Intelligent Personal Assistant Market Trends

Intelligent Personal Assistant Market Overview

Intelligent Personal Assistant Market Size was valued at USD 8.5 Billion in 2023. The Intelligent Personal Assistant market industry is projected to grow from USD 9.5 Billion in 2024 to USD 88.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 32.10% during the forecast period (2024 - 2032).Increased adoption of smartphones and the integration of advanced technologies in virtual systems are the key market drivers enhancing market growth.

Figure 1: Intelligent Personal Assistant Market  Size, 2023-2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Intelligent Personal Assistant Market Trends

Market CAGR for intelligent personal assistants is being driven by the rising adoption of the advanced virtual assistant. There is a significant increase in the adoption of the intelligent virtual assistant in various organizations as it offers different advantages like enhanced data collection, quick responses, and minimized dependency on customer support. It provides a digital avatar that communicates in different languages. This fast adoption is due to the emergence of large, mid, and small-based enterprises. The increased penetration of smartphones has become an important part of the consumer's life.

Customers are now leaning towards technologically advanced smartphones integrated with virtual assistant applications, making their work easier for communication than traditional ones. IVA offers an easy mode of assistance as they help pair a mobile device of consumers with the user of banks, doctors, and other services, allowing the user to perform a series of operations like appointment scheduling, mobile transaction, quick responses to queries, and others. Thus the growing adoption of the smartphone is increasing the market of IVA globally. Technological advancement has helped intelligent virtual assistant providers to integrate natural language processing features into their IVA system, which will help the users to interact with their system in their native languages. Thus, the inclusion of natural language processing has boosted the market growth.

There are different advanced technologies that are used to improve the speech accuracy rates of the devices. Hence, AI and Big data are used by innovators in smartwatches, cars, and computers. The key market players are aiming to bring down the cost of integrating speech recognition systems that simplifies the outdated process and increases efficiency overall. Many text-to-speech systems tend to provide unpleasant and unnatural speeches to the users. Therefore companies are increasing efforts to acquire large databases of speech recordings. The market players are exploring opportunities in the retail sections as well. Hence, the vendors are teaming with the software developers to improve the technological capabilities of the controlled devices. Thus, driving the Intelligent Personal Assistant market revenue.

Intelligent Personal Assistant Market Segment Insights

Intelligent Personal Assistant Product Insights

The global Intelligent Personal Assistant market segmentation, based on product, includes chatbots and smart speakers. The chatbot segment dominates the market, accounting for the largest market revenue as it has wide adoption in the banking and insurance sector, educational portals, and the retail industries. It assist to access the required information and helps end-users with ease of operation. The chatbot has obtained attraction in the market and had the largest adoption in the healthcare industry as it helps physicians, patients, nurses, and their families at different levels of life. Furthermore, the smart speaker segment is anticipated to experience fast growth during the forecast period because of the demand to adopt smart speakers in smart offices and automotive applications.

Figure 2: Global Intelligent Personal Assistant Market, by Product, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Intelligent Personal Assistant Technology Insights

The global Intelligent Personal Assistant market segmentation, based on technology, includes Automatic Speech Recognition, Text to Speech, and Text-Based. The text-to-speech segment dominates the market because the technology's useful application benefits educational institutes, personal users, consumers, and businesses. It allows the owners to respond to the desires and various requirements of users and the way they interact with the content. Automotive speech recognition technology is anticipated to dominate the market during the forecast period due to the adoption of large adoption of smart speakers in different organizations.

Intelligent Personal Assistant Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Intelligent Personal Assistant market dominates due to the changing BYOD trends due to the emergence of remote working. This offers flexibility to the employees and allows a VA to fasten the work allotted, driving overall work efficiency and productivity. Also, healthcare is befitting from the IVAs to improve the efficiency of the healthcare system.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: GLOBAL INTELLIGENT PERSONAL ASSISTANT MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Intelligent Personal Assistant market accounts for the second-largest market share due to the increased adoption of home automation systems and rising leaning towards advanced technologies. Further, the German Intelligent Personal Assistant market held the largest market share, and the UK Intelligent Personal Assistant market was the fastest-growing market in the European region.

The Asia-Pacific Intelligent Personal Assistant Market is expected to grow at the rapid CAGR from 2023 to 2032. This is owing to the growing retail and consumer electronics sections and increased adoption of new technology for improved growth in various sections. Moreover, China’s Intelligent Personal Assistant market held the largest market share, and the Indian Intelligent Personal Assistant market was the fastest-growing market in the Asia-Pacific region.

Intelligent Personal Assistant Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Intelligent Personal Assistant market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Intelligent Personal Assistant industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Intelligent Personal Assistant industry to benefit clients and increase the market sector. In recent years, the Intelligent Personal Assistant industry has offered some of the most significant advantages to network connectivity systems. Major players in the Intelligent Personal Assistant market, including Verint, Sonos Inc., IBM Corporation, Inbenta Technologies, Apple Inc., Avaamo Inc., CSS Corp, Microsoft, Facebook Inc., Artificial Solutions, Amazon, Google Inc., and others, are attempting to increase market demand by investing in research and development operations.

CSS Corp is one of the global leaders in customer experience and technology consulting providers to the industry, with the unique intersection of industry-leading proprietary solutions, innovative business engagement models, and resilient operations. The company is the digital transformation partner of choice for customers worldwide. In October 2017, CSS Corp's Yodaa, which is a virtual assistant platform providing voice and text interactions for customer administration, was one of the recent lab advancements. It's a start-to-finish arrangement with large information inclusion, reporting capabilities, and analytics. It has AI capacities and progressed measurable models that help the customer's lifecycle management to analyze the purpose and issues of the customer and proactively hit the object with the right proposals and remediation.

IBM is the multinational technology company, headquartered in Armonk, New York. It was founded as the Computing-Tabulating-Recording Company in the year 1911 and was later renamed IBM in 1924. IBM is one of a largest IT companies globally, operating in more than 170 countries. The company specializes in computer middleware, software, and hardware and offers consulting services and hosting in areas ranging from mainframe computers to nanotechnology. It is the largest industrial research organization that has 19 research facilities throughout the country. In February 2022, TD Securities and IBM collaborated to create an AI-Powered virtual assistant. This is powered by IBM Watson Assistant, which can help consumers to enquire about the TD Precious Metals digital shop, including the questions asked frequently, to assist in simplifying the purchasing experience.

Key Companies in the Intelligent Personal Assistant market include

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  Verint

  
  


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  Sonos Inc.

  
  


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  IBM Corporation

  
  


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  Apple Inc.

  
  


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  Inbenta Technologies

  
  


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  Avaamo Inc.

  
  


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  CSS Corp

  
  


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  Microsoft

  
  


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  Facebook Inc.

  
  


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  Artificial Solutions

  
  


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  Amazon

  
  


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  Google Inc.

  
  

Intelligent Personal Assistant Industry Developments

ChatGPT, but with a Persona: Inflection AI unveils Pi Chatbot, a ‘kind’ Personal Assistant

On 3rd May 2023- California-based AI start-up that was created by former DeepMind and LinkedIn co-founders has announced that it has developed an innovative chatbot “Pi Chatbot”. Pi chatbot, according to Inflection, is a brand-new class of computer program that was created to be friendly and helpful. According to the business, billions of text lines from the public internet have been shown to the chatbot in order to aid it. Furthermore, this enables the Pi bot to interact with users and respond to a variety of queries.

Microsoft announces Windows Copilot, an AI ‘personal assistant’ for Windows 11

On 23rd May-2023- Microsoft announced that it is adding a Copilot AI assistant to Windows 11. Much like the Copilot sidebars company have seen in Edge, Office apps, and even GitHub, Windows Copilot will be integrated directly into Windows 11 and available to open and use from the taskbar across all apps and programs.

March 2022: Verint Intelligent Virtual Assistant Professional (IVA Pro) Package was announced by Verint, a low-code conversational artificial intelligence with a production-ready chatbot that will show calls and support customers.

May 2022: Sonos, a speaker company, is developing a voice assistant dubbed Sonos Voice, as per the new reports. This enables the customers to play and manage music on the Sonos platform, working in the same way as voice assistants that are already present and can be utilized on the smart speakers.

Intelligent Personal Assistant Market Segmentation

Intelligent Personal Assistant Product Outlook

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  Chatbot

  
  


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  Smart Speaker

  
  

Intelligent Personal Assistant Technology Outlook

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  Automatic Speech Recognition

  
  


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  Text to Speech

  
  


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  Text-Based

  
  

Intelligent Personal Assistant Regional Outlook