Intelligent Virtual Assistant Market Growth Forecast by Regions and Applications to 2028

Posted on 2022-12-07 by researchinsights in Technology // 0 Comments

San Francisco, California , USA, Dec 08, 2022 — /EPR Network/ —

Intelligent Virtual Assistant Industry Overview

The global Intelligent Virtual Assistant Market size is expected to reach USD 51.90 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 28.5% from 2021 to 2028. The growing use of smart speaker-based technologies for home automation and digitization in the retail sector has led to the implementation of conversational e-commerce. This factor is anticipated to drive market growth. The Intelligent Virtual Assistants (IVAs) help the consumers to find relevant information and perform tasks with actionable advice. The inputs received from IVAs assist the organizations in designing and developing various marketing strategies and implementing those in real-time. Many retail stores have implemented virtual assistants in their processes, adding a new dimension to their customer engagement, further enhancing the customer shopping experience. For instance, Walmart customers can shop for groceries just by talking to the virtual assistant on their smartphones. Development in voice recognition and speech technologies has been the driving factor behind the proliferating growth of the IVA market.

Chatbots and smart speakers listen, recognize, and respond to the individuals’ requirements and assist them in various tasks. Thus, are gaining popularity among the consumers for a variety of use cases such as calling, shopping, reminders, setting the alarm, music streaming, consulting, and others. Amazon Alexa and Google Home account for the majority of the market share of the smart speaker segment in 2020. Chatbot has enabled ease of accessibility in banking, retail, education, e-commerce, travel, and hospitality sectors.

Intelligent Virtual Assistant Market Segmentation

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

Based on the Product Insights, the market is segmented into Chatbot and Smart Speakers

In terms of market size, the chatbot segment dominated the market with a revenue share of 68.9% in 2020.
The smart speaker segment is expected to expand at the fastest CAGR of 29.0% over the forecast period.

Based on the Technology Insights, the market is segmented into Automatic Speech Recognition, Text to Speech, and Text-based

The text to speech segment dominated the intelligent virtual assistant market with a revenue share of 59.7% in 2020.
Automatic speech recognition technology is expected to expand at the fastest CAGR of 30.0% over the forecast period owing to the wide adoption of smart speakers in various sectors.

Based on the Application Insights, the market is segmented into BFSI, Consumer Electronics, Automotive, Healthcare, Education, Retail, IT & Telecom, Travel & Hospitality, and Others

In terms of market size, the consumer electronics segment dominated the market with a revenue share of 18.5% in 2020.
Automotive is emerging as one of the fastest-growing segments in the IVA market, which is expected to witness continuous growth over the future.

Intelligent Virtual Assistant Regional Outlook

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

Key Companies Profile & Market Share Insights

The key players operating in the market focus on new product launches and business expansions and innovation.

Some prominent players in the global Intelligent Virtual Assistant market include:

[24]7 Customer Inc.
Amazon, Inc.
Apple Inc.
Baidu, Inc.
Clara Labs
CSS Corp.
Creative Virtual
CodeBaby Corporation
eGain Corporation
Google 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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