Intelligent Virtual Assistants Software Market Size, Share, Growth, and Industry Analysis, By Type (Rule Based and Conversational AI Based), By Application (Government, Retail and eCommerce, Healthcare and Life Sciences, BFSI, Transportation and Logistics, Telecom and IT, Manufacturing and Others), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

Intelligent Virtual Assistants Software Market Report Overview

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The global intelligent virtual assistants software market size was USD 3708.8 million in 2022. As per our research, the market is expected to reach USD 9636.3 million by 2028, exhibiting a CAGR of 17.3% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the intelligent virtual assistants software market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Intelligent virtual assistant software (IVA) is a type of software that uses artificial intelligence (AI) and machine learning (ML) to simulate conversation with human users. IVAs can be used to perform a variety of tasks, such as providing customer service, scheduling appointments, and ordering groceries.

IVAs are becoming increasingly popular as they offer a number of advantages over traditional customer service methods. For example, IVAs can be available 24/7, they can understand natural language, and they can learn and adapt over time. This makes them a valuable tool for businesses that are looking to improve customer service and efficiency.

COVID-19 Impact: Pandemic Increased the Market Demand

The COVID-19 pandemic has had a significant impact on the intelligent virtual assistants software market share. The pandemic has led to an increase in the demand for IVAs for a variety of tasks. Intelligent virtual assistants software can provide 24/7 customer support, which is essential for businesses that are operating with a skeleton crew due to the pandemic. Intelligent virtual assistants software can also answer customer questions and resolve issues without the need for human intervention. Intelligent virtual assistants software can help customers schedule appointments with doctors, dentists, and other healthcare providers. This is especially helpful for people who are self-isolating or who are unable to leave their homes due to the pandemic. Intelligent virtual assistants software can help customers order groceries online and have them delivered to their homes. This is a convenient and safe way for people to get the groceries they need without having to go to the store. IVAs can be used to provide remote healthcare services, such as monitoring patients' vital signs and providing counselling. This is essential for patients who are unable to visit a doctor in person due to the pandemic. IVAs can be used to provide remote education to students. This is a convenient and safe way for students to continue their education during the pandemic.

Latest Trends

"The increasing adoption of IVAs in the healthcare industry is expected to fuel the growth in the market"

IVAs are being used to provide remote patient monitoring, scheduling appointments, and delivering medication reminders. IVAs can be used to monitor patients' vital signs, such as heart rate, blood pressure, and blood sugar levels. This can help healthcare providers to identify and treat health problems early on. It can help patients schedule appointments with doctors, dentists, and other healthcare providers. This can save patients time and hassle. It can be used to remind patients to take their medications on time. This can help to improve patients' compliance with their medication regimens. It can be used to provide educational resources to patients about their health conditions. This can help patients to better understand their conditions and how to manage them. It can be used to answer patients' questions about their health conditions. This can help patients to get the information they need without having to wait to see a doctor.

Intelligent Virtual Assistants Software Market Segmentation

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• By Type Analysis

According to type, the market can be segmented rule based and conversational AI based.

• By Application Analysis

Based on application, the market can be divided into Government, Retail and eCommerce, Healthcare and Life Sciences, BFSI, Transportation and Logistics, Telecom and IT, Manufacturing and Others.

Driving Factors

"The increasing demand for convenience and automation to foster the market growth"

In today's fast-paced world, people are looking for ways to save time and effort. Intelligent virtual assistants software can provide convenience and automation by performing tasks that would otherwise be time-consuming or difficult to do. It can help users to schedule appointments with doctors, dentists, and other healthcare providers. This can save users time and hassle, especially if they have busy schedules. Intelligent virtual assistants software can help users to order groceries online and have them delivered to their homes. This is a convenient way for users to get the groceries they need without having to go to the store. It can help users to book flights, hotels, and rental cars. This can save users time and effort, especially if they are traveling to a new destination. It can help users to manage their finances by tracking spending, paying bills, and investing money. This can help users to save money and make better financial decisions.

"Growing adoption of artificial intelligence (AI) and machine learning to result in the expansion of the market"

AI and ML are enabling intelligent virtual assistants software to become more sophisticated and capable of performing more complex tasks. Intelligent virtual assistants software can understand natural language, which means that they can respond to user queries in a way that is conversational and natural. This makes it easier for users to interact with IVAs and get the information they need. They can learn and adapt over time. This means that they can improve their performance based on the interactions they have with users. This makes IVAs more reliable and accurate over time. They can be creative. This means that they can generate new ideas and solutions to problems. This can be helpful in a variety of applications, such as customer service, marketing, and product development. The combination of the increasing demand for convenience and automation and the growing adoption of AI and ML is driving the growth of the IVA market. IVAs are becoming increasingly sophisticated and capable of performing more complex tasks.

Restraining Factors

"Security and privacy concerns to hamper the market growth"

IVAs collect a lot of data about users, including their voice recordings, search history, and personal information. This data can be used to track users, target them with advertising, and even impersonate them. Some users are concerned about the security and privacy of their data when using IVAs. This can limit the adoption of IVAs.

Intelligent Virtual Assistants Software Market Regional Insights

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"Asia Pacific to lead the market owing to growing adoption of smartphones and other connected devices. "

The Asia Pacific region has shown the highest intelligent virtual assistants software market growth The Asia Pacific region is home to the largest population of smartphone users in the world. This is making it easier for people to access IVAs.

Key Industry Players

"Key players are employing advanced technologies in order to stimulate further growth of the market.  "

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

List of Market Players Profiled

• Conversica: Waltham, Massachusetts, USA
• e-bot7: Zurich, Switzerland
• ultimate.ai: Dublin, Ireland
• Ada: San Francisco, California, USA
• Microsoft: Redmond, Washington, USA
• Nuance Communications: Burlington, Massachusetts, USA
• IPsoft: New York, New York, USA
• LogMeIn: Boston, Massachusetts, USA
• Netomi: San Francisco, California, USA
• Actionable Science: Boston, Massachusetts, USA
• AllyO: San Francisco, California, USA
• boost.ai: New York, New York, USA
• ChatrHub: Toronto, Ontario, Canada
• CogniCor Technologies: New York, New York, USA
• Cognigy: Cologne, Germany
• Comm100: London, England
• Conversocial: San Francisco, California, USA
• Floatbot: San Francisco, California, USA
• GetJenny: New York, New York, USA
• Membit: San Francisco, California, USA
• Verint Next IT: McLean, Virginia, USA
• ONLIM: Paris, France
• interface: San Francisco, California, USA
• Percept.AI: San Francisco, California, USA
• Replicant: San Francisco, California, USA
• Tilde: New York, New York, USA
• True Image Interactive: Austin, Texas, USA
• Web Spiders: San Francisco, California, USA

Report Coverage

This report examines an understanding of the intelligent virtual assistants software market ’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.