The intelligent virtual assistant market is expected to grow from US$ 7.01 billion in 2021 to US$ 47.57 billion, by 2028 with an estimated CAGR of 31.9% from 2022 to 2028.
The intelligent virtual assistant market has been flourishing rapidly over the years. The demand for chatbots and smart speakers have been substantially growing. The rapid proliferation of multifunctional devices, the growing trend of personalization, an increasing number of smart homes, and the growing trend of smart speakers with displays are driving the high adoption of smart speakers, which is expected to contribute to the growth of the intelligent virtual assistant market during the forecast period.
MARKET DYNAMICS
The factors that are contributing to the high adoption of chatbots include the rise in the need for 24/7 customer support at a low operational cost, increased focus on customer engagement through multiple channels and technological advancements, and growing customer demand for self-service. The surge in adoption of chatbots among the end use industries is expected to witness high growth because of the rise in the need for enhanced customer experience and building personalized relations with prospects. Various verticals would deploy a diverse array of chatbot services to enable technological transformation initiatives that improve operations, differentiate client viewing experiences, and address mission-critical processes. The operational cost reduction, customer satisfaction, customer query resolution, enhanced visibility into operations and processes, and better real-time decision-making are key business and operational priorities that are expected to boost the adoption of chatbots, resulting in the growth of the intelligent virtual assistant market.
Strategic Insights
MARKET SCOPE
The "Global Intelligent Virtual Assistant Market Analysis to 2028" is a specialized and in-depth study of the intelligent virtual assistant market with a special focus on global market trend analysis. The report aims to provide an overview of the intelligent virtual assistant market with detailed market segmentation. The report provides key statistics on the intelligent virtual assistant market status of the leading players and offers key trends and opportunities in the intelligent virtual assistant market.
MARKET SEGMENTATION
The global intelligent virtual assistant market is segmented into product, user interface, and industry. Based on product, the market is bifurcated into chatbot and smart speakers. Based on user interface, the intelligent virtual assistant market is segmented into text based, text-to-speech-based, and automatic speech recognition (ASR). Further, based on industry, the intelligent virtual assistant market is segmented into healthcare, government, consumer electronics, BFSI, automotive, education, IT & Telecom, and others.
REGIONAL FRAMEWORK
The global intelligent virtual assistant market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.
APAC is expected to grow at the highest CAGR during the forecast period in the intelligent virtual assistant market. In APAC, various startups are investing in chatbots and machine learning technology. Small and medium-sized corporates are steadily integrating chatbots in the customer service process, which provides seamless performance, handles many customers, and develops customer engagement techniques. The intelligent virtual assistant market growth is expected to rise with the increase in information and technology infrastructures in developed and developing economies, such as India, Australia, Japan, and China. According to the market analysis, the rise in the adoption of smartphones and the massive population in APAC are creating a promising customer pool for chatbots. The below figure showcases the revenue growth trend in the global intelligent virtual assistant market:
Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, that impact the intelligent virtual assistant market. It also provides exhaustive PEST analysis of the factors affecting the intelligent virtual assistant market in these regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic has benefited the market for IVAs. Businesses are facing new challenges due to the impacts of the pandemic, and the development of remote work environments has positively influenced the global market dynamics. The COVID-19 outbreak has highlighted the necessity for businesses in various industries to adopt digital technologies and leverage the potential of IVAs by helping companies address customer's queries digitally with lower turnaround time by implementing chatbots and AI technology. The associated advantages of IVA have enabled enterprises to adopt IVA solutions, which helps businesses grow. With the rise in demand for personalized services with agility, IVA will continue to receive impetus over the next few years. Moreover, the onset of the pandemic has augmented the deployments and investment in cloud-based solutions for IVA solutions. Investment in IVA and the integration of AI and cloud-based platforms have rapidly fueled the adoption of IVA during the pandemic.
MARKET PLAYERS
The reports cover key developments in the intelligent virtual assistant market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategies activities witnessed in the market were acquisitions, partnerships, and collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market players are anticipated to experience lucrative growth opportunities with the rising demand for IVAs. The list of a few companies engaged in the intelligent virtual assistant market is mentioned below:
- Alphabet Inc.
- Amazon.com, Inc.
- Anboto
- Apple Inc.
- Artificial Solutions
- Reative Virtual Ltd.
- IBM Corporation
- Inbenta Technologies Inc.
- Microsoft
- Nuance Communications, Inc
The report includes the profiles of key intelligent virtual assistant market companies, along with their SWOT analysis and market strategies. It also focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.