The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Size and Historic Growth

• Rapid Growth: The intelligent virtual assistants software market has experienced substantial growth, increasing from $6.71 billion in 2023 to $7.90 billion in 2024 at a CAGR of 17.8%.
• Drivers of Growth:
  • Rising demand for virtual assistants in insurance services.
  • Growth of virtual assistants in IT support and helpdesk.
  • Adoption in personal productivity tools.
  • Increased demand in travel and hospitality sectors.
  • Expansion in the education sector.

Future Market Projections

• Forecasted Expansion: The market is expected to grow to $15.35 billion by 2028, at a CAGR of 18.1%.
• Key Growth Factors:
  • Increasing adoption of AI-driven solutions.
  • Enhanced adoption across various industries.
  • Development of industry-specific virtual assistants.
  • Demand for efficient self-service options.
  • Growing need for convenience and automation.

View More On The Intelligent Virtual Assistants Software Market Report 2024 – https://www.thebusinessresearchcompany.com/report/intelligent-virtual-assistants-software-global-market-report

Major Trends Influencing Growth

• Technological Advancements:
  • Integration of AI in virtual assistants.
  • Advancements in natural language processing (NLP) and machine learning (ML).
• Industry Expansion:
  • Increased presence in the retail industry.
  • Broader adoption across diverse sectors.
  • Expansion into healthcare services.

The Impact of Voice Technology

• Voice Technology: A major driver for the market, voice technology involves voice recognition, NLP, and speech synthesis to enable human-device interaction through spoken commands.
• Voice Assistants Usage:
  • Increasing usage by smartphone users, with an average of 10.7 tasks requested weekly in 2022, up from 8.8 in 2020.
  • 62% of Americans aged 18+ use a voice assistant on any device.

Leading Companies in the Market

• Key Players:
  • Amazon.com Inc.
  • Apple Inc.
  • Alphabet Inc.
  • Samsung Electronics
  • Microsoft Corporation
  • Tencent Holdings Ltd.
  • IBM
  • Cisco Systems Inc.
  • Oracle Corporation
  • Salesforce.com Inc.
  • Baidu Inc.
  • Sonos Inc.
  • Nuance Communications Inc.
  • UiPath Inc.
  • Nice Systems Ltd.

Innovative Products Driving Competitive Edge

• Voice-Enabled Solutions:
  • Major companies are developing innovative products using advanced technologies such as voice-enabled solutions.
  • Example: In May 2023, SmarTek21 and Medtech Global introduced IntelliTek Health’s Clinical Virtual Assistant (CVA), which uses voice commands for medical dictation, medication management, and appointment scheduling.

Recent Acquisitions

• Generative AI Solutions Corp.:
  • Acquired SpeakGPT in August 2023 for $60,000.
  • Aimed to enhance AI capabilities including text-to-speech technology and a prototype app for iOS and Android.

Market Segmentation

• By Product:
  • Chatbot
  • Smart Speaker
• By Technology:
  • Automatic Speech Recognition
  • Text to Speech
  • Text-Based
• By Application:
  • Government
  • Retail and E-commerce
  • Healthcare and Life Sciences
  • BFSI
  • Transportation and Logistics
  • Telecom and IT
  • Manufacturing
  • Other Applications

Regional Insights

• Largest Market: North America led the market in 2023.
• Fastest-Growing Region: Asia-Pacific is expected to witness the fastest growth during the forecast period.

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The Intelligent Virtual Assistants Software Global Market Report 2024  provides comprehensive insights on the intelligent virtual assistants software market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the intelligent virtual assistants software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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