The Global Intelligent Virtual Assistant Market (IVA) Market Revenue To Reach $25.23 Billion By 2023
Increased demand and usage for data-driven solutions, market risk & fraud detection and technology-driven customer services across the industries are expected to drive this market growth.
BANGALORE, India, Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Intelligent Virtual Assistant Market Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023”
According to Infoholic Research, the global Global Intelligent Virtual Assistant (IVA) Market is expected to witness huge growth potential from a wide range of industries as the demand for more personalized services and voice assistants are becoming popular across the globe. The increasing demand to offer real-time voice assistance by the enterprises are largely responsible for the growing penetration of the market.
The Global Intelligent Virtual Assistant Market is estimated to grow at a CAGR of 46.6% during the forecast period to 2023.
The market is segmented as Enterprise IVA and Consumer IVA. The consumer and enterprise IVA have some similarities in IVA development platforms. The leading brands, retail companies, and banks are focusing on adopting enterprise IVAs as the AI platforms allow them to offer 24/7 customer support. This feature helps companies to enhance brand equity.
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The consumer IVAs are expected to become a major revenue source for companies through 2023. However, the consumer IVA market currently accounts for lesser market share compared to that of the enterprise IVAs.
Enterprise IVA trends:
- The IVAs in 2018 are focusing on understanding the online shopping habits of the users which could drive them to enter into the e-commerce market space
- By 2021, over 82% of the enterprises are expected to adopt IVAs across the globe
- By 2025, over 85% of the customer interactions will be done by IVAs
Consumer IVA trends:
- By 2021, over 75% of the customers are expected to adopt IVAs on a regular basis
- Personal financial services are expected to appear as a new business model for the companies
- By 2021, the connected car market will open new revenue opportunities for the consumer IVA developers
“The consumer IVA market is expected to grow at a higher rate compared to the enterprise IVA owing to the increasing focus on mobile commerce by the enterprises. The AI systems being used in the IVAs are not capable enough to offer consumer centric services yet, however, this is expected to change by 2023 with the launch of more powerful self-learning AI systems in IVAs.” – Srujan, Research Analyst at Infoholic Research
The report covers the current scenario and growth prospects of the Global Intelligent Virtual Assistant Market during the forecast period to 2023.
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The report provides an in-depth analysis and forecast about the industry covering several key features.
- Analysis is based on user types, industries and regions
- User types include consumer IVAs and enterprise IVAs.
- Industries include Retail, Healthcare, Telecommunications, BFSI, Automotive, Media & Entertainment and others
- Regions include Americas, APAC, Europe and MEA
- Analysis of vendor profiles which include
- Financial health
- Business units
- Key business priorities
- SWOT, strategies, and views
- Covers competitive landscape which includes
- Mergers & Acquisitions
- Joint ventures & collaborations
- Competitor comparison analysis