February 2024
19 Jul 2024
The global intelligent virtual assistant market revenue was valued at USD 16.17 billion in 2023 and is poised to grow from USD 20.42 billion in 2024 to USD 166.97 billion by 2033, at a CAGR of 26.3% during the forecast period 2024 - 2033. The rapidly growing adoption of operational support functions, marketing, and customer service among businesses and consumers is expected to drive the growth of the intelligent virtual assistant market.
The intelligent virtual assistant market deals with an advanced software program powered by natural language processing and artificial intelligence (AI) technologies that can interact with consumers in a conversational manner, provide relevant information, or perform tasks and understand their queries. The intelligent virtual assistant is designed to stimulate humans to assist users and interact with several tasks, such as scheduling appointments, providing recommendations, answering questions, and many more.
The rising advancements in natural language processing, increasing demand for efficient self-service options, and widespread use of smartphones are anticipated to drive the growth of the market. In addition, the growing adoption of intelligent and digital speaker-based technologies in the retail sector and the increasing adoption of automation across various industries such as retail, BFSI, and residential are further expected to accelerate the growth of the intelligent virtual assistant market during the forecast period.
Personalized customer experience and improved agent efficiency to fuel market growth
Intelligent virtual assistants use customer information and context to individualize the service. NLU allows virtual assistants to understand consumers across languages, speech styles, and channels. Once the intelligent virtual assistant detects the intent of consumers, it can draw from CRM information like buy location and history to provide routing options and personalized solutions. Since the software can scan hundreds of integrated data points and translate language in moments, it offers more personalized feedback than live agents or chatbots. In addition, Intelligent virtual assistants help businesses deflect consumers from using live chat channels, email, and VoIP phones instead of artificial assistants. They can handle and take over consumer requests but only include live support when essential. Intelligent virtual assistant ensures that live assistants focus their time and efforts on urgent or unique cases that need a personal touch. These factors are expected to drive the growth of the intelligent virtual assistant market.
However, high initial investments, operating costs, and changing customer preferences may restrain the growth of the market. Installing and buying meat skewer machines can be very costly, especially for smaller enterprises. This situation might create challenges for newcomers to enter the market. In addition, the constant expenses related to keeping meat skewer machines in better working order, such as raw materials, upkeep, and electricity, can add up. Moreover, the market for meat skewer machines may be affected negatively by changes in consumer choices towards alternative and healthier food options, which may also affect the demand and growth for meat skewers. These factors are expected to restrain the growth of the intelligent virtual assistant market.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 20.42 Billion |
| Market Revenue by 2033 | USD 166.97 Billion |
| Market CAGR | 26.3% from 2024 to 2033 |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Innovation in Intelligent Virtual Assistant by CoverageOne C1
Recent Innovation in Intelligent Virtual Assistant by Mercedes-Benz
North America dominated the intelligent virtual assistant market in 2023. The increasing widespread adoption of advanced technologies and the growing presence of major technology companies are expected to drive the growth of the market in North America. U.S. and Canada are the major leading companies in North America. The U.S. is the major country in this region. U.S.-based virtual assistants have the expertise and necessary skills to handle any daily recurring task for users. U.S. has various best virtual services such as Virtual Assist USA, 24/7 Virtual Assistant, Belay, Time, Upwork, and many more. These companies provide virtual assistant solutions and services to any entrepreneur, small business, and larger than hundreds of companies. These companies are the largest international platforms that connect organizations and freelancers in a single place. These are major factors, and leading companies are expected to accelerate the growth of the intelligent virtual assistant market in North America.
Asia Pacific is expected to grow fastest during the forecast period. The rising tech-savvy population, increasing substantial investments in artificial intelligence technologies, and increasing demand for automation are anticipated to enhance the growth of the intelligent virtual assistant market in the Asia Pacific. China, India, Japan, and South Korea are the major leading companies in the Asia Pacific region.
China is a major country in the intelligent virtual assistant industry, which is driven by various major factors that are expected to contribute to its substantial market growth. An important element is China’s ongoing investments and strong technological infrastructure in artificial intelligence research and development. The technologically adopted and vast population in China offers a fully developed environment for the adoption of intelligent virtual assistants in several sectors, such as smart home applications, e-commerce, and customer service. In China, the increasing government policies to promote AI integration and innovation are driving market growth. Chinese companies are actively incorporating advanced features such as personalized responses and language processing. The Chinese market is also accelerated by the increasing demand for innovative technologies. These are the major factors expected to drive the growth of the market in the Asia Pacific region.
Increasing growth in Internet of Things (IoT) applications
The potential growth in the IoT landscape is creating new opportunities for the application of intelligent virtual assistants. Intelligent virtual assistants play an important role in facilitating seamless operation and communication within these complex ecosystems due to the devices becoming increasingly interconnected. For example, smart home systems can use IVAs to control security features, heating, and lighting. The efficiency and versatility of IVAs in controlling and managing IoT devices estimate their growing demand significantly in the world. These opportunities are expected to enhance the growth of the intelligent virtual assistant market in the coming years.
Market Segmentation
By Service
By Application
By Waste Type
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