What Is The Overview Of The Global Intelligent Virtual Assistants Software Market?
Intelligent virtual assistant software refers to AI-powered digital agents or chatbots that replicate human-like interactions and assist or perform tasks for users using natural language processing (NLP) and machine learning methods. This technology is used to increase efficiency, productivity, and convenience by allowing users to communicate with digital systems in a conversational manner, resulting in higher customer satisfaction and operational effectiveness.
Intelligent Virtual Assistants Software Global Market Report 2024 provides data on the global intelligent virtual assistants software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Intelligent Virtual Assistants Software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Intelligent Virtual Assistants Software Market?
The intelligent virtual assistants software market size has grown rapidly in recent years. It will grow from $6.71 billion in 2023 to $7.90 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to rise in demand for virtual assistants in insurance services, growth of virtual assistants in IT support and helpdesk, adoption of virtual assistants in personal productivity tools, rise in demand for virtual assistants in travel and hospitality, growth of virtual assistants in education sector. The intelligent virtual assistants software market size is expected to see rapid growth in the next few years. It will grow to $15.35 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to increasing adoption of AI-driven solutions, increased adoption of virtual assistants across industries, development of industry-specific virtual assistants, demand for efficient self-service options, increasing demand for convenience and automation. Major trends in the forecast period include integration of artificial intelligence in virtual assistants, advancements in natural language processing (NLP) and machine learning (ML), expansion of virtual assistants in the retail industry, increasing adoption of virtual assistants across various industries, and expansion of virtual assistants in healthcare services.
What Are The Core Factors Supporting Growth In The Intelligent Virtual Assistants Software Market?
The rise in usage of voice technology is expected to drive the growth of the intelligent virtual assistant software market going forward. Voice technology, utilizing voice recognition and natural language processing, allows interaction between humans and digital devices through spoken commands. Intelligent virtual assistant (IVA) software enhances user experience by enabling natural language understanding and interactive responses. For instance, a survey conducted by National Public Radio in June 2022 revealed an increase in smartphone voice assistant usage, with users averaging 10.7 tasks weekly, up from 8.8 in 2020. Additionally, in 2022, 62% of Americans 18+ used a voice assistant on any device. Therefore, the rise in voice technology usage is driving the growth of the intelligent virtual assistant software market.
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What Are The Major Segments Within The Global Intelligent Virtual Assistants Software Market?
The intelligent virtual assistants software market covered in this report is segmented –
1) By Product: Chatbot, Smart Speaker
2) By Technology: Automatic Speech Recognition, Text To Speech, Text-Based
3) By Application: Government, Retail And Ecommerce, Healthcare And Life Sciences, Banking, Financial Services, And Insurance (BFSI), Transportation And Logistics, Telecom And Information Technology (IT), Manufacturing, Other Applications
Which Trends Are Expected To Transform The Intelligent Virtual Assistants Software Market?
Major companies in the intelligent virtual assistants software market are developing advanced products, such as IntelliTek Health's Clinical Virtual Assistant (CVA), to gain a competitive edge. The CVA technology allows care providers to use voice commands for consultations, medication changes, and appointment scheduling. For instance, in May 2023, SmarTek21, a US-based technology solutions firm, and Medtech Global, a New Zealand-based general practice management software company, introduced IntelliTek Health's Clinical Virtual Assistant (CVA). This voice-enabled solution facilitates dictation during consultations, medication management, and appointment scheduling. It also features clickless voice navigation through electronic medical records, helping to reduce the administrative burden on clinicians.
What Is The Fastest Growing Region In The Intelligent Virtual Assistants Software Market?
North America was the largest region in the intelligent virtual assistants software market in 2023. Asia-Pacific is expected to be the fastest-growing region in forecast period. The regions covered in the intelligent virtual assistants software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
