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on October 16, 2023
The Global Intelligent Virtual Assistant Market study includes a thorough analysis of market dynamics as well as historical and current data analysis. The report also discusses the key market growth drivers and restraining factors that are likely to affect market growth during the forecast period. The Global Intelligent Virtual Assistant Market undertakes market scenario research to provide growth projections for the Intelligent Virtual Assistant industry from 2022 to 2032. The analysis focuses on potential growth possibilities and difficulties that market leaders may run into during the forecast period. The study places a lot of emphasis on newly emerging business elements, specialized sectors, product launches, and brand promotions that are taking place in the market
The global Intelligent Virtual Assistant (IVA) market size was USD Billion 11.40 in 2022 and is expected to register a steady revenue CAGR of 29.6% during the forecast period, according to the latest analysis by Emergen Research. Advancements in natural language processing (NLP) and machine learning (ML) and the rising integration of artificial intelligence (AI) in the healthcare sector are major factors driving market revenue growth. Conversational AI chatbots that are data-driven and predictive are also known as digital agency bots, AI process of identity assistants, virtual support agents, AI voice-enabled, AI assistants, intelligence chatbot assistants, or digital helpers (digital workers). A few examples include customer, data-driven, and prediction AI chatbots, such as Apple's Siri and Amazon's Alexa. These are significantly more advanced, capable, tailored, and smart than the basic task-oriented approach, which improves the client experience.
Beyond the omnichannel experience, digital chatbots are now expected to be served by a rising number of digital concierge virtual assistants that bring a new level of personalization to an all-digital world. Virtual assistant innovation has been delivered to consumers through products such as Amazon Echo, Apple HomePod, and Google. These same conversation technologies have been widely utilized in the workplace for increased efficiency and improved workflow, which can both cut expenses and increase income.
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The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
The leading market contenders listed in the report are:
[24]7.ai, Inc., Amazon.com, Inc., CSS Corp., Microsoft, Apple Inc., Clara, eGain Corporation, Creative Virtual Ltd., Nuance Communications, Inc., True Image Interactive, Inc., and Oracle
Target Audience of the Global Intelligent Virtual Assistant Market Report:
Key Market Players
Investors
Venture capitalists
Small- and medium-sized and large enterprises
Third-party knowledge providers
Value-Added Resellers (VARs)
Global market producers, distributors, traders, and suppliers
Research organizations, consulting companies, and various alliances interested in this sector
Government bodies, independent regulatory authorities, and policymakers
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Major Geographies Analyzed in the Report:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Market Segmentations of the Intelligent Virtual Assistant Market
This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2022 and 2032. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Intelligent Virtual Assistant market on the basis of product, application, and region:
Segments Covered in this report are:
Product Outlook (Revenue, USD Billion; 2019–2032)
AI virtual assistant
Smart Speakers
Technology Outlook (Revenue, USD Billion; 2019–2032)
Text-to-Speech
Automated Speech Recognition (ASR)
Text-Based
Others
Service Outlook (Revenue, USD Billion; 2019–2032)
Customer Service
Market Assistant
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Some Key Highlights From the Report
The smart speakers segment accounted for largest revenue share in the global IVA market in 2022. Smart speakers are a popular way to interact with intelligent virtual assistants such as Google Assistant, Amazon Alexa, and Apple Siri. Smart speakers that are utilized in intelligent virtual assistants are primarily used to provide voice-activated links to various services and information via Machine Learning (ML) and Natural Language Processing (NLP) techniques.
The retail segment registered significantly fast revenue growth rate in the global IVA market in 2022. Retail business experiences consumer-level disruption before other industries, and the pandemic had a huge influence on retail e-commerce. Investments in engagement technology such as live streaming, virtual storefronts, and chats have gradually expanded after the pandemic.
The Asia Pacific market is expected to register fastest revenue growth rate in the global IVA market during the forecast period owing to rising demand from the e-commerce sector. E-commerce companies are increasingly relying on virtual assistants and chatbots to give 24x7x365 service to their online customers.
Additional information offered by the report:
Along with a complete overview of the global Intelligent Virtual Assistant market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.
The report elaborates on the global Intelligent Virtual Assistant market size and share governed by the major geographies.
It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.
It further presents a detailed description of the company profiles of the key market contenders.
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