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The advent of Artificial Intelligence and the growing demand for fast, automated services are leading to major changes in various domains, including the demand for Intelligent Virtual Assistants (IVA). In different industries, IVAs have become a fundamental part of personalized and context-aware interactions. Improving the abilities of IVAs in natural language processing and understanding, enhancing user experiences across applications, is an important dynamic. IVAs are commonly used by enterprises providing customer service, healthcare, finance, and e-commerce to expand process simplification as well as engagement. But with the boom of voice-activated devices, such as smart speakers and smartphones.
Security and privacy concerns have thus become a critical market dynamic, forcing IVA developers to build in strong security functions. These concerns must be addressed through encryption, multi-factor authentication and compliance with data protection regulations to build trust from the user. As IVAs handle sensitive data, the confidentiality and security of user information are primary concerns. Interoperability and integration capabilities are the crux of market dynamics, as IVAs become part of larger ecosystems. It also enhances their utility by integrating with existing software, applications, and business processes. This interoperability means that businesses can apply IVAs in various facets: from speeding internal business processes to improving the quality of customer-facing interactions.
Advances in artificial intelligence and machine learning make the continuous refinement of IVAs possible. The result is that IVAs integrated with these technologies can learn from user interactions, regulate different contexts, and deliver responses even more precise and relevant over time. With the addition of AI-enabled functions, such as sentiment analysis and predictive analytics, IVAs will be smarter and more versatile. As providers of IVA compete in the market, their pricing structures have been diversified to fit industries and companies with different sizes. Subscription-based models, pay-per-use options, and flexible pricing structures to suit different budget pressures make IVAs available to businesses with a wide range of financial considerations. This competitive pricing environment also promotes the adoption of IVAs across all industries.
The IVA market is impacted by dynamic factors, including natural language processing that can understand highly sophisticated thought patterns; personalized settings in which interactions are unique to every user's needs and circumstances; the mass proliferation of voice-activated devices from assistance software providers via smart speakers such as Echo (Alexa) by Amazon and Google Home; a growing emphasis Therefore, the IVA market remains dynamic: New solutions and operational approaches continue to emerge as firms seek out effective mechanisms by which smart virtual assistants can help them improve productivity or enhance customer contact.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Technology, Service, End-Use Industry, and Region |
Intelligent Virtual Assistant Market Highlights:
Global Intelligent Virtual Assistant (IVA) Market Overview:
Intelligent Virtual Assistant (IVA) Market Size was valued at USD 10.65 Billion in 2023. The Intelligent Virtual Assistant (IVA) market industry is projected to grow from USD 13.1 Billion in 2024 to USD 64.71 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 22.20% during the forecast period (2024 - 2032). The need for greater efficiency in service-based businesses and the integration of Virtual Assistants (VAs) powered by AI across various devices, including PCs, tablets, and smartphones, are the key market drivers anticipated to expand the growth of the global market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
2023 will see The Intelligent Virtual Assistant (IVA), a new generative artificial intelligence solution, was introduced to the worldwide procurement platform Ivalua on November 28. IVA provides market intelligence, supplier research skills, legal support, aid with RFPs, and improvement plans that compile supplier actions and recommend suitable answers. According to Ivalua, the new tool will assist customers in becoming more efficient while facilitating improved supplier decision-making.
URC introduces a new Virtual Assistant as part of its dealer assistance program in 2024. Through the business' Dealer Portal, the URC Certified Dealer Community can now access the new AI-powered URC Virtual Assistant at no cost. This application allows users 24/7 access to information about URC's Total Control and Complete Control products, which is a complement to the company's technical support team.
Intelligent Virtual Assistant (IVA) Market Trends
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The rising Adoption of AI is propelling the market growth
The rapid use of intelligent virtual assistants is driving the market CAGR, which is driving the global virtual assistant market. In addition to other things, an intelligent virtual assistant can assist with data collection, offer quick responses, and lessen the need for customer support. Users can design a multilingual digital persona with the aid of an intelligent virtual assistant. This speedy implementation is supported by the creation of large-, mid-, and small-scale businesses. Additionally, IVA is preferred by the BFSI sector primarily for enabling mobile applications. IVA is used by the insurance, hospitality, and travel industries to improve capital management and overall client experience. The handling of customers has been enhanced by 46% for banking clients that have incorporated intelligent virtual assistants into their operations. Therefore, rising consumer usage encourages growth of the virtual assistants' global market.
Using chatbots as an example, artificial intelligence has completely changed the technological aspects of electronic devices. Numerous development efforts are concentrated on multi-modal dialogue systems that process two or more combined user input modes, such as image, speech, touch, manual gestures, gaze, & head, and body movements, such as hand spin or head movements, as interactive conversational systems are expanding quickly in the AI area. These devices are created and referred to as the model for the next-generation intelligent virtual personal assistant. This opportunistic market element will likely accelerate expansion over the next few years.
Microsoft's Cortana, Apple's Siri, and Google's Assistant are a few virtual personal assistants that have become well-known in the healthcare industry. Small and medium-sized firms also develop technology that underpins intelligent virtual assistants, making them crucial components of health-intelligent virtual assistants. For instance, Next IT's Alme of Healthcare is a virtual assistant that actively responds to patients' queries and requests while focusing on controlling chronic conditions. Healthcare providers are currently implementing this on a broad basis. Thus, growing advancement is one of the key factors driving the Intelligent Virtual Assistant (IVA) market revenue.
Intelligent Virtual Assistant (IVA) Market Segment Insights:
Intelligent Virtual Assistant (IVA) Technology Insights
The Intelligent Virtual Assistant (IVA) Market segmentation, based on Technology, includes Speech Recognition, Text-to-Speech, and Voice Recognition. In 2022, the text-to-speech segment led the market and took the largest percentage of total revenue. Due to the widespread use of smart speakers across various industries, automated voice recognition technology is anticipated to experience the quickest growth rate over the projection period. Smart speakers understand human speech and react to consumer-generated speech in a predetermined way. The need for automatic speech recognition sectors is anticipated to increase as mobile computing technology becomes more widely adopted. Customers may now interact with cell phones and their applications more easily.
Figure 1: Intelligent Virtual Assistant (IVA) Market, by Technology, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Intelligent Virtual Assistant (IVA) Service Insights
The Intelligent Virtual Assistant (IVA) Market segmentation, based on Service, includes Customer Service and Marketing Assistance. Customer service segment is the fastest growing, and this is due to the increased demand for this Service. Additionally, as companies switch to digital platforms, there is a rising need for customer service. IVAs can offer round-the-clock customer assistance, which can help organizations lower expenses and increase customer satisfaction. Furthermore, as organizations explore methods to employ AI to enhance customer service, the rise of AI is fueling the expansion of the IVA market.
Intelligent Virtual Assistant (IVA) End-Use Industry Insights
The Intelligent Virtual Assistant (IVA) Market segmentation, based on End-Use Industry, includes BFSI, Automotive, IT & Telecom, Retail, Healthcare, and Education. Automotive category accounted for the largest percentage of total revenue in 2022 and dominated the industry in market size. One of the application categories with the quickest growth is the automotive industry. The infotainment system's integration of virtual assistants helps deliver personalized content and enhances comfort and convenience.
Intelligent Virtual Assistant (IVA) Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. In 2022, North America had the highest revenue share, dominating the market. Because to the increasing popularity of bring-your-own-device policies, working remotely has become more widespread. Working from home offers employees greater flexibility and makes it possible for virtual assistants to finish their responsibilities in a shorter amount of time. These things contribute to an overall increase in productivity and efficiency on the work. In a similar vein, the healthcare industry in North America has recognized the benefits of IVAs and is currently focusing on ways to improve the efficiency of healthcare systems.
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 2: Intelligent Virtual Assistant (IVA) Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe’s Intelligent Virtual Assistant (IVA) market held the subsequent largest market share due to the rapid acceptance of cutting-edge technologies in well-known countries like Germany and the UK, particularly, and the increasing use of smartphones in the area. Further, the German Intelligent Virtual Assistant (IVA) market held the prime market share, and the UK Intelligent Virtual Assistant (IVA) market was the fastest-growing market in the European region.
The Asia-Pacific Intelligent Virtual Assistant (IVA) Market will likely rise at the fastest CAGR from 2023-2032. Due to China's growing retail and consumer electronics industries, the APAC region is anticipated to develop at the quickest rate over the projection period. Owing to AI-powered development, IVAs for professional interaction have completed business tasks like appointment setting and consulting across various industries. Moreover, China’s Intelligent Virtual Assistant (IVA) market held the major market share, and the Indian Intelligent Virtual Assistant (IVA) market was the fastest-growing market in this region.
Intelligent Virtual Assistant (IVA) Key Market Players & Competitive Insights
There are several prominent companies in the market for intelligent virtual assistants, which are moderately competitive. Leading market players concentrate on introducing and growing new products while moving toward innovation. Businesses have added VA to cell phones, desktop computers, tablets, and other portable electronics. Some well-known companies take market developments, including Amazon Inc. and Baidu, which have launched virtual assistants (VAs) for their products and offer tailored solutions that support various platforms.
Manufacturers in the global Intelligent Virtual Assistant (IVA) industry are launching new products. Integrated speech and gesture recognition technologies are advancing, allowing new businesses to extend Intelligent Virtual Assistant (IVA) industry market share and commercial reach throughout emerging nations. Major players in the Intelligent Virtual Assistant (IVA) market include Apple Inc., Oracle Corporation, Google LLC, IBM Corporation, Nuance Communications, Microsoft Corporation, Clara Labs, InteliWISE, eGain Communications, Artificial Solutions, 24/7 Customer Inc., Creative Virtual, and Anboto.
Apple Inc. is a global technology corporation that produces hardware, software and provides internet-based services. The IVA of the firm is known as Siri. Siri debuted with the iPhone 4S in 2011. It's a virtual assistant that responds to voice commands and can make phone calls, send texts, set reminders, play music, and more on Apple devices. You may use Siri to find out various things, like the weather, traffic conditions, and sports scores. Siri is a voice assistant developed by Apple and included in several products, such as the iPad, iPhone, Apple Watch, and HomePod. Many third-party products, such as the Sonos One smart speaker, also support it.
Oracle Corporation, a publicly traded company with headquarters in Redwood City, California, is a global leader in enterprise software and database management solutions. Oracle Digital Assistant is the name of the company's IVA. In 2018, Oracle debuted its Digital Assistant. It's an IVA hosted in the cloud that can streamline processes across the board, including customer support, sales, and marketing. Oracle Digital Assistant can also give information like traffic reports, sports scores, and weather forecasts. Oracle Digital Assistant uses AI and ML to provide intelligent assistance. Oracle Digital Assistant can learn this way about the user and their habits. If a user often asks Oracle Digital Assistant to schedule a meeting, the assistant will know to do so without further instruction.
Key Companies in the Intelligent Virtual Assistant (IVA) market include
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Apple Inc.
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Google LLC
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IBM Corporation
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Nuance Communications
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Microsoft Corporation
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Clara Labs
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InteliWISE
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eGain Communications
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Artificial Solutions
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24/7 Customer Inc.
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Creative Virtual
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Anboto
Intelligent Virtual Assistant (IVA) Industry Developments
May 2022: Nuance Communications, Inc. and Athenahealth, Inc. established a partnership so that Athenahealth Marketplace users may gain access to the Nuance Dragon Ambient experience (DAXTM) ambient clinical intelligence product.
February 2022: IBM and TD Securities teamed to develop a virtual assistant based on IBM Watson Assistant that can answer frequently asked questions and support customers with other inquiries related to the TD Precious Metals digital store.
April 2021: Verint introduced the Verint Intelligent Virtual Assistant (IVA) Pro Package. The package includes a conversational AI chatbot ready for production and can be used to divert calls and assist clients.
July 2018: Google Inc. collaborated with companies like Genesys and Cisco to develop AI technology that would eventually be used to replace human labor in call centers. Contact Center AI is innovative software that answers the phone and converses with a consumer using virtual agents.
Intelligent Virtual Assistant (IVA) Market Segmentation:
Intelligent Virtual Assistant (IVA) Technology Outlook
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Speech Recognition
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Text-to-Speech
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Voice Recognition
Intelligent Virtual Assistant (IVA) Service Outlook
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Customer Service
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Marketing Assistance
Intelligent Virtual Assistant (IVA) End-Use Industry Outlook
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BFSI
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Automotive
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IT & Telecom
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Retail
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Healthcare
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Education
Intelligent Virtual Assistant (IVA) Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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