Intelligent Virtual Assistant Market to Witness Growth at a CAGR of 28.5% During the Forecast Period 2022-2028

Posted on 2022-10-04 by researchinsights in Technology // 0 Comments

San Francisco, California , USA, Oct 04, 2022 — /EPR Network/ —

Intelligent Virtual Assistant Industry Overview

The global intelligent virtual assistant market size was valued at USD 5.82 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 28.5% from 2021 to 2028.

The need for improved efficiency across service-based companies and the integration of Artificial Intelligence (AI) powered virtual assistants among various devices such as tablets, computers, and smartphones, among others, is anticipated to boost the market growth. An Intelligent Virtual Assistant (IVA) is capable of fulfilling a wide range of customer service roles such as ease to navigate, offer product information, assist customers in paying bills, and carry out transfers or complete forms, and direct problem queries to human agents in customer service. Such factors are prompting banking and financial institution across the world to integrate virtual assistants, leading to industry growth.

Gather more insights about the market drivers, restrains and growth of the Global Intelligent Virtual Assistant market

IVAs are efficient and perform various functions for enterprises across retail, IT, banking, automotive, and others. Additionally, they deliver better conversational responses, which enables improving the customer experience. The IVA vendors are actively working on accommodating regional languages and provide customized virtual assistants so that customers from different geographies can easily communicate. Intelligent virtual assistants enhance smart home and security solutions. For instance, Amazon.com, Inc. completed the acquisition of Ring (U.S.), a company providing solutions to home security with a range of smart cameras and video doorbells. The acquisition will assist Amazon.com, Inc. in the integration of voice-based technologies into the home security products provided by Ring.

Bring Your Own Device (BYOD) trends and technological advancements have led to the advent of working distantly. The improvements over the years have resulted in the increased usage of cloud-based tools such as Skype and MS Office Online. With the usage of these cloud-based tools, it represents that an increasing number of people are working remotely and are highly dependent on virtual assistants to perform their tasks. Therefore, it offers enormous opportunities for market growth.

The IVA act as a crucial role in mitigating driver distraction as several infotainment commands can be executed through voice-enabled virtual assistants. Companies are implementing AI-based virtual assistants in vehicles that can perform tasks like suggesting the destinations based on the calendar and optimizing driver productivity by providing news, reading out emails, and messages, among others. For instance, In September 2019, Automakers: Skoda announced the integration of virtual assistants in its vehicles, which can be accessed through vocal commands and currently supports six languages.

Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.

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Intelligent Virtual Assistant Market Segmentation

Grand View Research has segmented the global intelligent virtual assistant market based on product, technology, application, and region:

Intelligent Virtual Assistant Product Outlook (Revenue, USD Million, 2017 – 2028)

Chatbot
Smart Speakers

Intelligent Virtual Assistant Technology Outlook (Revenue, USD Million, 2017 – 2028)

Automatic Speech Recognition
Text to Speech
Text-based

Intelligent Virtual Assistant Application Outlook (Revenue, USD Million, 2017 – 2028)

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

Intelligent Virtual Assistant Regional Outlook (Revenue, USD Million, 2017 – 2028)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies profiled:

Some prominent players in the global Intelligent Virtual Assistant market include

[24]7 Customer Inc.
com, Inc.
Apple Inc.
Baidu, Inc.
Clara Labs
CSS Corp.
Creative Virtual
CodeBaby Corporation
eGain Corporation
Google Inc.
IBM Corporation
Kognito
Microsoft Corporation
MedRespond
Next IT Corp.
Nuance Communications, Inc.
Oracle Corporation
True Image Interactive, Inc.
Verint
Welltok, Inc.

Order a free sample PDF of the Intelligent Virtual Assistant Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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