Intelligent Virtual Assistant Market Size, Share & Trend Analysis Report By Technology (Text-to-Speech, Text-based), By Product (Chatbot, Smart Speaker), By Application (IT & Telecom, Consumer Electronics), And Segment Forecasts, 2023 - 2030

Intelligent Virtual Assistant Market Size, Share & Trend Analysis Report By Technology (Text-to-Speech, Text-based), By Product (Chatbot, Smart Speaker), By Application (IT & Telecom, Consumer Electronics), And Segment Forecasts, 2023 - 2030

Intelligent Virtual Assistant Market Growth & Trends

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.

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

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