Intelligent Virtual Assistant (IVA) Market Segmentation by Product (Chatbots and Smart Speakers); by Technology (Text-to-Speech, Speech Recognition, and Text-Based); by Application (Navigation Tools, Smartphones, E-Commerce Websites, Gaming Apps, Translation Devices, and Online Portals)-Global Demand Analysis & Opportunity Outlook 2031

Global Intelligent Virtual Assistant Market Highlights Over 2022 - 2031

The global intelligent virtual assistant (IVA) market is estimated to garner approximately USD 44 billion in revenue by the end of 2031 by growing at a CAGR of ~38% over the forecast period, i.e., 2022 –  2031. The growth of the market can be attributed to increased demand for effective and efficient customer engagement by companies as they increase the potential of live chat through quick response and time-saving. For instance, it was estimated that, on average, chatbots handled nearly 70% of the chat from start to finish in 2019. Additionally, it also helps organization in providing better communication between consumers and companies. Moreover, IVA gathers customer information, scrutinize conversation, and offers client satisfaction.

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Virtual assistants are broadly accepted among industry verticals owing to machine learning, deep rural networks, and further advancements in artificial intelligence technologies. IVA is being implemented by large-scale industries as they help in eliminating the infrastructure setup cost. Therefore, one of the key factors of intelligent virtual assistant is their cost-effectiveness, which leads to fast acceptance among organizations.

Further, with the COVID-19 pandemic, the workplace culture got disrupted, and remote work was adopted around the globe. As a result, several technologies were executed to adjust the pandemic regulations, including virtual assistants as one of the major customer handling modes. IVAs, such as Apple's Siri or an in-built interface for connected homes or cars, assist consumers to finish various tasks. The profits associated with intelligent virtual assistants are furthering the market growth.

However, reluctance to comprehend in smart speakers, and language barriers and lack of accuracy in chatbots are some of the restraining factors that could hamper the growth of the market.

The market is segmented by application into navigation tools, smartphones, e-commerce websites, gaming apps, translation devices, and online portals, out of which, the e-commerce websites segment is anticipated to hold the largest share of the market and witness significant growth over the forecast period. The growth of the segment can be attributed to the usage of chatbots and voice assistance in e-commerce websites and applications which make purchases convenient and highly repetitive for consumers.

Global Intelligent Virtual Assistant Market Regional Synopsis

Regionally, the global intelligent virtual assistant market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region is estimated to hold the major share over the forecast period owing to their advanced IT infrastructure and high adoption of technology in the region. Moreover, this region has presence of major players offering advanced intelligent virtual assistant solutions, which is expected to propel the market growth in the region.

Furthermore, the Asia-Pacific region is projected to record the highest growth in the coming years on the back of increasing usage of smartphones and smart home devices, and the rising implementation of speech recognition technology in devices. It is estimated that by 2025, smartphone users in Asia will reach over 3 billion in number. Additionally, companies in the region are increasingly using chatbots for delivering uninterrupted customer support services to benefit its large population. This is also expected to boost the market growth in the region. 

Market Segmentation

Our in-depth analysis of the global intelligent virtual assistant market includes the following segments:

By Product

• Chatbots

• Smart Speakers

By Technology

• Text-to-Speech

• Speech Recognition

• Text-Based

By Application

• Navigation Tools

• Smartphones

• E-Commerce Websites

• Gaming Apps

• Translation Devices

• Online Portals

Growth Drivers and Challenges Impacting the Growth of the Global Intelligent Virtual Assistant Market

Growth Drivers

• Increased demand for effective and efficient customer engagement

• Cost-effective nature, which leads to fast acceptance among organizations

Challenges

• Reluctance to comprehend in smart speakers

• Language barriers and lack of accuracy in chatbots

Key Companies Dominating the Global Intelligent Virtual Assistant Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global intelligent virtual assistant market that are included in our report are Alphabet, Apple Inc., Artificial Solutions, eGain Corporation, IBM, Amelia US LLC, Nuance Communications, Inc., Verint Systems Inc., SAMSUNG, Sonos, Inc., and others.

Latest Developments in the Global Intelligent Virtual Assistant Market:

• March 2022: Fossil Group announced that users can now officially have access to Amazon Alexa as their smartwatch app on Fossil Gen 6 Smartwatch and pair with phones running the latest version of Android.

• January 2020: Google announced the introduction of new features for its AI-powered voice assistant that will read webpages for users from their Android phones.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

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Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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