Intelligent Virtual Assistant Market Size, Share, Trends, Growth and Forecast 2032

Intelligent Virtual Assistant Market Insights

Zion Market Research has published a report on the global Intelligent Virtual Assistant Market, estimating its value at USD 3.28 Billion in 2023, with projections indicating that it will reach USD 41.18 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 32.44% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Intelligent Virtual Assistant Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

The report analyzes and forecasts the intelligent virtual assistant market on a global and regional level. The study offers historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion). The assessment of intelligent virtual assistant market dynamics gives a brief insight into the drivers and restraints for the intelligent virtual assistant market along with the impact they have on the demand over the years to come. Additionally, the report also includes the study of opportunities available in the intelligent virtual assistant market on a global level.

Request Free Sample

The report gives a transparent view of the intelligent virtual assistant market. We have included a detailed competitive scenario and portfolio of leading vendors operating in the intelligent virtual assistant market. To understand the competitive landscape in the intelligent virtual assistant market, an analysis of Porter’s Five Forces model for the market has also been included. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

Rising investments made to develop Artificial Intelligence (AI) is likely to fuel the intelligent virtual assistant market growth over the projected timeframe. Speech recognition is a part of AI and considered as a major technology used in intelligent virtual assistant devices. In the year 2016, global tech giants, such as Google and Baidu, spent about USD 30 billion on artificial intelligence. About 90% of these total spending was utilized in R&D activities, whereas the rest was used for acquiring AI developing firms. With this technology being adopted in various industries, the intelligent virtual assistant market is anticipated to grow in the upcoming years.

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 2014 to 2018, more than 10 million smart speakers were purchased for residential purposes. In 2018, the global sale of smart speakers was about 98 million units.

Furthermore, top smart speaker manufacturers are focusing on collaborating with residential appliance manufacturers for gaining a competitive advantage on their competitors. Amazon and Google have already collaborated with several retailers and manufacturers of entertainment systems and smart thermostats. These initiatives are anticipated to positively impact the sale of smart speakers, which, in turn, is projected to drive the intelligent virtual assistant market over the estimated timeframe. However, complexities in systems integrations will lead to an increase in the manufacturing cost of smart speakers, which might hamper the growth of the intelligent virtual assistant market in the future.

Request Free Sample

Global Intelligent Virtual Assistant Market: Segmentation

The study provides a crucial view of the intelligent virtual assistant market by segmenting the market based on technology, application, end-use, industry vertical, and region.All the segments of the intelligent virtual assistant market have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on technology, the global intelligent virtual assistant market is segmented into text-to-speech and speech recognition.

The application Segment includes Chatbots and smart speakers.

The end-use segment includes Private and commercial sectors comprise.

The industry vertical segment includes retail, BFSI, automotive, travel and tourism, government sector, and others.

The regional segmentation comprises the current and forecast demand for the Middle East and Africa, North America, Asia Pacific, Latin America, and Europe of the intelligent virtual assistant market with further division into the U.S., Canada, Mexico, UK, France, Germany, China, Japan, India, South Korea, Brazil, and Argentina, among others. 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.

Intelligent Virtual Assistant Market: Report Scope

Global Intelligent Virtual Assistant Market: Competitive Analysis

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
• Middle East and Africa