Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Intelligent Virtual Assistant Market size was over USD 3.53 billion in 2024 and is projected to reach USD 60.32 billion by 2037, growing at around 24.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of intelligent virtual assistant is assessed at USD 4.26 billion.
Intelligent Virtual Assistant Sector: Growth Drivers and Challenges
Growth Drivers
- Rising Use Of Smartphones
The use of smartphones is increasing significantly, and the use of personal assistants such as Siri, Google Assistant, and others are rapidly increasing as well. Smart virtual assistants are useful for people who do not know how to surf the internet. They just need to speak and the assistant helps in finding the information for them. This makes the assistant software user- friendly. On the back of this, the market is anticipated to witness significantly high growth. - Technological Advancements
Advancement in technology and Artificial Intelligence has changed the way IT works. New software solutions are being developed to ease the work of humans. Smart virtual assistant is one of the software that helps in assisting the user with the routine work. This is likely to drive the growth of the smart VAs market in the upcoming years. - Cost Reduction to Drive the Market Growth
The virtual assistants are comparatively cheaper than a human personal assistant. There is a one- time cost incurred and the work gets done quickly. The machine is faster than a human in completing the tasks. Hence, many people are preferring intelligent virtual assistant over human assistants. - Opportunities
There are advancements in the technology sector and with it, the software is also being innovated and improved. Earlier the assistants were just used to find information but now they can make calls, set up meetings, arrange calendars, send e-mails, and do much more. These innovations are an opportunity for the players of this market as there is always something new that a user can expect and explore.
Challenges
The smart virtual assistant market is growing but there are some limitations to it as well. The assistant can perform certain activities but several other tasks cannot be performed by it. The virtual assistant lacks EQ (Emotional Quotient), which is something that a human being requires. The virtual assistant cannot understand every situation and can only provide outputs and not suggestions. It works by fulfilling the demand of the user. These limitations are estimated to hinder the market growth of smart virtual assistants.
Intelligent Virtual Assistant Market: Key Insights
Intelligent Virtual Assistant Segmentation
The intelligent virtual assistant market is segmented by application, by input type and by region. On the basis of input type, the market is segmented into voice, text and graphic. The voice sub- segment is expected to hold the largest market share as it is more convenient to communicate with the software verbally. The developments taking place in the fields of AI and technology is making it possible to have a virtual assistant that can work just like a human assistant. Further, the Internet of Things (IoT) is gaining popularity, as a result, machine to machine, and machine to human interaction is increasing. Moreover, the virtual assistant can learn and speak the native language of the users and can show results and perform tasks accordingly. The usage of virtual assistants is anticipated to increase across the globe.
Our in-depth analysis of the global market includes the following segments
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By Application |
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By Input type |
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Customize this ReportIntelligent Virtual Assistant Industry - Regional Synopsis
North America industry is likely to account for largest revenue share by 2037, impelled by good IT infrastructure in the region and increasing use of technology by people in their day- to- day tasks. The companies that dominate this market are located in this region. In the second place comes the market in European region and is followed by the market in Asia Pacific region, where it is growing as countries in this region are developing and innovations in technology are coming into play.
Companies Dominating the Intelligent Virtual Assistant Landscape
- Apple Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Oracle Corporation
- 24me Ltd.
- IBM Corporation
- Microsoft Corporation
- Intel Corporation
- SK Telecom Co. Ltd.
- Artificial Solutions
- Creative Virtual
- Nuance Communication
In the News
- On January 30, 2020, Apple launched ‘Maps’ update for the users of the United States. The Map now displays minute details such as better road coverage and pedestrian data with other upgradations including more natural voice of Siri. Next, the update will be introduced in Europe and will be implemented globally later.
Author Credits: Abhishek Verma
- Report ID: 722
- Published Date: Dec 23, 2024
- Report Format: PDF, PPT
