The global Intelligent Virtual Assistant (IVA) market size was USD Billion 11.40 in 2022 and is expected to register a steady revenue CAGR of 29.6% during the forecast period, according to latest analysis by Emergen Research. Advancements in Natural Language Processing (NLP) and Machine Learning (ML) and rising integration of Artificial Intelligence (AI) in the healthcare sector are major factors driving market revenue growth. Conversational AI chatbots that are data-driven and predictive are also known as digital agency bots, AI process of identity assistants, virtual support agents, AI voice-enabled, AI assistants, intelligence chatbot assistants, or digital helpers (Digital workers). A few examples include customer, data-driven, and prediction AI chatbots, such as Apple’s Siri and Amazon’s Alexa. These are significantly more advanced, capable, tailored, and smart than the basic task-oriented, which improves client experience.

The most recent market research report from Emergen Research, titled Global Intelligent Virtual Assistant Market, provides an estimated market size and share as well as current industry trends, global market growth rates, significant drivers and opportunities, difficulties, product segmentation, and key market competitors. Pricing range, size of the market, degree of competition, product offerings and details, and business histories

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The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.

The leading market contenders listed in the report are:

[24]7.ai, Inc., Amazon.com, Inc., CSS Corp., Microsoft, Apple Inc., Clara, eGain Corporation, Creative Virtual Ltd., Nuance Communications, Inc., True Image Interactive, Inc., and Oracle

Target Audience of the Global Intelligent Virtual Assistant Market Report:

Key Market Players

Investors

Venture capitalists

Small- and medium-sized and large enterprises

Third-party knowledge providers

Value-Added Resellers (VARs)

Global market producers, distributors, traders, and suppliers

Research organizations, consulting companies, and various alliances interested in this sector

Government bodies, independent regulatory authorities, and policymakers

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Major Geographies Analyzed in the Report:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Market Segmentations of the Intelligent Virtual Assistant Market

This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2022 and 2032. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Intelligent Virtual Assistant market on the basis of product, application, and region:

Segments Covered in this report are:

Product Outlook (Revenue, USD Billion; 2019–2032)

AI virtual assistant

Smart Speakers

Technology Outlook (Revenue, USD Billion; 2019–2032)

Text-to-Speech

Automated Speech Recognition (ASR)

Text-Based

Others

Service Outlook (Revenue, USD Billion; 2019–2032)

Customer Service

Market Assistant

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Some Key Highlights From the Report

The smart speakers segment accounted for largest revenue share in the global IVA market in 2022. Smart speakers are a popular way to interact with intelligent virtual assistants such as Google Assistant, Amazon Alexa, and Apple Siri. Smart speakers that are utilized in intelligent virtual assistants are primarily used to provide voice-activated links to various services and information via Machine Learning (ML) and Natural Language Processing (NLP) techniques.

The retail segment registered significantly fast revenue growth rate in the global IVA market in 2022. Retail business experiences consumer-level disruption before other industries, and the pandemic had a huge influence on retail e-commerce. Investments in engagement technology such as live streaming, virtual storefronts, and chats have gradually expanded after the pandemic.

The Asia Pacific market is expected to register fastest revenue growth rate in the global IVA market during the forecast period owing to rising demand from the e-commerce sector. E-commerce companies are increasingly relying on virtual assistants and chatbots to give 24x7x365 service to their online customers.

Additional information offered by the report:

Along with a complete overview of the global Intelligent Virtual Assistant market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.

The report elaborates on the global Intelligent Virtual Assistant market size and share governed by the major geographies.

It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.

It further presents a detailed description of the company profiles of the key market contenders.

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