The global intelligent virtual assistant market is predicted to rise at a CAGR of 28.2% during 2022-2032. The intelligent virtual assistant market is estimated to reach US$ 62 Bn by 2032 from US$ 3.9 Bn in 2021.
In the near future, growth in enterprise need for effective customer engagement is expected to lead to more use of intelligent virtual assistant solutions in these verticals. The BFSI industry vertical is currently driving the intelligent virtual assistant market, owing to growing adoption and increased IT expenditure.
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Competitive Landscape
Virtual help has been implemented in smartphones, PCs, tablets, and other mobile devices by the companies. Amazon Inc. and Baidu, for example, have created virtual assistants for their devices and give customised solutions that work across different platforms. The primary strategies used by the participants in the intelligent virtual assistant market are new product launches and alliances.
Recent Developments in the Intelligent Virtual Assistant Market:
- Google said in June 2020 that it would provide new features to its artificial intelligence-based voice assistant, Google Assistant, across a variety of new devices. The most essential of these functions is voice match, which allows smart speakers to recognize a single user’s voice and tailor replies to that individual.
| Data Points | Market Insights |
| Intelligent Virtual Assistant Market Value (2021) | US$ 3.9 Bn |
| Estimated Market Value (2022) | US$ 5.2 Bn |
| Projected Market Value (2032) | US$ 62 Bn |
| Global Market Growth Rate (2022-2032) | 28.2% |
| Key Market Players | VoiceVault Inc.Voicebox Technologies Corp.Uniphore Software Solutions Pvt LtdSony CorporationSamsung ElectronicsNext IT CorporationNuance Communications Inc.Inbenta TechnologiesCX CompanyCreative Virtual LimitedCodeBaby Corp.BaiduApple IncAmazon Web ServicesAnboto GroupAlphabet Inc. |
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Key Segments
- By Product
- Chatbots
- Smart Speakers
- By Technology
- Text-to-Speech
- Speech Recognition
- Text-Based
- By Industry Vertical
- Consumer Electronics
- BFSI
- Healthcare
- Education
- Retail
- Government
- Utilities
- Travel & Hospitality
- Others
- By Region
- North America
- Europe
- APAC
- Middle East and Africa (MEA)
- Latin America
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More Valuable Insights on Intelligent Virtual Assistant Market
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