Posted on Jan 16th, 2023

Intelligent Virtual Assistant Market is forecast to reach $35.1 billion by 2025, growing at a CAGR 30.8% from 2020 to 2025. This is anticipated the need for improved efficiency across service-based companies and the integration of Artificial Intelligence (AI)-powered Smart Virtual Assistant (IVA) among various devices such as tablets, computers and smartphones will boost the market. It is capable of performing a wide range of customer service functions, such as ease of navigation, providing product information, assisting customers in paying bills, and making transfers or full forms, and direct customer service issue inquiries to human agents. Such factors led banking and financial institutions worldwide to incorporate smart virtual assistants, leading to industry growth. 

They have stronger conversational responses allowing companies to enhance their customer experience. Intelligent virtual assistant vendors are working actively to accommodate regional languages and have customized intelligent virtual assistants so that clients from various geographies can interact easily. Intelligent virtual assistant has developed solutions for the smart home and security. For example, Amazon.com, Inc. has completed the acquisition of Ring (U.S.), a company with a range of smart cameras and video doorbells that provide home security solutions. The purchase would help Amazon.com, Inc. incorporate voice based technologies into Ring's home security products.

Key Takeaways

The need for improved efficiency across service-based companies and the introduction of a Smart Virtual Assistant (IVA) powered by Artificial Intelligence (AI) among various devices such as tablets, computers and smartphones will boost the market.

The smart speaker segment is expected to grow at the most rapid rate over the forecast period. The residential customers mainly use smart speakers for everyday tasks.

Rising global adoption of mobile computing technology is expected to boost demand for the automatic voice recognition segment. The smart speakers only receive input via ASR.

The American Medical Association of Medical Colleges reported 40,000 primary care physicians to be in short supply. Therefore it is expected that the use of smart virtual assistants in the healthcare sector will meet the shortage and deliver effective and reliable health monitoring solutions.

The most important impact factor driving the growth of the smart virtual assistant market is proliferation of smartphone adoption. Increasing penetration of mobile devices into mobile banking is one of the key differentiators responsible for the fast growth of financial services in the IVA industry.

Original Post: Intelligent Virtual Assistant Market Growing Rapidly with Latest Trend and Future scope with Top Key Players