Market Size –
The intelligent virtual assistants software market size has grown rapidly in recent years. It will grow from $6.71 billion in 2023 to $7.90 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to rise in demand for virtual assistants in insurance services, growth of virtual assistants in it support and helpdesk, adoption of virtual assistants in personal productivity tools, rise in demand for virtual assistants in travel and hospitality, growth of virtual assistants in education sector.
The intelligent virtual assistants software market size is expected to see rapid growth in the next few years. It will grow to $15.35 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to increasing adoption of AI-driven solutions, increased adoption of virtual assistants across industries, development of industry-specific virtual assistants, demand for efficient self-service options, increasing demand for convenience and automation. Major trends in the forecast period include integration of artificial intelligence in virtual assistants, advancements in natural language processing (NLP) and machine learning (ML), expansion of virtual assistants in retail industry, increasing adoption of virtual assistants across various industries, expansion of virtual assistants in healthcare services.
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Scope Of Intelligent Virtual Assistants Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Intelligent Virtual Assistants Software Market Overview
Market Drivers –
The rise in usage of voice technology is expected to propel the growth of the intelligent virtual assistant software market going forward. Voice technology refers to the use of voice recognition, natural language processing (NLP), and speech synthesis to enable interaction between humans and digital devices or systems through spoken commands or responses. This technology allows users to communicate with computers, smartphones, smart speakers, and other devices using their voice, rather than traditional input methods such as typing or clicking. Intelligent virtual assistant (IVA) software in voice technology enables natural language understanding, voice recognition, and interactive voice responses, to serve as the interface between users and voice-enabled devices or applications, facilitating seamless communication and interaction through spoken commands or queries. For instance, in June 2022, according to a survey of approximately 2200 U.S. adults conducted by National Public Radio, a US-based non-profit media organization, smartphone voice assistant users request an average of 10.7 tasks weekly, up from 8.8 in 2020. Additionally, in 2022, 62% of Americans 18+ use a voice assistant on any device. Therefore, the rise in usage of voice technology is driving the growth of the intelligent virtual assistant software market.
Market Trends –
Major companies operating in the intelligent virtual assistants software market are developing innovative products with advanced technologies, such as IntelliTek Health’s Clinical Virtual Assistant (CVA), to gain a competitive edge in the market. IntelliTek Health’s CVA technology enables care providers to use voice commands for consultations, medication changes, and appointment scheduling. For instance, in May 2023, SmarTek21, a US-based technology solutions company, and Medtech Global, a New Zealand-based general practice management software company, introduced IntelliTek Health’s Clinical Virtual Assistant (CVA). IntelliTek Health’s Clinical Virtual Assistant (CVA) is a voice-enabled solution that allows care providers to utilize voice commands for dictation during consultations, prescribing and changing medications, and scheduling follow-up appointments. It also offers clickless and voice navigation through the electronic medical record, reducing the administrative burden on clinicians.
The intelligent virtual assistants software market covered in this report is segmented –
1) By Product: Chatbot, Smart Speaker
2) By Technology: Automatic Speech Recognition, Text To Speech, Text-Based
3) By Application: Government, Retail And Ecommerce, Healthcare And Life Sciences, Banking, Financial Services, And Insurance (BFSI), Transportation And Logistics, Telecom And Information Technology (IT), Manufacturing, Other Applications
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Regional Insights –
North America was the largest region in the intelligent virtual assistants software market in 2023. Asia-Pacific is expected to be the fastest-growing region in forecast period. The regions covered in the intelligent virtual assistants software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the intelligent virtual assistants software market report are Amazon.com Inc.; Apple Inc.; Alphabet Inc.; Samsung Electronics; Microsoft Corporation; Tencent Holdings Ltd.; International Business Machines Corporation (IBM); Cisco Systems Inc.; Oracle Corporation; Salesforce.com Inc.; Baidu Inc.; SAS Institute Inc.; SAP SE; RingCentral Inc.; Sonos Inc.; Nuance Communications Inc.; UiPath Inc.; Nice Systems Ltd.; Verint Systems Inc.; Clara Labs; 8×8 Inc.; Inbenta Technologies; LivePerson Inc.; Automation Anywhere Inc.; eGain Corporation
Table of Contents
1. Executive Summary
2. Intelligent Virtual Assistants Software Market Characteristics
3. Intelligent Virtual Assistants Software Market Trends And Strategies
4. Intelligent Virtual Assistants Software Market – Macro Economic Scenario
5. Global Intelligent Virtual Assistants Software Market Size and Growth
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31. Intelligent Virtual Assistants Software Market Other Major And Innovative Companies
32. Global Intelligent Virtual Assistants Software Market Competitive Benchmarking
33. Global Intelligent Virtual Assistants Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Intelligent Virtual Assistants Software Market
35. Intelligent Virtual Assistants Software Market Future Outlook and Potential Analysis
36.Appendix
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