Growing Smartphone Penetration to Boost Intelligent Virtual Assistant Market Growth
New York, USA, May 30, 2023 (GLOBE NEWSWIRE) — According to the research report published by Market Research Future (MRFR), “Intelligent Virtual Assistant Market Information By Technology, By Service, By Application And By Region – Market Forecast Till 2030”, the Intelligent Virtual Assistant Market could thrive at a rate of 25.30% between 2022 and 2030. The market size will reach around USD 58.2 billion by the end of the year 2030.
Intelligent Virtual Assistant Market Key Players:
Prominent players profiled in the intelligent virtual assistant industry report include
- Apple Inc.
- Oracle Corporation
- Google LLC
- IBM Corporation
- Nuance Communications
- Microsoft Corporation
- Clara Labs
- eGain Communications
- Artificial Solutions
- 24/7 Customer Inc.
- Creative Virtual
Get a Free Sample PDF Brochure –
Scope of the Report – Intelligent Virtual Assistant Market:
|Market Size by 2030||USD 58.2 billion|
|CAGR during 2022-2030||25.30%|
|Key Market Opportunities||Growing demand for customer service automation|
|Key Market Dynamics||Increasing smartphone adoption|
Buy Now Premium Research Report – Get Comprehensive Market Insights.
Growing Smartphone Penetration to Boost Market Growth
Smartphones are becoming an essential part of consumers’ life. Consumers are now using their technologically advanced smartphones with virtual assistant applications installed in addition to the more conventional methods of communication, making their work somewhat simpler. IVA is a practical kind of assistance since it connects a customer’s mobile device to their bank, doctor, & other services, allowing them to perform a variety of tasks including mobile transactions, appointment booking, rapid inquiry resolution, and other things. As a result, the market for intelligent virtual assistant technology would benefit from the increasing demand for smartphones.
Increasing Adoption in Automotive Sector to offer Robust Opportunities
Throughout the anticipated period, the auto industry is anticipated to grow at the fastest rate. IVA is a key component of in-car entertainment systems, which allow the driver and passengers to utilize voice recognition technology to browse the internet, navigate, & make phone calls. This growth is being driven by the market for in-car entertainment systems, which is rapidly expanding. The worldwide intelligent virtual assistant market is expanding as a result of rising need for the intelligent virtual assistant systems in the auto sector, speech recognition technology, and expanding internet penetration globally.
Restraints and Challenges:
Lack of Awareness to act as Market Restraint
The lack of awareness about intelligent virtual assistant services, inaccurate responses, compatibility issues, and security & data privacy may act as market restraints over the forecast period.
Browse In-depth Market Research Report (110 Pages, Charts, Tables, Figures) on Intelligent Virtual Assistant Market –
Intelligent Virtual Assistant Market Segmentation
The global intelligent virtual assistant market is bifurcated based on technology, application, and service.
- By technology, speech recognition will lead the market over the forecast period.
- By service, customer service will domineer the market over the forecast period.
- By application, customer service will spearhead the market over the forecast period.
The epidemic seriously affected a number of businesses, notably the IT sector. The COVID-19 epidemic had a tremendous impact on the technology industry’s service sector. The COVID-19 pandemic response and attention to continually shifting difficulties are expected to benefit significantly from improved technological solutions. The current scenario brought on by the pandemic epidemic will motivate healthcare & pharmaceutical vendor organizations to increase their R&D spending, grow & introduce AI technologies, and function as a fundamental technology for facilitating a number of activities. As a result of the worldwide epidemic, a number of marketing firms, banking institutions, and grocery stores have started to fully deploy conversational AI tools & virtual online assistants to improve customer experience. Businesses are having trouble surviving the epidemic and are eager to explore new technology options, such as virtual assistants. Additionally, in these challenging times, virtual online assistants have helped several industrial sectors. Chatbots were implemented by a number of medical insurance providers and public health organizations globally to help users and patients receive the right COVID-19 guidance.
North America to Head Intelligent Virtual Assistant Market
North America grabbed the largest market share in 2021, with 43.94%. The prevalence of working remotely has increased as a result of changing BYOD trends. Employees working from home benefit from freedom and also have the option of using a virtual assistant to finish tasks swiftly. Overall productivity and work effectiveness rise as a result. Similar to this, the North American healthcare industry has recognized the perks of IVAs and is focusing on boosting the efficacy of healthcare systems. Businesses are also working harder to develop better IVA technology such as artificial intelligence virtual assistant and also that which uses machine learning technology to support automated decision-making systems, which is expected to fuel the market in the region. Working remotely has become more common as a result of evolving BYOD tendencies. Working from home gives employees freedom and enables a VA to complete the assigned tasks more quickly. These promote overall productivity and job efficiency further. Similar to this, the healthcare sector in North America has acknowledged the advantages of IVAs and is concentrating on enhancing the effectiveness of healthcare systems. A deficit of 40,000 primary care doctors has been predicted by the American Medical Association of Medical Colleges; as a result, the usage of IVAs in the healthcare sector is anticipated to address the gap and provide effective and dependable solutions for health monitoring.
Ask for Customization – Get a customized version of the report by submitting a customization request.
APAC to Have Admirable Growth in Intelligent Virtual Assistant Market
The APAC region is predicted to have an admirable growth in the intelligent virtual assistant market. Due to China’s growing retail & consumer electronics sectors, the Asia-Pacific region will see the highest CAGR growth throughout the forecast period. The creation of AI-powered IVAs for business communication has demonstrated that they are highly capable of doing commercial activities like scheduling appointments and providing advice across many sectors. Businesses release goods that let a device or app act as an artificial intelligence agent. All these are adding to the intelligent virtual assistant market share in the region.
May 2023- FinTech Veteran Enacomm has lately unveiled Emrie, a highly advanced artificial-intelligence based intelligent virtual assistant. With Emerie, credit unions, banks, and FinTechs can differentiate themselves from the competition and adapt as demands evolve by branding and customizing the client experience.
- Lithium Ion Battery Market– The Lithium-Ion Battery market industry is projected to grow from USD 51.16 Billion in 2022 to USD 118.15 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.72% during the forecast period (2022 – 2030).
- IoT Consumer Electronics Market – IoT in Consumer Electronics Market to surpass USD 172 billion at a CAGR of 18% by 2030.
- Autonomous Vehicles Market– Autonomous Vehicles Market will exhibit a CAGR of 22.3% in the forecast period of 2020 to 2030 and is expected to reach USD 125.67 billion by 2030.
Browse through more Semiconductor and Electronics Research Reports.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Follow Us: LinkedIn | Twitter
- Lifshitz Law PLLC Announces Investigations of APRN, RENB, ICPT - September 30, 2023
- Lifshitz Law PLLC Announces Investigations of Applied Digital Corp. (NASDAQ: APLD), Shft4 Payments, Inc. (NYSE: FOUR), and Comerica Inc. (NYSE: CMA) - September 30, 2023
- Lifshitz Law PLLC Announces Investigations of ImmunityBio, Inc. (NASDAQ: IBRX), BioXcel Therapeutics, Inc. (NASDAQ: BTAI), Baxter International Inc. (NYSE: BAX) - September 30, 2023