Global Intelligent Virtual Assistant Market Is Set For A Rapid Growth And Is Anticipated To Reach USD 41.18 Billion by 2032

Zion Market Research has published a new report titled “Intelligent Virtual Assistant Market by Technology (Text-to-Speech and Speech Recognition), by Application (Chatbots and Smart Speakers), by End-Use (Private and Commercial), and by Industry Vertical (Retail, BFSI, Automotive, Travel & Tourism, Government Sector, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024—2032”. According to the report, the global intelligent virtual assistant market accounted for USD 3.28 Billion in 2023 and is expected to reach USD 41.18 Billion globally by 2032, at a CAGR of 32.44% between 2024 and 2032.

The global intelligent virtual assistant market is likely to be driven by the increasing use of smart speakers for residential applications in the future. In addition, the rising investments in smart homes and the “Internet of Things” (IoT) technology are anticipated to further fuel the intelligent virtual assistant market considerably in the upcoming years. It was estimated that in the U.S., from 2018 to 2022, more than 10 million smart speakers were purchased for residential purposes. In 2023, the global sale of smart speakers was about 98 million units, which is expected to reach 164 million units in 2023. Various automotive players are focusing on introducing autonomous vehicles by 2032. The efficient functioning of these vehicles relies on artificial intelligence. Manufacturers are focusing on offering smart voice assistance to make autonomous driving more reliable.

Browse the full “Intelligent Virtual Assistant Market by Technology (Text-to-Speech and Speech Recognition), by Application (Chatbots and Smart Speakers), by End-Use (Private and Commercial), and by Industry Vertical (Retail, BFSI, Automotive, Travel & Tourism, Government Sector, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024—2032” Report at https://www.zionmarketresearch.com/report/intelligent-virtual-assistant-market

The increasing use of intelligent virtual assistant on social media platforms is anticipated to fuel the intelligent virtual assistant market over the estimated time span. Social media platforms, such as Facebook and Twitter, use an intelligent virtual assistant to track and monitor accounts, promote content, collect, store, and organize data in a presentable manner. Facebook is focusing on developing its own virtual assistant by acquiring various artificial intelligence (AI) start-ups. In 2017, Facebook acquired “Ozlo”, an AI startup.

By technology, the global intelligent virtual assistant market is bifurcated into text-to-speech and speech recognition. The speech recognition segment is likely to hold a significant share of the intelligent virtual assistant market in the future, owing to increasing investments made in artificial intelligence technology. Chatbots and smart speakers form the application segment for the intelligent virtual assistant market. Smart speakers are likely to grow notably in the future, owing to increasing product demand in developing economies, such as China and India. By end-use, the intelligent virtual assistant market is bifurcated into private and commercial domains. Retail, BFSI, automotive, travel and tourism, government sector, and others form the industry vertical of the global intelligent virtual assistant market. The automotive segment is anticipated to grow considerably in the future, due to the escalating demand for technology in autonomous vehicles.

By region, Europe and North America held major shares of the global intelligent virtual assistant market and are set to dominate in the upcoming years as well. This can be attributed to the rapid adoption of the technology in automotive and government sectors, the presence of prominent players in both these regions. The rising demand for smart speakers is the major factor likely to drive the intelligent virtual assistant market in the Asia Pacific region in the future. This region is anticipated to grow notable over the forecast time period.

Some key players of the global intelligent virtual assistant market include Microsoft Corporation, Alphabet Inc., Apple Inc., Nuance Communications Inc., Next IT Corporation, IBM Corporation, Amazon, Inc., eGain Communications Corp., Artificial Solutions Ltd., and Speaktoit Inc., among others.

This report segments the global intelligent virtual assistant market into:

Global Intelligent Virtual Assistant Market: Technology Analysis

• Text-To-Speech
• Speech Recognition

Global Intelligent Virtual Assistant Market: Application Analysis

• Chatbots
• Smart Speakers

Global Intelligent Virtual Assistant Market: End-Use Analysis

• Private
• Commercial

Global Intelligent Virtual Assistant Market: Industry Vertical Analysis

• Retail
• BFSI
• Automotive
• Travel and Tourism
• Government Sector
• Others

Global Intelligent Virtual Assistant Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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