JERSEY CITY, NJ, November 2, 2021 /PRNewswire/ — Verified Market Research recently released a report, “Intelligent Virtual Assistant Market“By user interface (text-to-speech, text-based, and automatic speech recognition (ASR)), by product (IVA smart speakers and chatbots), by industry (healthcare, government, and consumer electronics) and By Geography According to Verified Market Research, the global intelligent virtual assistant market size was valued at $5.0 billion in 2020 and is expected to reach $50.9 billion by 2028, growing at a CAGR of 30% from 2021 to 2028.
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Overview of the global intelligent virtual assistant market
An intelligent virtual assistant is an application program that understands natural language voice commands and performs tasks for the user. This technology integrates elements of interactive voice response and other modern artificial intelligence projects to provide full-fledged virtual identities that converse with users. Intelligent Virtual Assistant (IVA) is used in customer service to engage customers by providing product, invoice and payment information, guiding transfers for easy navigation. Smart Virtual Assistant benefits include: it improves the overall online customer service experience, increases sales, reduces costs, creates an effortless experience, and answers questions.
Rising adoption of automation in various industries such as BFSI, retail, residential and others has pushed the adoption of IVA market. IVA finds extensive use in customer service automation for collecting customer information, conversation, and analyzing customer satisfaction survey responses. The growing demand for customer service automation is fueling the growth of the market.
In the time of COVID, the demand for IVA in the healthcare sector has increased, this factor is expected to drive the growth of the market. Intelligent Virtual Assistants (IVAs) help by providing relevant information to customers along with practical advice. For organizations, IVA inputs help them to design and develop different pricing as well as marketing strategies obtained from real-time data analysis. For this reason, the demand for IVA is on the rise.
Major market players include Nuance Communications, Samsung Electronics, Apple, IBM Corporation, Amazon, Microsoft, Alphabet, Inbenta Technologies, Blackberry, Baidu, and Facebook.
Verified Market Research has segmented the global intelligent virtual assistant market on the basis of user interface, product, vertical, and geography.
- Intelligent Virtual Assistant Market, By User Interface
- text to talk
- Automatic Speech Recognition (ASR)
- Intelligent Virtual Assistant Market, By Product
- IVA smart speakers
- Intelligent Virtual Assistant Market, By Vertical
- Health care
- Consumer electronics
- Banking, Financial Services and Insurance (BFSI)
- travel and hospitality
- Intelligent Virtual Assistant Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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