Global Intelligent Virtual Assistant Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Intelligent Virtual Assistant Market Report offers in-depth insights, revenue details, and other vital information regarding the global intelligent virtual assistant market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027.

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The Intelligent Virtual Assistant Market report also offers insightful and detailed information regarding the various key players operating in the global intelligent virtual assistant market, and their financials, apart from strategies, acquisitions & mergers, and market footprint.

The global intelligent virtual assistant market report has been segmented on the basis of technology, application, end-user, and region.

Intelligent Virtual Assistant Market Overview:

The Intelligent Virtual Assistant Market was valued at $24 million in 2020 & is projected to reach $34 million by 2030. It is expected to grow at a 5% CAGR between 2021 and 2030.

An intelligent virtual assistant is an artificial intelligence system that simplifies user interaction with mobile devices or PC, through the internet, messenger, and other communication mediums/interfaces by using interaction methods such as text-to-text, text-to-speech, speech-to-text, and speech-to-speech to assist users in performing respective tasks.

Major factors driving the growth of the global intelligent virtual assistant market are the development of speech and voice recognition technologies, the rising number of smartphone users, and increasing penetration of high-speed internet.

In addition, brands striving to provide improved and effective customer experience, interaction, and services have further boosted the demand for intelligent virtual assistant technology.

Rising adoption in sectors such as healthcare, BFSI, and retail are further fueling the growth of the global intelligent virtual assistant market.

Furthermore, features such as cost-effectiveness, 24*7 customer support, lifelike avatars & bots, interaction in natural/regional language, and the ability to recognize different languages and respond to them are some other factors propelling the growth of the global intelligent virtual assistant market.

The major factor hampering the growth of the global intelligent virtual assistant market is difficulty in integrating the knowledge bases of enterprises and intelligent virtual assistant systems.

In addition, lack of awareness about the features of IVA and knowledge of how to use it are some other factors expected to hamper the growth of the global intelligent virtual assistant market.

Entrepreneurs are outsourcing IVAs which are being used as virtual call centers and for marketing campaigns including email, blog, and social media promotion so that they can focus on their key competencies.

In addition, rising demand for cloud-based IVAs is the current trend in the market. Moreover, assistant-as-app services are expected to present potential opportunities for the mobile applications segment during the forecast period.

North America dominates the global intelligent virtual assistant market and is expected to maintain its dominance during the forecast period owing to the rising adoption of cloud-based IVAs by various enterprises to improve customer relationship management and enhance their relationship with clients.

The market in Europe is expected to witness moderate growth during the forecast period. Whereas, the market in the Asia Pacific is projected to witness significant growth and is expected to register a CAGR of XX.X% during the forecast period.

Global Intelligent Virtual Assistant Market Segmentation:

Global intelligent virtual assistant market segmentation by technology:

• Text-to-speech
• Speech recognition

Global intelligent virtual assistant market segmentation by application:

• Banking
• Financial services and insurance (BFSI)
• Healthcare
• Automotive
• e-Commerce
• Aerospace
• IT

Global intelligent virtual assistant market segmentation by end-user:

• Small & medium enterprises (SME)
• Large enterprises

Global intelligent virtual assistant market segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa