Intelligent Virtual Assistant Market Revenue, Top Companies, Report 2033

Published Date : 20 Jun 2024

Intelligent Virtual Assistant Market Revenue and Trends

The global intelligent virtual assistant market revenue was valued at USD 16.17 billion in 2023 and is poised to grow from USD 20.42 billion in 2024 to USD 166.97 billion by 2033, at a CAGR of 26.3% during the forecast period 2024 - 2033. The rapidly growing adoption of operational support functions, marketing, and customer service among businesses and consumers is expected to drive the growth of the intelligent virtual assistant market.

Intelligent Virtual Assistant Market Statistics

Market Overview

The intelligent virtual assistant market deals with an advanced software program powered by natural language processing and artificial intelligence (AI) technologies that can interact with consumers in a conversational manner, provide relevant information, or perform tasks and understand their queries. The intelligent virtual assistant is designed to stimulate humans to assist users and interact with several tasks, such as scheduling appointments, providing recommendations, answering questions, and many more.

The rising advancements in natural language processing, increasing demand for efficient self-service options, and widespread use of smartphones are anticipated to drive the growth of the market. In addition, the growing adoption of intelligent and digital speaker-based technologies in the retail sector and the increasing adoption of automation across various industries such as retail, BFSI, and residential are further expected to accelerate the growth of the intelligent virtual assistant market during the forecast period.

Intelligent Virtual Assistant Market Trends

  • The increasing customer expectations of intelligent virtual assistants fuel market growth.
  • The growing adoption of cloud-based solutions and the growing use of IVAs in healthcare and retail are expected to drive the growth of the market.
  • The growing adoption of Internet of Things (IoT) devices and cost-effective substitutes for human agents are also expected to enhance market growth.

Personalized customer experience and improved agent efficiency to fuel market growth

Intelligent virtual assistants use customer information and context to individualize the service. NLU allows virtual assistants to understand consumers across languages, speech styles, and channels. Once the intelligent virtual assistant detects the intent of consumers, it can draw from CRM information like buy location and history to provide routing options and personalized solutions. Since the software can scan hundreds of integrated data points and translate language in moments, it offers more personalized feedback than live agents or chatbots. In addition, Intelligent virtual assistants help businesses deflect consumers from using live chat channels, email, and VoIP phones instead of artificial assistants. They can handle and take over consumer requests but only include live support when essential. Intelligent virtual assistant ensures that live assistants focus their time and efforts on urgent or unique cases that need a personal touch. These factors are expected to drive the growth of the intelligent virtual assistant market.

However, high initial investments, operating costs, and changing customer preferences may restrain the growth of the market. Installing and buying meat skewer machines can be very costly, especially for smaller enterprises. This situation might create challenges for newcomers to enter the market. In addition, the constant expenses related to keeping meat skewer machines in better working order, such as raw materials, upkeep, and electricity, can add up. Moreover, the market for meat skewer machines may be affected negatively by changes in consumer choices towards alternative and healthier food options, which may also affect the demand and growth for meat skewers. These factors are expected to restrain the growth of the intelligent virtual assistant market.

Urgent Care Apps Market Highlights

Report Attribute Key Statistics
Market Revenue in 2024 USD 20.42 Billion
Market Revenue by 2033 USD 166.97 Billion
Market CAGR 26.3% from 2024 to 2033
Quantitative Units Revenue in USD million/billion, Volume in units
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Intelligent Virtual Assistant Market Top Companies

  • Verint Systems Inc.
  • CoverageOne C1
  • Artificial Solutions International AB
  • Creative Virtual Ltd.
  • Inbenta Technologies Inc.
  • Facebook, Inc.
  • Mercedes-Benz
  • SAP SE
  • Oracle Corporation
  • Baidu, Inc.
  • Samsung Electronics Co., Ltd.
  • Amazon.com, Inc.
  • Apple Inc.
  • Naunce Communications, Inc.
  • IBM Corporation
  • Microsoft Corporation
  • Google LLC

Recent Innovation in Intelligent Virtual Assistant by CoverageOne C1

  • In March 2024, CoverageOne C1, a tech solutions provider, launched a new generative AI-powered tool called C1 Elly to help organizations overcome the challenges. The tool enables companies to make better use of data, such as initially inaccessible data locked in various business systems.

Recent Innovation in Intelligent Virtual Assistant by Mercedes-Benz

  • In January 2024, at the CES electronics trade fair, Mercedes-Benz launched a new ‘dialogue partner’ voice virtual assistant. This advanced virtual assistant is capable of engaging in dialogue with users and provides contest-based suggestions. In addition, this intelligent virtual assistant is taking another step forward in the use of artificial intelligence in cars.

Regional Insights

Asia Pacific is expected to grow fastest during the forecast period. The rising tech-savvy population, increasing substantial investments in artificial intelligence technologies, and increasing demand for automation are anticipated to enhance the growth of the intelligent virtual assistant market in the Asia Pacific. China, India, Japan, and South Korea are the major leading companies in the Asia Pacific region.

China is a major country in the intelligent virtual assistant industry, which is driven by various major factors that are expected to contribute to its substantial market growth. An important element is China’s ongoing investments and strong technological infrastructure in artificial intelligence research and development. The technologically adopted and vast population in China offers a fully developed environment for the adoption of intelligent virtual assistants in several sectors, such as smart home applications, e-commerce, and customer service. In China, the increasing government policies to promote AI integration and innovation are driving market growth. Chinese companies are actively incorporating advanced features such as personalized responses and language processing. The Chinese market is also accelerated by the increasing demand for innovative technologies. These are the major factors expected to drive the growth of the market in the Asia Pacific region.

North America dominated the intelligent virtual assistant market in 2023. The increasing widespread adoption of advanced technologies and the growing presence of major technology companies are expected to drive the growth of the market in North America. U.S. and Canada are the major leading companies in North America. The U.S. is the major country in this region. U.S.-based virtual assistants have the expertise and necessary skills to handle any daily recurring task for users. U.S. has various best virtual services such as Virtual Assist USA, 24/7 Virtual Assistant, Belay, Time, Upwork, and many more. These companies provide virtual assistant solutions and services to any entrepreneur, small business, and larger than hundreds of companies. These companies are the largest international platforms that connect organizations and freelancers in a single place. These are major factors, and leading companies are expected to accelerate the growth of the intelligent virtual assistant market in North America.

Market Potential and Growth Opportunity

Increasing growth in Internet of Things (IoT) applications

The potential growth in the IoT landscape is creating new opportunities for the application of intelligent virtual assistants. Intelligent virtual assistants play an important role in facilitating seamless operation and communication within these complex ecosystems due to the devices becoming increasingly interconnected. For example, smart home systems can use IVAs to control security features, heating, and lighting. The efficiency and versatility of IVAs in controlling and managing IoT devices estimate their growing demand significantly in the world. These opportunities are expected to enhance the growth of the intelligent virtual assistant market in the coming years.

Intelligent Virtual Assistant Market News

  • In January 2024, OpenAI launched its new and advanced GPT Store. This new GPT Store provides users with access to custom AI assistants. This store features assistants focused on a broad range of topics such as lifestyle, education, programming, research, art, and more.
  • In April 2024, a pioneer in building technology, BrainBox AI, launched its ARIA (Artificial Responsive Intelligent Assistant). This virtual assistant is powered by advanced generative AI technology with Amazon Bedrock. ARIA was designed to enhance building efficiency by facilitating seamlessly into the day-to-day procedure related to building management.
  • In November 2023, The Lvalua, the global procurement platform, launched its new generative artificial intelligence power virtual assistant. This AI assistant is offered on its platform, dubbed Intelligent Virtual Assistant (IVA). This IVA provides improvement plans, RFP assistance, legal assistance, market insights, and supplier research capabilities that suggest appropriate responses and summarize supplier actions.

Market Segmentation

By Service 

  • Treatment & Disposal
  • Containment & Handling
  • Solids Control
  • Others

By Application 

  • Onshore 
  • Offshore

By Waste Type 

  • Waste Lubricants
  • Contaminated water-based muds
  • Contaminated oil-based muds
  • Spent Bulk Chemicals

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