Intelligent Virtual Assistant Market Size to Gain $47.57Bn by 2028 at a CAGR of 31.9%; Industry Analysis By COVID-19 Impact On Size, Share, Growth, Trends And Forecast To 2028

A recent market research report entitled “Intelligent Virtual Assistant Market Size, Share, Growth, Industry Trends and COVID-19 Impact and Global Analysis – by Product, User Interface, and Industry,” the intelligent virtual assistant market is expected to grow from US$ 7.01 billion in 2021 to US$ 47.57 billion by 2028 with an estimated CAGR of 31.9% from 2022 to 2028. This report studies the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, and distributors with the Porter’s Five Forces analysis. This market report takes into consideration several industry research, customer insights, market sizing & forecast, competitive analysis, market entry strategy, pricing trends, sustainability trends, innovation trends, technology evolution, and distribution channel assessment.

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Report Scope:

Leading Players operating in the Intelligent Virtual Assistant Market are:

Alphabet Inc.; Amazon.com, Inc.; Anboto; Apple Inc.; Artificial Solutions; Reative Virtual Ltd.; IBM Corporation; Inbenta Technologies Inc.; Microsoft; and Nuance Communications, Inc and more. Several other major companies operating in the intelligent virtual assistant market were analyzed during this research study to get a holistic view of the intelligent virtual assistant market and its ecosystem.

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Intelligent virtual assistants (IVA), also called digital employees, provide a conversation facility to the company’s customer or client. IVA provides 24/7 customer service to clients. In the intelligent virtual assistant market, the adoption of IVA has increased among companies who are not willing to invest in overseas call center operations. IVA can manage common and mundane challenges without needing a live agent. It can also collect customer information such as a personal identification number, an account number, or a basic description of the customer/client problem and have it ready for the agent to optimize the interaction. This ability of IVA has minimized the time spent collecting client information by the agent, catalyzing to the intelligent virtual assistant market growth. Furthermore, in the intelligent virtual assistant market many companies are adopting IVS owing to benefits offered by the solution. For instance, the US Citizenship and Immigration Service implemented Emma, which manages the queries from the customers written in both Spanish and English. The services managed 3.3 million visitors queries of ~10.5 million, with a 91% and 89% success rate for answering in English and Spanish, respectively. Similarly, Westar Energy, the utility company in Kansas, started using IVAs to reduce the time its agents spent on each call and improve customer self-service. In 2019, Westar completed 39% of its callers’ transactions through self-service using IVA. Further, 80% of callers reported satisfaction with their overall experience, helping the organization increase its JD Power scores by 25% since the implementation of the IVA solution. This factor is catalyzing the intelligent virtual assistant market and is also foreseen to boost the market during the forecast period.

The Intelligent Virtual Assistant Market report encompasses the general idea of the global Intelligent Virtual Assistant market including definition, classifications, and applications. Further, it includes the all-inclusive comprehension of several factors such as drivers, constraints, and major micro markets. The report is a wide-ranging source of widespread facts and figures for business strategists as it offers the historical &futuristic data such as demand & supply data, cost, revenue, profit, supply chain value, and so on. Furthermore, it entails the key market features, comprising production, revenue, price, capacity, gross margin, market share, consumption, gross, production rate, demand/supply, cost, capacity utilization rate, export/import, and CAGR (compound annual growth rate). Apart from this, the researcher market analyst and experts present their outlook or insights of product sales, market share, and value along with the possible opportunities to grow or tap into in these regions.

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IVA can help humans more effectively and rapidly to communicate with technology. IVA is used for several consumer and business applications, such as communication with leads, prospects, customers, and employees in a human-like manner; multilingual communications; conversational AI for business; and reading and responding to emails and SMS texts, catalyzing the IVA adoption and is also foreseen to boost the intelligent virtual assistant market during the forecast. Furthermore, the factors such as the high adoption of chatbots because of the availability of low-cost software modules for chatbot design, demand for automation in customer service, and integration of speaker-based virtual assistants and smart home appliances contribute to the growth of the intelligent virtual assistant market during the forecast period.

Promising Regions & Countries Mentioned In The Intelligent Virtual Assistant Report:

• North America (United States)
• Europe (Germany, France, UK)
• Asia-Pacific (China, Japan, India)
• Latin America (Brazil)
• The Middle East & Africa

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Reason to Buy                                                                         

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Intelligent Virtual Assistant
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the Intelligent Virtual Assistant, thereby allowing players to develop effective long term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

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