Intelligent Virtual Assistant Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Intelligent Virtual Assistant Market covers analysis By Product (Chatbots and Smart Speakers), Technology (Text-to-Speech, Speech Recognition, and Text-Based), Industry Vertical (BFSI, IT & Telecommunications, Retail, Healthcare, Travelling & Hospitality, and Others) and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Mar 2024

  • Report Code : TIPTE100000442
  • Category : Technology, Media and Telecommunications
  • Status : Upcoming
  • No. of Pages : 150
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The intelligent virtual assistant market is expected to grow from US$ 7.01 billion in 2021 to US$ 47.57 billion, by 2028 with an estimated CAGR of 31.9% from 2022 to 2028.

The intelligent virtual assistant market has been flourishing rapidly over the years. The demand for chatbots and smart speakers have been substantially growing. The rapid proliferation of multifunctional devices, the growing trend of personalization, an increasing number of smart homes, and the growing trend of smart speakers with displays are driving the high adoption of smart speakers, which is expected to contribute to the growth of the intelligent virtual assistant market during the forecast period.

MARKET DYNAMICS

The factors that are contributing to the high adoption of chatbots include the rise in the need for 24/7 customer support at a low operational cost, increased focus on customer engagement through multiple channels and technological advancements, and growing customer demand for self-service. The surge in adoption of chatbots among the end use industries is expected to witness high growth because of the rise in the need for enhanced customer experience and building personalized relations with prospects. Various verticals would deploy a diverse array of chatbot services to enable technological transformation initiatives that improve operations, differentiate client viewing experiences, and address mission-critical processes. The operational cost reduction, customer satisfaction, customer query resolution, enhanced visibility into operations and processes, and better real-time decision-making are key business and operational priorities that are expected to boost the adoption of chatbots, resulting in the growth of the intelligent virtual assistant market.

Strategic Insights

MARKET SCOPE

The "Global Intelligent Virtual Assistant Market Analysis to 2028" is a specialized and in-depth study of the intelligent virtual assistant market with a special focus on global market trend analysis. The report aims to provide an overview of the intelligent virtual assistant market with detailed market segmentation. The report provides key statistics on the intelligent virtual assistant market status of the leading players and offers key trends and opportunities in the intelligent virtual assistant market.

MARKET SEGMENTATION

The global intelligent virtual assistant market is segmented into product, user interface, and industry. Based on product, the market is bifurcated into chatbot and smart speakers. Based on user interface, the intelligent virtual assistant market is segmented into text based, text-to-speech-based, and automatic speech recognition (ASR). Further, based on industry, the intelligent virtual assistant market is segmented into healthcare, government, consumer electronics, BFSI, automotive, education, IT & Telecom, and others.


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REGIONAL FRAMEWORK

The global intelligent virtual assistant market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.

APAC is expected to grow at the highest CAGR during the forecast period in the intelligent virtual assistant market. In APAC, various startups are investing in chatbots and machine learning technology. Small and medium-sized corporates are steadily integrating chatbots in the customer service process, which provides seamless performance, handles many customers, and develops customer engagement techniques. The intelligent virtual assistant market growth is expected to rise with the increase in information and technology infrastructures in developed and developing economies, such as India, Australia, Japan, and China. According to the market analysis, the rise in the adoption of smartphones and the massive population in APAC are creating a promising customer pool for chatbots. The below figure showcases the revenue growth trend in the global intelligent virtual assistant market:

Intelligent Virtual Assistant Market

Source: The Insight Partners Analysis

The report analyzes factors, such as drivers, restraints, opportunities, and future trends, that impact the intelligent virtual assistant market. It also provides exhaustive PEST analysis of the factors affecting the intelligent virtual assistant market in these regions.

IMPACT OF COVID-19 PANDEMIC

The COVID-19 pandemic has benefited the market for IVAs. Businesses are facing new challenges due to the impacts of the pandemic, and the development of remote work environments has positively influenced the global market dynamics. The COVID-19 outbreak has highlighted the necessity for businesses in various industries to adopt digital technologies and leverage the potential of IVAs by helping companies address customer's queries digitally with lower turnaround time by implementing chatbots and AI technology. The associated advantages of IVA have enabled enterprises to adopt IVA solutions, which helps businesses grow. With the rise in demand for personalized services with agility, IVA will continue to receive impetus over the next few years. Moreover, the onset of the pandemic has augmented the deployments and investment in cloud-based solutions for IVA solutions. Investment in IVA and the integration of AI and cloud-based platforms have rapidly fueled the adoption of IVA during the pandemic.

World Geography

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MARKET PLAYERS

The reports cover key developments in the intelligent virtual assistant market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategies activities witnessed in the market were acquisitions, partnerships, and collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market players are anticipated to experience lucrative growth opportunities with the rising demand for IVAs. The list of a few companies engaged in the intelligent virtual assistant market is mentioned below:

  • Alphabet Inc.
  • Amazon.com, Inc.
  • Anboto
  • Apple Inc.
  • Artificial Solutions
  • Reative Virtual Ltd.
  • IBM Corporation
  • Inbenta Technologies Inc.
  • Microsoft
  • Nuance Communications, Inc

The report includes the profiles of key intelligent virtual assistant market companies, along with their SWOT analysis and market strategies. It also focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years.

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.Intelligent Virtual Assistant Market

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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Service, Technology and End-User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

1. Nuance Communications
2. IBM Corporation
3. Clara Labs
4. Creative Virtual Ltd.
5. CX Company
6. Artificial Solutions
7. Anboto
8. InteliWISE
9. Apple Inc.
eGain Communications

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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