Intelligent Virtual Assistant Market to Register 28.2% CAGR as Voice-Activated Speakers Gains Popularity

Why a Strong Consumer Electronics Sector is Key for Intelligent Virtual Assistant Manufacturers? Fact.MR Finds in a New Study

NEW YORK, May 4, 2022 /PRNewswire/ -- Fact.MR's new study provides in-depth insights into the global intelligent virtual assistant market for the upcoming decade. In addition, it delivers elaborate analysis of opportunities, growth drivers, and hindrances propelling sales of intelligent virtual assistants across various segments, including product, technology, industry vertical, and regions.

Fact.MR – A Market Research and Competitive Intelligence Provider: Sales in the global intelligent virtual assistant market are anticipated to reach US$ 62 Bn, exhibiting growth at a CAGR of 28.2% during the forecast period (2022-2032).

As per the study, the global intelligent virtual assistant market is projected to reach a valuation of US$ 5.2 Bn in 2022, going up from US$ 3.9 Bn in 2021. Rising need for effective customer engagement among various enterprises is set to bode well for the global market.

Advent of artificial intelligence (AI), machine learning, and deep neural network technologies in diverse industries is likely to spur growth. Besides this, adoption of smart speakers and chatbots to improve the customer experience in BFSI and healthcare industries is surging.

Several technology companies are likely to focus more on the development of state-of-the-art virtual assistants. Apple's Siri, for instance, can help customers to accomplish multiple tasks. Similarly, some of the latest assistants can provide an intuitive interface for connected cars and homes. This is expected to facilitate the growth in the market.

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Moreover, increasing adoption of virtual assistants to act as a customer service agent in numerous industries is estimated to augment the market. These assistants are expected to enhance the brand, as well as customer experience with a consumer-friendly approach.

Based on end users' requirements, capabilities of these virtual assistants can be personalized. In the healthcare sector, these are likely to help patients in filling or refilling their prescriptions, finding a doctor's office, and getting payment reminders.

Apart from the healthcare sector, the retail sector is also anticipated to implement chatbots in their systems. These would help them to deliver a rich customer experience. Various retail outlets, such as Domino's are leveraging AI and machine learning through chatbots for taking orders from customers.

Besides, introduction of voice-activated speakers or smart speakers in various parts of the globe is projected to accelerate growth. Media companies and publishers are expected to create short audio briefings that are specially designed for smart speakers.

Key Takeaways:

• Based on technology, the speech recognition segment is expected to grow at a CAGR of 29.1% through 2032.
• Sales in the automatic voice recognition technology are anticipated to surge at a 30.0% CAGR by 2032.
• By industry vertical, the consumer electronics segment procured a revenue share of about 18.5% in 2020.
• China intelligent virtual assistant market is likely to grow at a CAGR of 30.2% between 2022 and 2032.
• Sales of intelligent virtual assistants in the U.S. are projected to surge at over 27.9% CAGR in the forthcoming years.

 Growth Drivers:

• High demand for intelligent virtual assistants in home automation systems is projected to boost the market.
• Rapid expansion of the healthcare and banking sectors is set to propel the demand for intelligent virtual assistants for increasing customer personalization.

Restraints:

• As intelligent virtual assistants collect crucial data from consumers, hackers may try to steal the data and it may hamper the demand in the market.
• Intelligent virtual assistants lack more meaningful engagements as the content is put forward through voice and not visuals.

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Competitive Landscape:

The global market is moderately competitive with the presence of a few major players. Majority of these key players are striving to enhance integrated speech and gesture recognition technologies to provide better service to customers. Some of the other companies are focusing on broadening their geographic presence by setting up new offices, especially in untapped regions.

For instance,

• April 2022: Gnani.ai, a renowned AI company based in the U.S., announced that it observed a 3x rise in the adoption of its new version of assist365 low-code omnichannel automation platform. It is the company's most advanced platform that is capable of automating interactions across customer journeys. It is available in more than 80 languages and comes with an in-built speech analytics feature.
• June 2021: Samsung, a multinational electronics corporation headquartered in South Korea, announced its plan to unveil its new virtual assistant called Sam. It may operate in the form of a 3-dimensional character. Sam will have more textures, poses, and expressions. The company has collaborated with Lightfarm Studios to provide Sam with more changes.

Key Companies Profiled by Fact.MR

• VoiceVault Inc.
• Voicebox Technologies Corp.
• Uniphore Software Solutions Pvt Ltd
• Sony Corporation
• Samsung Electronics
• Next IT Corporation
• Nuance Communications Inc.
• Inbenta Technologies
• CX Company
• Creative Virtual Limited
• CodeBaby Corp.
• Baidu
• Apple Inc
• Amazon Web Services
• Anboto Group
• Alphabet Inc.

More Valuable Insights on Intelligent Virtual Assistant Market

In the latest study, Fact.MR reveals key factors expected to boost the growth in global intelligent virtual assistant market during the forecast period (2022-2032). The survey also provides an in-depth analysis of opportunities and drivers projected to propel sales of intelligent virtual assistant through detailed segmentation as follows:

By Product

• Chatbots
• Smart Speakers

By Technology

• Text-to-Speech
• Speech Recognition
• Text-Based

By Industry Vertical

• Consumer Electronics
• BFSI
• Healthcare
• Education
• Retail
• Government
• Utilities
• Travel & Hospitality
• Others

By Region

• North America
• Europe
• APAC
• Middle East and Africa (MEA)
• Latin America

Key Questions Covered in the Intelligent Virtual Assistant Market Report

• What is the estimated revenue of the intelligent virtual assistant market during the forecast period?
• Which are the challenges faced in the intelligent virtual assistant market?
• Which region is estimated to exhibit fastest growth rate in the global intelligent virtual assistant market during 2022-2032?
• What is the projected market valuation of the intelligent virtual assistant market in 2022?
• Which are the factors driving the intelligent virtual assistant during 2022-2032?
• What is the expected growth rate of the intelligent virtual assistant market until 2032?

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