Intelligent Virtual Assistant (IVA) Market to be Dominated by Healthcare Through 2028

Intelligent Virtual Assistant (IVA) Market is being driven by the need to increase focus on improving customer experience across professional services.

According to TechSci Research report, “Intelligent Virtual Assistant (IVA) Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028,” the Global Intelligent Virtual Assistant (IVA) Market is anticipated to register a robust growth during the forecast period, 2024-2028.  Intelligent Virtual Assistants (IVAs) have become increasingly popular because of advances in natural language processing (NLP) and machine learning (ML). Intelligent virtual assistants are computer programs that converse with users in their natural language using artificial intelligence (AI) and NLP techniques. The ability of IVAs to comprehend and interpret human language has improved in NLP. IVAs can comprehend user queries and extract pertinent data with the help of NLP techniques like text parsing, sentiment analysis, and named entity recognition. The overall user experience has been improved because of IVA responses becoming more precise and contextually appropriate.

IVAs have been trained to become more proficient over time with the help of machine learning algorithms. ML models can find patterns, absorb user feedback, and modify their responses by examining large datasets of user interactions. IVAs can continuously hone their comprehension of the language, conversational flow, and problem-solving skills thanks to this iterative learning process. These developments have led to a significant increase in the market for intelligent virtual assistants in recent years. IVAs have been adopted by businesses in a variety of sectors, including customer service, healthcare, finance, and e-commerce, to improve customer support, streamline operations, and increase efficiency.

IVAs' capabilities have been further increased by the integration of other technologies like speech recognition, natural language generation, and machine vision. IVAs can now comprehend spoken language, produce responses that resemble those of humans, and even analyze visual data to offer more thorough assistance. The IVA market has expanded because of the widespread use of smart devices and virtual assistants like Apple Siri, Google Assistant, and Amazon Alexa. Due to the increased user comfort and familiarity with voice and text interactions brought on by these consumer-focused virtual assistants, similar conversational AI solutions are in high demand in the business and enterprise sectors. In general, NLP and ML advancements have revolutionized the capabilities of intelligent virtual assistants, making them increasingly valuable tools for businesses looking to deliver personalized and relevant services.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Intelligent Virtual Assistant (IVA) Market."

Based on Product, the market is segmented into Chatbots, and Smart Speakers. Based on Technology, the market is further segmented into Text-to-Speech, Automated Speech Recognition (ASR), Text-Based, and Others. Based on Service, the market is further bifurcated into Customer Service and Market Assistant. Based on vertical, the market is further split into BFSI, Automotive & Consumer Electronics, Healthcare, Education, Retail, IT & Telecom, Travel & Hospitality, and Others. .

The BFSI, Automotive & Consumer Electronics, Healthcare, Education, Retail, IT & Telecom, Travel & Hospitality, and Others make up the market's vertical divisions. The market was dominated by the consumer electronics sector in 2022 because of the growing use of IVA technology in these products. The demand for IVA technology has increased because of the growing popularity of smart speakers and the rising popularity of smartphones and digital connectivity. Due to the increased adoption of virtual assistants in automotive vehicles, the automotive segment is anticipated to grow at the fastest CAGR in the coming years. IVA technology adoption in automotive applications is being pushed further by rising demand for in-vehicle informatics.

Geographically, the market is segmented into Asia-Pacific, North America, South America, Middle East & Africa, and Europe. North America is estimated to hold the largest size of the overall market.

Key market players in the global Intelligent Virtual Assistant (IVA) market include:

• Avaamo Inc
• EdgeVerve Systems Limited
• Inbenta Holdings Inc.
• Creative Virtual Ltd.
• Serviceaide, Inc.
• Amelia US LLC
• Kore.ai Inc.
• Nuance Communications, Inc.
• Microsoft
• Baidu, Inc

Collaboration and standardization efforts are in progress to ensure seamless integration and wide adoption of Intelligent Virtual Assistant (IVA). Working together to define common standards, guidelines, and safety regulations are industry stakeholders, regulatory bodies, and technology providers. These programmes seek to improve user experience overall while addressing interoperability issues and safety worries.

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“The global Intelligent Virtual Assistant (IVA) market is expected to grow driven by rising demand for automation and self-service, advancements in natural language processing (NLP) and machine learning (ML), increasing popularity of chatbots and voice assistants, rising integration of artificial intelligence (AI) in the healthcare sector, increasing focus to improve customer experience across professional services.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Intelligent Virtual Assistant (IVA) Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Product (Chatbots, and Smart Speakers), By Technology (Text-to-Speech, Automated Speech Recognition (ASR), Text-Based, and Others), By Service (Customer Service and Market Assistant), By Vertical (BFSI, Automotive & Consumer Electronics, Healthcare, Education, Retail, IT & Telecom, Travel & Hospitality, and Others), By Region, Competition,” has evaluated the future growth potential of Global Intelligent Virtual Assistant (IVA) Market and provides statistics and information on market structure, size, share, and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Intelligent Virtual Assistant (IVA) market.

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