What Has Been the Growth of the Intelligent Virtual Assistants Software Market So Far?
The intelligent virtual assistants software market has seen considerable growth due to a variety of factors.
• In recent times, the market size of intelligent virtual assistants software has expanded significantly. Expectation is that it will further escalate from $7.9 billion in 2024 to $9.35 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 18.3%.
The historic growth surge can be linked to factors such as increasing need for virtual assistants in insurance services, expansion of virtual assistants in IT support and helpdesk services, the uptake of virtual assistants within personal productivity tools, escalating demand for these assistants in the travel and hospitality sector, and their emerging use in the education sector.
What Are the Future Growth Projections for the Intelligent Virtual Assistants Software Market?
The intelligent virtual assistants software market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for intelligent virtual assistants software is projected to experience a swift escalation in the coming years, reaching $18.13 billion in 2029 with a compound annual growth rate (CAGR) of 18.0%.
The growth anticipated in the forecast period is due to reasons like the rising acceptance of AI-powered solutions, the increasing preference for virtual assistants across various industries, the creation of industry-specific virtual assistants, the requirement for efficient self-service alternatives, and the growing demand for convenience and automation. Notable trends for the forecast period include the incorporation of artificial intelligence in virtual assistants, advancements in natural language processing (NLP) and machine learning (ML), the proliferation of virtual assistants in the retail sector, amplified use of virtual assistants across different industries, and the spread of virtual assistants in healthcare services.
What Are The Core Factors Supporting Growth In The Intelligent Virtual Assistants Software Market?
The intelligent virtual assistant software market is anticipated to expand due to the increased use of voice technology. Voice technology, encompassing voice recognition, natural language processing (NLP), and speech synthesis aids in vocal interaction between people and digital devices or systems. This tech allows users to interact with computers, smartphones, smart speakers, and other devices using their voice, eliminating the need for traditional input methods such as typing or clicking. Intelligent virtual assistant (IVA) software, a part of voice technology, incorporates natural language understanding, voice recognition, and interactive voice responses serving as the interface between users and voice-enabled devices or applications. This enables smooth communication and interaction via verbal commands or inquiries. For instance, a study conducted by National Public Radio in June 2022 with roughly 2200 U.S. adults indicated that the average requests risen to 10.7 tasks weekly in 2022, an increase from 8.8 in 2020. Furthermore, in 2022, 62% of Americans aged 18 and above used a voice assistant on any device. Consequently, the growing use of voice technology plays a crucial role in driving the expansion of the intelligent virtual assistant software market.
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
Subsegments:
1) By Chatbot: Customer Service Chatbots, E-Commerce Chatbots, Social Media Chatbots, AI-Powered Support Chatbots, Voice-Enabled Chatbots
2) By Smart Speaker: Voice-Activated Assistants, Home Automation Integration, Music And Entertainment Features, Voice Search And Information Retrieval, Smart Home Control And Management
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What Emerging Trends Are Influencing The Growth Of The Intelligent Virtual Assistants Software Market?
Leading corporations in the intelligent virtual assistant software market are pioneering innovative products equipped with high-tech features such as voice-enabled solutions. This type of solution is a technology or a software system that allows users to communicate with devices, systems, or services through spoken directives or natural language processing. For example, SmarTek21, a technology solutions enterprise based in the US, and Medtech Global, a general practice management software firm based in New Zealand, launched IntelliTek Health's Clinical Virtual Assistant (CVA) in May 2023. This voice-enabled solution enables healthcare providers to leverage voice commands for dictation in consultations, medication changes and prescriptions, as well as scheduling appointments for follow-ups. It further features clickless and voice navigation throughout the electronic medical record, thereby reducing the administrative load on medical professionals.
Who Are the Key Players In The Intelligent Virtual Assistants Software Market?
Major companies operating in the intelligent virtual assistants software market report are:
• Amazon.com Inc.
• Apple Inc.
• Alphabet Inc.
• Samsung Electronics
• Microsoft Corporation
• Tencent Holdings Ltd.
• International Business Machines Corporation (IBM)
• Cisco Systems Inc.
• Oracle Corporation
• Salesforce.com Inc.
• Baidu Inc.
• SAS Institute Inc.
• SAP SE
• RingCentral Inc.
• Sonos Inc.
• Nuance Communications Inc.
• UiPath Inc.
• Nice Systems Ltd.
• Verint Systems Inc.
• Clara Labs
• 8x8 Inc.
• Inbenta Technologies
• LivePerson Inc.
• Automation Anywhere Inc.
• eGain Corporation
What Is The Most Dominant Region In The Intelligent Virtual Assistants Software Market?
North America was the largest region in the intelligent virtual assistants software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the 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.
