Intelligent Virtual Assistant Market Size Worth $22.45 Billion By 2032 | CAGR: 24.0%

Intelligent Virtual Assistant Market Size Worth $22.45 Billion By 2032 | CAGR: 24.0%

The global Intelligent Virtual Assistant market size is expected to reach USD 22.45 billion by 2032, according to a new study by Polaris Market Research. The report “Intelligent Virtual Assistant Market Share, Size, Trends, Industry Analysis Report, By Technology (Automatic Speech Recognition, Text-based and Text to Speech); By Product; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

E-commerce has been introduced in the retail sector to meet the growing demand for smart speaker-based technologies for home automation and digitization. Intelligent Virtual Assistants (IVAs) play a crucial role in assisting consumers in finding information and completing tasks with actionable advice. Furthermore, organizations can leverage the insights collected from IVAs to create and execute real-time marketing strategies. By integrating virtual assistants into their operations, several retail stores are broadening the scope of customer engagement and enhancing the overall shopping experience.

The advancement of speech technologies and voice recognition drives the industry’s growth. Smart speakers and chatbots can listen, comprehend and respond to various tasks, making them increasingly popular among consumers. These technologies can aid in making calls, shopping, setting reminders and alarms, offering advice, and more. It is expected that by 2022, the majority of the smart speaker market share will be dominated by Google Home and Amazon Alexa. Furthermore, chatbots are now widely accessible across several industries, including banking, retail, education, e-commerce, travel, and hospitality.

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IVA is a valuable asset in optimizing human efforts to create efficient processes, offering benefits for all types of organizations. IVA applications has resulted in increased productivity, enhanced work quality, and reduced operational risks when scaling up. This has led to the adoption of IVA in various sectors, including retail, BFSI, healthcare, and automotive.

IVA service providers are implementing both organic and inorganic growth strategies by introducing new products, and forming partnerships and collaborations to drive the business. For example, Nuance Communication, Inc. collaborated with Athenahealth, Inc. in May 2022 to offer its nuance dragon ambient eXperience (DAX) ambient clinical intelligence solution through the Athenahealth, Inc. marketplace.

Intelligent Virtual Assistant Market Report Highlights

  • The automatic speech recognition technology segment is poised to witness the highest growth rate in the upcoming years due to the widespread adoption of smart speakers across multiple industries,
  • The smart speaker segment is anticipated to exhibit the highest compound annual growth rate (CAGR). Residential consumers predominantly utilize these devices to carry out daily tasks, and have gained considerable popularity in smart offices and automotive applications.
  • Asia Pacific region is expected to witness the fastest CAGR in the market due to the growth of China's retail and consumer electronics sectors.
  • The global key market players include Apple Inc., Microsoft Corporation, Google, Nuance Communications, IBM Corporation, Oracle Corporation, [24]7 Customer Inc., Speaktoit Inc., CodeBaby Corporation, Next IT Corporation, Intel Corporation, and Clara Labs

Polaris Market Research has segmented the Intelligent Virtual Assistant market report based on product, technology, application, and region:

Intelligent Virtual Assistant, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

  • Automatic Speech Recognition
  • Text-based
  • Text to Speech

Intelligent Virtual Assistant, Product Outlook (Revenue - USD Billion, 2019 - 2032)

  • Smart Speaker
  • Chatbot

Intelligent Virtual Assistant, Application Outlook (Revenue - USD Billion, 2019 - 2032)

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

Intelligent Virtual Assistant, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa