Intelligent Virtual Assistant Market size worth $ 50.9 Billion, Globally, by 2028 at 30% CAGR: Verified Market Research®

JERSEY CITY, N.J., Nov. 2, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Intelligent Virtual Assistant Market" By User Interface (Text-To-Speech, Text-Based, and Automatic Speech Recognition (ASR)), By Product (IVA Smart Speakers and Chatbots), By Vertical (Healthcare, Government, and Consumer Electronics), and By Geography. According to Verified Market Research, the Global Intelligent Virtual Assistant Market size was valued at USD 5.0 Billion in 2020 and is projected to reach USD 50.9 Billion by 2028, growing at a CAGR of 30% from 2021 to 2028.

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Browse in-depth TOC on "Intelligent Virtual Assistant Market"

202 - Pages
126 – Tables
37 – Figures

Global Intelligent Virtual Assistant Market Overview

An Intelligent Virtual Assistant is an application program that understands natural language voice commands and completes tasks for the user. This technology incorporates elements of interactive voice response and other modern artificial intelligence projects to deliver full-fledged virtual identities that converse with users. Intelligent Virtual Assistant (IVA) is used in the customer service department for engaging the customers through providing product-related information, bills and payment, guiding on transfers ease to navigate. Benefits of Intelligent Virtual Assistant includes – it improve the overall online customer service experience, increase sales, reduces costs, create an effortless experience, and answers questions.

The hike in the adoption of automation across various industries such as BFSI, retail, residential and others has pushed the adoption of the IVA market. IVA finds extensive use in the automation in customer services for gathering customer information, conversation & customer satisfaction survey response analysis. The increasing demand for customer service automation is fuelling market growth.

In the COVID times, the demand for the IVA in the healthcare sector has surged this factor is anticipated to drive market growth. The Intelligent Virtual Assistants (IVAs) helps by providing relevant information to the customers and also actionable advice. For organizations, the IVA inputs help them in designing and developing different pricing as well as marketing strategies obtained from real-time data analysis. Due to this, the demand for IVA is on rising.

Key Players

The major players in the market are Nuance Communications, Samsung Electronics, Apple, IBM Corporation, Amazon, Microsoft, Alphabet, Inbenta Technologies, Blackberry, Baidu and Facebook.

Verified Market Research has segmented the Global Intelligent Virtual Assistant Market On the basis of User Interface, Product, Vertical, and Geography.

• Intelligent Virtual Assistant Market, By User Interface
• Text-To-Speech
• Text-Based
• Automatic Speech Recognition (ASR)
• Intelligent Virtual Assistant Market, By Product
• IVA Smart Speakers
• Chatbots
• Intelligent Virtual Assistant Market, By Vertical
• Healthcare
• Government
• Consumer Electronics
• Banking, Financial Services, and Insurance (BFSI)
• Travel and Hospitality
• Retail
• Education
• Others
• Intelligent Virtual Assistant Market by Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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