Intelligent Virtual Assistant (IVA) Market Segmentation and Analysis by Recent Trends and Development 2024

The global Intelligent Virtual Assistant (IVA) Market was valued USD 1005.2 million in 2016 and is anticipated to grow at a CAGR of 36.7% during forecast period as the scope and its applications are rising enormously across the globe. Intelligent virtual assistants (IVA) are also termed, as a smart virtual assistant or intelligent personal assistant is a software that interacts with humans by understanding natural language voice commands and perform a task for a user. It understands information in written or spoken words.

The factors that are playing a major role in the growth of intelligent virtual assistant industry are high demand for online self-service and self-reliance, cost-efficient service, rising use of smartphones, high demand for intelligent virtual assistant software in large enterprises and rising technological innovations. However, lack of knowledge may restrain overall market growth in the years to come. IVA market is segmented based on type, service, application, end-user, and region.

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Text-to-speech recognition and speech recognition are the types that are explored in intelligent virtual assistant (IVA) industry. Speech recognition sector accounted for the substantial market share of intelligent virtual assistant and is estimated to lead overall market in the years to come. Also, the sector is estimated to grow at highest CAGR in the years to come. The reason could be high demand among consumers as it makes easier to interact with smartphone and its application.

Based on service type, marketing assistant, customer service, and others classify intelligent virtual assistant market. Marketing assistant sector accounted for the significant market share of intelligent virtual assistant and is estimated to lead overall market in the years to come.

Type Outlook (Revenue, USD Million, 2014 - 2024)

    • Speech Recognition

    • Test-to-Speech Recognition

Service Outlook (Revenue, USD Million, 2014 - 2024)

    • Customer Service

    • Marketing Assistant

Application Outlook (Revenue, USD Million, 2014 - 2024)

    • BFSI

    • Automotive

    • IT & Telecom

    • Retail

    • Healthcare

    • Education

    • Others

End-Use Outlook (Revenue, USD Million, 2014 - 2024)

    • Small and Medium Enterprise

    • Large Enterprise

    • Individual User

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The key players of intelligent virtual assistant (IVA) industry are Google LLC, Apple, Nuance Communications, Artificial Solutions, Microsoft Corporation, Facebook, Intel Corporation, Creative Virtual, IBM Corporation, and Oracle Corporation. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.

Globally, North America accounted for the substantial market share of intelligent virtual assistant and is estimated to lead overall market in the years to come. The reason behind overall market growth could be the rising use of enhanced technology, presence of developed IT infrastructure and key providers in the region, and high demand from the end-users. The United States is a major consumer of intelligent virtual assistant in the region.

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