Intelligent Virtual Assistant Market by Technology, Development Status and Demand Outlook to 2024

The intelligent virtual assistant market has successfully established its presence across various geographies, North America is touted to be one of the major regional markets for the business vertical. The growth across this region can be aptly credited to the robust adoption of technological advancements by prominent companies in the continent. Major software magnates, such as Microsoft and IBM, alongside automakers such as BMW, are also found to be increasingly investing in this technology in order to improve customer service and reduce human intervention, which will further propel North America intelligent virtual assistant industry size.
The proliferation of advanced software technologies in AI will augment intelligent virtual assistant market, set to cross a valuation of USD 11.5 billion by 2024. The penetration of intelligent virtual assistant technology in the BFSI, healthcare, retail, and IT sector will majorly contribute to the intelligent virtual assistant industry expansion. IVA technology is embedded with features such as language recognition, voice recognition, speech identification, and personalized embodiment to help solve queries related to numerous topics. In short, intelligent virtual assistants function as sales agents, customer service executives, help guides, and the like.
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Owing to the rapid propagation of smartphones, tablets, and other potable consumer electronic devices, the aforesaid professional domains are increasing the number of their communication platforms to enable the deployment of virtual assistants. This progress will further stimulate global intelligent virtual assistant market.
Intelligent virtual assistant market giants are striving to enhance intelligent virtual assistant technology and develop highly automated and technically challenged IVAs to be deployed across numerous professional sectors. Nuance technologies recently introduced the Dragon Drive Automotive Assistant, the company’s flagship virtual assistant, which has already created a legacy as it enabled users to personalize their self-driving car experience. Industry players are involved in collaborations with third parties to improve the technology for enhanced consumer satisfaction.
The incorporation of artificial intelligence in the automotive sector is not hot off the press, it has been paramount ever since the advent of autonomous cars. Self-driving technology demands heavy implementation of virtual assistants for helping drivers park appropriately, drive efficiently, and avoid accidents and other mishaps. In short, connected cars enhance user experience and have prompted autonomous cars market players to develop highly innovative and advanced chatbots to personalize self-driving cars, thereby providing a huge impetus to global intelligent virtual assistant industry from automotive applications.
IVA technology is known to efficiently be integrated with systems such as adaptive cruise control, automatic parking, lane change assist, and numerous other ADAS controls. On these grounds, several automakers are now delivering IVAs in order to integrate voice as a part of in-car infotainment systems, further driving intelligent virtual assistant industry trends from automotive applications.
IVAs can be used for providing customer services and are also enabled to function as marketing assistants. The latter is especially utilized across SMBs, as they reduce the need to recruit administrative staff, office spaces, sales workforce, or full time employees, which will augment intelligent virtual assistant market share from SMBs. In fact, the rising innovations in AI technology and the benefits of IVAs such as enhanced business productiveness and reduced operational costs are prompting more and more SMBs to adopt intelligent virtual assistant. Powered by the robust demand for low operational expenditure and high-quality services in tandem with the reducing need for full-time customer service employees, intelligent virtual assistant industry size from SMBs is slated to grow at a remarkable CAGR over 2018-2024.
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Major companies accumulating a share of global intelligent virtual assistant market include CX Company, IBM Corporation, Nuance, Anboto, eGain Communications, Clara Labs, Creative Virtual, InteliWISE, 24/7 Customer Inc., and Artificial Solutions.
The rapid advancements in AI technology will be a prime factor contributing to the extensive growth of intelligent virtual assistant market. Leading providers of IVA technology are investing in research and development activities to come up with cost-effective, highly efficient, and extremely sophisticated and methodological chatbots that are sure to revolutionize global intelligent virtual assistant industry over the span of the next few years.
The world is treading rapidly along the path of artificial intelligence, paving the way for intelligent virtual assistant market growth. With the advent of cutting edge technologies, software companies are striving toward enhancing virtual assistance, which involves the deployment of an expert-concocted character that is engineered to answer numerous questions put forth by customers. One of most famous examples of a virtual assistant is Apple’s Siri, deployed on the company’s mobile platform as well as operating system, which has become a legacy in itself. Companies are striving to further enhance the features of such programmed entities, which is sure to spur global intelligent virtual assistant market over the next few years.
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