Intelligent Virtual Assistant Market to be Worth $14.10 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, March 13, 2023 /PRNewswire/ -- The global intelligent virtual assistant market size is expected to reach USD 14.10 billion by 2030, registering a CAGR of 24.3% over the forecast period, according to a new report by Grand View Research, Inc. The rising demand for smart speaker-based technologies for digitization and home automation in the retail sector has led to the implementation of conversational e-commerce, which is one of the major factors in the overall industry. Intelligent Virtual Assistant (IVAs) help consumers find appropriate information and perform assignments with actionable advice. The information gathered from IVAs helps organizations create and execute various marketing strategies in real-time. Virtual assistants have been integrated into many retail shops' operations, expanding the opportunities for customer interaction, and improving the shopping experience.
Key Industry Insights & Findings from the report:
- The smart speaker product segment is estimated to register the fastest CAGR over the forecast period. Constant innovations within the virtual assistant solution intended for various end-use industries support the demand for smart speakers.
- Text-to-speech technology emerged as the largest segment in 2022 and is estimated to remain dominant throughout the forecast period.
- North America held the largest revenue share in 2022 and will expand further at a steady CAGR from 2023 to 2030.
- On the other hand, the Asia Pacific region is projected to register the fastest growth rate over the forecast period.
Read 130-page market research report, "Intelligent Virtual Assistant Market Size, Share & Trend Analysis Report By Technology (Text-to-Speech, Text-based), By Product (Chatbot, Smart Speaker), By Application (IT & Telecom, Consumer Electronics), And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Intelligent Virtual Assistant Market Growth & Trends
For instance, Walmart customers can order groceries from a virtual assistant with the help of smartphones. Development in speech technologies and voice recognition has been the driving factor behind the increasing growth of the industry. Smart speakers and chatbots can help people with various chores by listening to their needs, recognizing them, and responding accordingly. As a result, consumers are becoming more and more common for various use cases, including calling, shopping, making reminders and alarms, consulting, and more. In 2022, Google Home and Amazon Alexa will hold most of the market share for smart speakers. The banking, retail, education, e-commerce, travel, and hospitality industries are now easily accessible with the help of chatbots.
IVA helps streamline human efforts to create effective procedures, which is advantageous for all organizations. The IVA application increased output and improved work quality while reducing operational risk when scaling up. As a result, adoption has grown in several applications, such as retail, BFSI, healthcare, and automotive. IVA service providers implement organic and inorganic growth strategies to introduce new products, business growth, partnerships, and cooperation. For instance, in May 2022, Nuance Communication, Inc. partnered with athenahealth, Inc., and with the help of athenahealth, Inc. marketplace nuance dragon ambient eXperience (DAX) ambient clinical intelligence solution is available.
Intelligent Virtual Assistant Market Segmentation
Grand View Research has segmented the global intelligent virtual assistant market on the basis of product, technology, application, and region
Intelligent Virtual Assistant Market - Product Outlook (Revenue, USD Million, 2017 - 2030)
- Chatbot
- Smart Speaker
Intelligent Virtual Assistant Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Automatic Speech Recognition
- Text to Speech
- Text-based
Intelligent Virtual Assistant Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
- BFSI
- Consumer Electronics
- Automotive
- Healthcare
- Education
- Retail
- IT & Telecom
- Travel & Hospitality
- Others
Intelligent Virtual Assistant Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
List of Key Players of Intelligent Virtual Assistant Market
- Apple Inc.
- Baidu, Inc.
- Clara Labs
- CSS Corp.
- Creative Virtual
- CodeBaby Corp.
- eGain Corp.
- Google Inc.
- IBM Corp.
- Kognito
- Microsoft Corp.
- MedRespond
- Next IT Corp.
- Nuance Communications, Inc.
- Oracle Corp.
- True Image Interactive, Inc.
- Verint
- Welltok, Inc.
Check out more related studies published by Grand View Research:
- Data Center Virtualization Market - The global data center virtualization market size is expected to reach USD 23.14 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 16.0% from 2022 to 2030. The necessity for centralized and unified management of data centers and the growing need to lower operating costs for businesses and increase business agility are major drivers of the market. It is anticipated that factors including the growing demand to reduce data center complexity, rising spending on data center technology, growing demand for improved network security, and adoption of optimization services will also contribute to the market growth.
- Augmented Reality & Virtual Reality In Manufacturing Market - The global augmented reality & virtual reality in manufacturing market size is anticipated to reach USD 62.71 billion by 2030, expanding at a CAGR of 29.3% from 2022 to 2030, according to the latest report by Grand View Research, Inc. The market is expected to witness substantial growth over the next eight years as more manufacturing industries have incorporated Augmented Reality (AR) and virtual reality (VR) in their production processes. AR and VR technologies in manufacturing are used for training the workforce, safety testing, error detection, and quality assurance, among others. The advancements in 3D technology and the combination of Artificial Intelligence (AI) with VR offer growth prospects to the market, especially in the automation and manufacturing businesses. Therefore, all these factors positively impact the growth of the market.
- Virtual Cards Market - The global virtual cards market size is expected to reach USD 60.06 billion by 2030, expanding at a CAGR of 20.9% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The increasing usage of digital payment platforms is creating the demand for virtual cards worldwide, which is anticipated to drive the growth of the market. In addition, various types of virtual cards offer the consumer a particular set of benefits, such as efficiency and convenience, which also bodes well for the growth of the market.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
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