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
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
24.4% |
|
Base Year Market Size (2024) |
USD 3.53 billion |
|
Forecast Year Market Size (2037) |
USD 60.32 billion |
|
Regional Scope |
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Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of intelligent virtual assistant is assessed at USD 4.26 billion.
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.
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 major players in the market are Apple Inc., Oracle Corporation, 24me Ltd., IBM Corporation, Microsoft Corporation, Intel Corporation, SK Telecom Co. Ltd., Artificial Solutions, Creative Virtual, Nuance Communication, and others.
