Global Intelligent Virtual Assistant Market Forecast to 2032
The global Intelligent Virtual Assistant (IVA) market size was USD 11.40 billion in 2022 and is expected to register a steady revenue CAGR of 29.6% during the forecast period, according to the latest analysis by Emergen Research. Advancements in Natural Language Processing (NLP) and Machine Learning (ML) and the rising integration of Artificial Intelligence (AI) in the healthcare sector are major factors driving market revenue growth. Conversational AI chatbots that are data-driven and predictive are also known as digital agency bots, AI process of identity assistants, virtual support agents, AI voice-enabled AI assistants, intelligence chatbot assistants, or digital helpers (Digital workers). A few examples include customer, data-driven, and prediction AI chatbots, such as Apple's Siri and Amazon's Alexa. These are significantly more advanced, capable, tailored, and smart than the basic task-oriented approach, which improves the client experience.
With the reader's comprehension in mind, the team of analysts at Emergen Research painstakingly put up the new study named "Global Intelligent Virtual Assistant Market." A sizable database on industry distribution is also included. The study takes into account both historical and current market conditions in order to forecast the worldwide Intelligent Virtual Assistant Market outlook during the forecast period (2022–2032). Researchers who thoroughly examined the global market were able to identify the factors affecting the industry's overall growth. Strong analytical techniques, such as SWOT analysis and Porter's Five Forces, are used in the research to assess the strengths, weaknesses, opportunities, and threats connected to the growth of different market segments.
Beyond the omnichannel experience, digital chatbots are now expected to be served by a rising number of digital concierge virtual assistants that bring a new level of personalization to an all-digital world. Virtual assistant innovation has been delivered to consumers through products such as the Amazon Echo, Apple HomePod, and Google Home. These same conversational technologies have been widely utilized in the workplace for increased efficiency and improved workflow, which can both cut expenses and increase income.
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The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Intelligent Virtual Assistant market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
Key Companies Profiled in the Report are:
[24]7.ai, Inc., Amazon.com, Inc., CSS Corp., Microsoft, Apple Inc., Clara, eGain Corporation, Creative Virtual Ltd., Nuance Communications, Inc., True Image Interactive, Inc., and Oracle
Research Report on the Intelligent Virtual Assistant Market Addresses the Following Key Questions:
- Who are the dominant players of the Intelligent Virtual Assistant market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Intelligent Virtual Assistant market?
- What are the key growth drivers and restraining factors of the Intelligent Virtual Assistant market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Intelligent Virtual Assistant market and its key segments?
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Some Key Highlights From the Report
- The smart speakers segment accounted for largest revenue share in the global IVA market in 2022. Smart speakers are a popular way to interact with intelligent virtual assistants such as Google Assistant, Amazon Alexa, and Apple Siri. Smart speakers that are utilized in intelligent virtual assistants are primarily used to provide voice-activated links to various services and information via Machine Learning (ML) and Natural Language Processing (NLP) techniques.
- The retail segment registered significantly fast revenue growth rate in the global IVA market in 2022. Retail business experiences consumer-level disruption before other industries, and the pandemic had a huge influence on retail e-commerce. Investments in engagement technology such as live streaming, virtual storefronts, and chats have gradually expanded after the pandemic.
- The Asia Pacific market is expected to register fastest revenue growth rate in the global IVA market during the forecast period owing to rising demand from the e-commerce sector. E-commerce companies are increasingly relying on virtual assistants and chatbots to give 24x7x365 service to their online customers.
Market Segmentations of the Intelligent Virtual Assistant Market
This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2022 and 2032. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Intelligent Virtual Assistant market on the basis of product, application, and region:
Segments Covered in this report are:
- Product Outlook (Revenue, USD Billion; 2019–2032)
- AI virtual assistant
- Smart Speakers
- Technology Outlook (Revenue, USD Billion; 2019–2032)
- Text-to-Speech
- Automated Speech Recognition (ASR)
- Text-Based
- Others
- Service Outlook (Revenue, USD Billion; 2019–2032)
- Customer Service
- Market Assistant
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Regional Landscape section of the Intelligent Virtual Assistant report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key reasons to buy the Global Intelligent Virtual Assistant Market report:
- The latest report comprehensively studies the global Intelligent Virtual Assistant market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
- The report offers an insightful analysis of the regional outlook of the market.
- It offers a detailed account of the end-use applications of the products services offered by this industry.
- The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
In conclusion, the Intelligent Virtual Assistant Market report is an exhaustive database that will help readers formulate lucrative strategies. The Intelligent Virtual Assistant Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.
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