24.3% during 2023-2028 to reach USD 9.67 billion in 2028."

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An Intelligent Virtual Assistant (IVA) is referred to as an application program that 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 that 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.

Market Dynamics

Market Drivers

The 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 of customer services for collecting conversation & customer satisfaction survey responses and customer information analysis, further augmenting the market growth during the forecast period.

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 encourage pharmaceutical and healthcare companies to enhance their R&D investments in AI, thus augmenting the market growth.

Segments Analysis

Product Trends

"The chatbots segment accounted for the largest market share."

The intelligent virtual assistant market has been bifurcated into chatbots and smart speakers. 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.

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Regional Insights

"North America accounted for the largest market share."

North American 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 the 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 bolstering the regional market growth during the review period.

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Critical Questions Answered in the Report

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

Key Players

The following are the key players in the intelligent virtual assistant market (arranged alphabetically).

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

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market 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 market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

The market is segmented into the following categories.

By Product Type

• Chatbot
• Smart Speakers

By Technology Type

• Automatic Speech Recognition
• Text to Speech
• Text-based

By End-Use Type

• BFSI
• Consumer Electronics
• Automotive
• Healthcare
• Education
• Retail
• IT & Telecom
• Travel & Hospitality
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s intelligent virtual assistant market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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 to sales@stratviewresearch.com.