Intelligent Virtual Assistant Market Technology: Impact of Cloud Solutions on Growth
The global intelligent virtual assistant market size is expected to reach USD 14.10 billion by 2030, registering a CAGR of 24.3% over the forecast period, according to a new report by Grand View Research, Inc. The rising demand for smart speaker-based technologies for digitization and home automation in the retail sector has led to the implementation of conversational e-commerce, which is one of the major factors in the overall industry. Intelligent Virtual Assistant (IVAs) help consumers find appropriate information and perform assignments with actionable advice. The information gathered from IVAs helps organizations create and execute various marketing strategies in real-time. Virtual assistants have been integrated into many retail shops’ operations, expanding the opportunities for customer interaction, and improving the shopping experience.
For instance, Walmart customers can order groceries from a virtual assistant with the help of smartphones. Development in speech technologies and voice recognition has been the driving factor behind the increasing growth of the industry. Smart speakers and chatbots can help people with various chores by listening to their needs, recognizing them, and responding accordingly. As a result, consumers are becoming more and more common for various use cases, including calling, shopping, making reminders and alarms, consulting, and more. In 2022, Google Home and Amazon Alexa will hold most of the market share for smart speakers. The banking, retail, education, e-commerce, travel, and hospitality industries are now easily accessible with the help of chatbots.
Gather more insights about the market drivers, restrains and growth of the Global Intelligent Virtual Assistant Market
IVA helps streamline human efforts to create effective procedures, which is advantageous for all organizations. The IVA application increased output and improved work quality while reducing operational risk when scaling up. As a result, adoption has grown in several applications, such as retail, BFSI, healthcare, and automotive. IVA service providers implement organic and inorganic growth strategies to introduce new products, business growth, partnerships, and cooperation. For instance, in May 2022, Nuance Communication, Inc. partnered with athenahealth, Inc., and with the help of athenahealth, Inc. marketplace nuance dragon ambient eXperience (DAX) ambient clinical intelligence solution is available.
Intelligent Virtual Assistant Market Report Highlights
- The smart speaker product segment is estimated to register the fastest CAGR over the forecast period. Constant innovations within the virtual assistant solution intended for various end-use industries support the demand for smart speakers
- Text-to-speech technology emerged as the largest segment in 2022 and is estimated to remain dominant throughout the forecast period
- North America held the largest revenue share in 2022 and will expand further at a steady CAGR from 2023 to 2030
- On the other hand, the Asia Pacific region is projected to register the fastest growth rate over the forecast period
Key Companies & Market Share Insights
Key companies focus on new product launches and expansions and are heading toward innovation. IBM Corp. provides an IVA named Watson Assistant and offers a solution to automotive, retail, healthcare, travel & hospitality applications. Nuance Communications offers an IVA named Nina to automotive, healthcare, and other applications. The IVAs integrated with AI has created a massive storm and have exhibited various business and services across the globe. For instance, in August 2018, [24]7 Customer Inc. launched a Virtual Agent with Emotional Intelligence. In November 2018, [24]7 Customer Inc. launched a virtual agent named [24]7 AIVA.
Companies have introduced VA in smartphones, desktops, tablets, and other handheld devices. Some prominent companies, such as Amazon Inc. and Baidu, have introduced VAs for their devices and provide customized solutions supporting multiple platforms. New product launches and partnerships are the major strategies undertaken by players. For instance, in July 2018, Google Inc. began working with partners like Genesys and Cisco to build AI technology, replacing the work in call centers. The new software, Contact Center AI, installs virtual agents and initially picks up the phone when a customer connects to a call center.
List of Key Players of Intelligent Virtual Assistant Market
- Apple Inc.
- Baidu, Inc.
- Clara Labs
- CSS Corp.
- Creative Virtual
- CodeBaby Corp.
- eGain Corp.
- Google Inc.
- IBM Corp.
- Kognito
- Microsoft Corp.
- MedRespond
- Next IT Corp.
- Nuance Communications, Inc.
- Oracle Corp.
- True Image Interactive, Inc.
- Verint
- Welltok, Inc.
Order a free sample PDF of the Intelligent Virtual Assistant Market Intelligence Study, published by Grand View Research.
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