Intelligent Virtual Assistant (IVA) Market Size and Trends 2028

Report Description

Global Intelligent Virtual Assistant (IVA) market is expected to register a healthy CAGR during the forecast period. A computer programcalled an intelligent virtual assistant is made to assist and direct users through conversations in natural language. It can comprehend simple commands and requests and provide an understandable response. These assistant programs offer features like voice recognition, speech amplification, and translation services. They can be used for a variety of things, including planning out tasks, setting reminders and alarms, providing web searches and weather updates, among other things. Additionally, businesses use them to offer customer support. A great virtual assistant has a few advantages, including quick responses, better data gathering, and less reliance on customer service. An innovative virtual assistant provides a sophisticated avatar that may converse in many different languages. The growth of large, midsize, and small-scale enterprises aids in this swift execution. The factors that are driving the market for Intelligent Virtual Assistants (IVA) are 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. However, some of the factors that are hindering the market of Intelligent virtual assistants are common grammatical errors made by them and high costs, lack of personal communication and accountability, data security and privacy concerns.

The COVID-19 pandemic had a significant impact on the technology sector's service sector. While responding to the COVID-19 pandemic and focusing on constantly evolving challenges, advanced technology solutions are anticipated to significantly contribute to the market growth. The current situation brought on by the pandemic outbreak would motivate healthcare and pharmaceutical vendor establishments to increase their R&D spending, expand & launch AI products, and act as a core technology for facilitating several initiatives.

Intelligent virtual assistants have a favorable future. This technology would probably keep developing and get better at handling difficult tasks. Intelligent virtual assistants are anticipated to become more personalized and capable of handling tasks like scheduling, making recommendations, tracking purchases, and managing customer service conversations as AI develops. Intelligent virtual assistants are becoming more and more popular, and businesses and individuals are starting to invest in them, which suggests that many people will find them to be very useful in the future.

Increase in demand for automation in customer service is fueling the market of intelligent virtual assistants (IVA) across the globe

The market for intelligent virtual assistants (IVA) is expected to continue to be driven by the growing demand for convenient customer service and a better customer experience. This is because IVAs can interact with customers by comprehending natural language, accepting free-text queries, and determining the context and intent of the request. Intelligent Virtual Assistants (IVA) are anticipated to lower customer service costs and churn rates globally. Additionally, increasing investments in AI technology are likely to support the creation of advanced IVAs that are better able to interact with customers naturally through conversation.

Additionally, the market for intelligent virtual assistants (IVA) is anticipated to grow as internet connectivity and the adoption of connected devices and integrated technologies increase. For instance, chatbot-powered IVAs are being used more and more in customer service centers to enable customers to type in their question and receive automated responses. In several industries, including retail, transportation, media & entertainment, healthcare, and travel & hospitality, chatbot adoption has become widespread. The rising trend of customer service personalization is also anticipated to support the expansion of the IVA market.

Increasing popularity of chatbots and voice assistants drive the demand for Intelligent Virtual Assistant (IVA) Market

Intelligent Virtual Assistant are computer programs that can carry out certain. Some of the key features offered by IVAs include natural language processing (NLP), text-to-speech recognition (TTS), and artificial intelligence (AI). These powerful systems can interact with users, understand their queries, and respond with relevant answers and information. IVAs are increasingly being used in customer service, customer experience management, and automatic business process automation. This is due in part to the fact that IVAs can provide faster, more accurate, and more cost-effective service compared to traditional customer service and customer experience management solutions. Additionally, IVAs can be embedded in various devices, such as smartphones, tablets, and IoT-enabled devices, which are becoming increasingly popular. The global Intelligent Virtual Assistant (IVA) market size is expected to grow significantly during the forecast period as there is an increasing preference for digital solutions and automation in many organizations. The various advantages offered by IVAs, such as cost effectiveness, increased accuracy, low maintenance costs, and the ability to interact with customers in real-time, are expected to drive their demand. Additionally, the development of more advanced technologies, such as deep learning and natural language processing (NLP), which enable IVAs to understand more complex tasks and provide relevant solutions, are expected to drive their demand further. Furthermore, the increasing competition among vendors is projected to drive the market’s growth during the forecast period.

Advancements in natural language processing (NLP) and machine learning (ML) propel the market for Intelligent Virtual Assistants

Significant improvements have been made in NLP and ML recently. The development of deep learning techniques, which allowed for the creation of potent language models and automated natural language tasks, is one of the major advances in NLP. Additionally, improvements in machine learning (ML) techniques like transfer learning, generative adversarial networks, and reinforcement learning have made it possible to significantly improve processes like computer vision, autonomous navigation, and natural language processing. These developments have created new avenues for NLP and ML research and development, opening the door to innovative new applications.

Data security and privacy concerns hinder the Global Intelligent Virtual Assistant (IVA) Market

Any company implementing an Intelligent Virtual Assistant faces serious concerns about data security and privacy. To deliver pertinent and accurate customer service, it is critical to avoid gathering, storing, or sharing excessive amounts of unnecessary customer data. Strong data security and privacy protocols, like encryption, authentication, authorization, and access control, must also be implemented by businesses. They must also determine all potential risks to customer data due to potential Intelligent Virtual Assistant system misuse and limit the amount of data that is gathered, stored, and shared with the intelligent virtual assistants. Additionally, businesses must make sure that customer data is stored safely and in accordance with applicable laws like the GDPR. Customers should also be informed about the type of data collected, how it will be used, and how it will be stored by businesses.

Customers therefore benefit from a quick, responsive framework, but intelligent virtual right-hand uses recognize time because it gets used to the unique speech patterns of its customers. The amount of time needed can range from a few seconds to several hours or even days, depending on the capabilities of the integrated equipment, the basic modern computer program, and the speed and strength of the web connection. Therefore, it is anticipated that such a calculation will somewhat impede market growth.

Recent developments and strategies adopted by the leading companies

· In May 2022, Nuance Communications, Inc. and athenahealth, Inc formed an agreement to extend the Nuance Dragon Ambient experienceTM (DAXTM) ambient clinical intelligence solution, which will now also be accessible through the athenahealth Marketplace.

· In April 2021, Verint expanded new product range Verint Intelligent Virtual Assistant Professional (IVA Pro) Package, which is a low-code conversational artificial intelligence (AI) with a production-ready chatbot to deflect calls and support customers.

· In November 2019, Amazon.com Inc, Apple Inc, and Alphabet Inc formed a partnership for developing voice assistants and other smart devices having better compatibility with smart home products.

Market Segmentation

Based on Product, the market is segmented into Chatbots, and Smart Speakers. Based on Technology, the market is further divided 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..

Company Profiles

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., are among the major players that are driving the growth of the global Intelligent Virtual Assistant (IVA) market.

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Attribute	Details
Base Year	2022
Historical Years	2018 – 2021
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Billion and CAGR for 2018-2022 and 2023E-2028F
Report Coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends
Segments Covered	By Product By Technology By Service By Vertical By Region
Regional Scope	Asia-Pacific, North America, Europe, Middle East & Africa, and South America
Country Scope	China, Japan, India, Australia, South Korea, United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Israel, Turkey, Saudi Arabia, UAE, South Africa, Brazil, Argentina, Colombia
Key Companies Profiled	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.
Customization Scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and Purchase Options	Avail of customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

Report Scope:

In this report, the global Intelligent Virtual Assistant (IVA) market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Intelligent Virtual Assistant (IVA) Market, By Product:

Chatbots
Smart Speakers

Intelligent Virtual Assistant (IVA) Market, By Technology:

Text-to-Speech
Automated Speech Recognition (ASR)
Text-Based
Others

Intelligent Virtual Assistant (IVA) Market, By Service:

Customer Service
Market Assistant

Intelligent Virtual Assistant (IVA) Market, By Vertical:

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

Intelligent Virtual Assistant (IVA) Market, By Region:

Asia-Pacific

China
Japan
India
Australia
South Korea

North America

United States
Canada
Mexico

Europe

United Kingdom
Germany
France
Spain
Italy

Middle East & Africa

Israel
Turkey
Saudi Arabia
UAE

South America

Brazil
Argentina
Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global Intelligent Virtual Assistant (IVA) market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Intelligent Virtual Assistant (IVA) Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Service Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

4. Voice of Customer

4.1. Brand Awareness

4.2. Key Factors for Selecting Vendor

4.3. Key Satisfaction Level

4.4. Key Challenges Faced

5. Global Intelligent Virtual Assistant (IVA) Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.1.2. By Product (Chatbots, and Smart Speakers)

5.1.3. By Technology (Text-to-Speech, Automated Speech Recognition (ASR), Text-Based, and Others)

5.1.4. By Service (Customer Service and Market Assistant)

5.1.5. By Vertical (BFSI, Automotive & Consumer Electronics, Healthcare, Education, Retail, IT & Telecom, Travel & Hospitality, and Others)

5.1.6. By Region

5.2. By Company (2022)

5.3. Market Map

5.3.1. By Product

5.3.2. By Technology

5.3.3. By Service

5.3.4. By Vertical

5.3.5. By Region

6. North America Intelligent Virtual Assistant (IVA) Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Product

6.2.2. By Technology

6.2.3. By Service

6.2.4. By Vertical

6.3. North America: Country Analysis

6.3.1. United States Intelligent Virtual Assistant (IVA) Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Product

6.3.1.2.2. By Technology

6.3.1.2.3. By Service

6.3.1.2.4. By Vertical

6.3.2. Canada Intelligent Virtual Assistant (IVA) Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Product

6.3.2.2.2. By Technology

6.3.2.2.3. By Service

6.3.2.2.4. By Vertical

6.3.3. Mexico Intelligent Virtual Assistant (IVA) Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Product

6.3.3.2.2. By Technology

6.3.3.2.3. By Service

6.3.3.2.4. By Vertical

7. Asia-Pacific Intelligent Virtual Assistant (IVA) Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Product

7.2.2. By Technology

7.2.3. By Service

7.2.4. By Vertical

7.2.5. By Country

7.3. Asia-Pacific: Country Analysis

7.3.1. China Intelligent Virtual Assistant (IVA) Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Product

7.3.1.2.2. By Technology

7.3.1.2.3. By Service

7.3.1.2.4. By Vertical

7.3.2. Japan Intelligent Virtual Assistant (IVA) Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Product

7.3.2.2.2. By Technology

7.3.2.2.3. By Service

7.3.2.2.4. By Vertical

7.3.3. South Korea Intelligent Virtual Assistant (IVA) Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Product

7.3.3.2.2. By Technology

7.3.3.2.3. By Service

7.3.3.2.4. By Vertical

7.3.4. India Intelligent Virtual Assistant (IVA) Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Product

7.3.4.2.2. By Technology

7.3.4.2.3. By Service

7.3.4.2.4. By Vertical

7.3.5. Australia Intelligent Virtual Assistant (IVA) Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Product

7.3.5.2.2. By Technology

7.3.5.2.3. By Service

7.3.5.2.4. By Vertical

8. Europe Intelligent Virtual Assistant (IVA) Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Product

8.2.2. By Technology

8.2.3. By Service

8.2.4. By Vertical

8.2.5. By Country

8.3. Europe: Country Analysis

8.3.1. Germany Intelligent Virtual Assistant (IVA) Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Product

8.3.1.2.2. By Technology

8.3.1.2.3. By Service

8.3.1.2.4. By Vertical

8.3.2. United Kingdom Intelligent Virtual Assistant (IVA) Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Product

8.3.2.2.2. By Technology

8.3.2.2.3. By Service

8.3.2.2.4. By Vertical

8.3.3. France Intelligent Virtual Assistant (IVA) Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Product

8.3.3.2.2. By Technology

8.3.3.2.3. By Service

8.3.3.2.4. By Vertical

8.3.4. Italy Intelligent Virtual Assistant (IVA) Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Product

8.3.4.2.2. By Technology

8.3.4.2.3. By Service

8.3.4.2.4. By Vertical

8.3.5. Spain Intelligent Virtual Assistant (IVA) Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Product

8.3.5.2.2. By Technology

8.3.5.2.3. By Service

8.3.5.2.4. By Vertical

9. South America Intelligent Virtual Assistant (IVA) Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Product

9.2.2. By Technology

9.2.3. By Service

9.2.4. By Vertical

9.2.5. By Country

9.3. South America: Country Analysis

9.3.1. Brazil Intelligent Virtual Assistant (IVA) Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Product

9.3.1.2.2. By Technology

9.3.1.2.3. By Service

9.3.1.2.4. By Vertical

9.3.2. Argentina Intelligent Virtual Assistant (IVA) Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Product

9.3.2.2.2. By Technology

9.3.2.2.3. By Service

9.3.2.2.4. By Vertical

9.3.3. Colombia Intelligent Virtual Assistant (IVA) Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Product

9.3.3.2.2. By Technology

9.3.3.2.3. By Service

9.3.3.2.4. By Vertical

10. Middle East & Africa Intelligent Virtual Assistant (IVA) Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Product

10.2.2. By Technology

10.2.3. By Service

10.2.4. By Vertical

10.2.5. By Country

10.3. Middle East & Africa: Country Analysis

10.3.1. Israel Intelligent Virtual Assistant (IVA) Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Product

10.3.1.2.2. By Technology

10.3.1.2.3. By Service

10.3.1.2.4. By Vertical

10.3.2. Turkey Intelligent Virtual Assistant (IVA) Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Product

10.3.2.2.2. By Technology

10.3.2.2.3. By Service

10.3.2.2.4. By Vertical

10.3.3. UAE Intelligent Virtual Assistant (IVA) Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Product

10.3.3.2.2. By Technology

10.3.3.2.3. By Service

10.3.3.2.4. By Vertical

10.3.4. Saudi Arabia Intelligent Virtual Assistant (IVA) Market Outlook

10.3.4.1. Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.2. Market Share & Forecast

10.3.4.2.1. By Product

10.3.4.2.2. By Technology

10.3.4.2.3. By Service

10.3.4.2.4. By Vertical

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

13. Company Profiles

13.1. Avaamo Inc

13.1.1. Business Overview

13.1.2. Key Revenue (If Available)

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Service Offered

13.2. EdgeVerve Systems Limited

13.2.1. Business Overview

13.2.2. Key Revenue (If Available)

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Service Offered

13.3. Inbenta Holdings Inc.

13.3.1. Business Overview

13.3.2. Key Revenue (If Available)

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Service Offered

13.4. Creative Virtual Ltd.

13.4.1. Business Overview

13.4.2. Key Revenue (If Available)

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Service Offered

13.5. Serviceaide, Inc.

13.5.1. Business Overview

13.5.2. Key Revenue (If Available)

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Service Offered

13.6. Amelia US LLC

13.6.1. Business Overview

13.6.2. Key Revenue (If Available)

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Service Offered

13.7. Kore.ai Inc.

13.7.1. Business Overview

13.7.2. Key Revenue (If Available)

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Service Offered

13.8. Nuance Communications, Inc.

13.8.1. Business Overview

13.8.2. Key Revenue (If Available)

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Service Offered

13.9. Baidu, Inc.

13.9.1. Business Overview

13.9.2. Key Revenue (If Available)

13.9.3. Recent Developments

13.9.4. Key Personnel

13.9.5. Key Product/Service Offered

13.10. Microsoft

13.10.1. Business Overview

13.10.2. Key Revenue (If Available)

13.10.3. Recent Developments

13.10.4. Key Personnel

13.10.5. Key Product/Service Offered

14. Strategic Recommendations

15. About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

Who are the key players in the Global Intelligent Virtual Assistant (IVA) Market?

Key players in the Global Intelligent Virtual Assistant (IVA) Market are 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.

What are the uses of an Intelligent Virtual Assistant (IVA)?

Intelligent Virtual Assistant (IVA) allows to interact with users in a more intelligent, personalized, and conversational manner. Virtual assistants are frequently used to improve customer service and the human experience. They can also be employed as a tool for lead generation, boosting online sales, and digitally interacting with customers.

What are the challenges of Global Intelligent Virtual Assistant (IVA) Market?

The major challenges in the global Intelligent Virtual Assistant (IVA) market are lack of accuracy & personalization and lack of behavioral targeting.

What are the factors driving the Global Intelligent Virtual Assistant (IVA) Market ?

Some of the major factors driving the global Intelligent Virtual Assistant (IVA) market include rising demand for automation and self-service, advancements in Natural Language Processing (NLP) and Machine Learning (ML) and increasing popularity of chatbots and voice assistants.