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The Impact of Voice Technology On The Intelligent Virtual Assistant Software Market: Transformative Forces Shaping the Intelligent Virtual Assistants Software Market Landscape in 2025
Intelligent Virtual Assistants Software
What Will the Intelligent Virtual Assistants Software Industry Market Size Be by 2025?
In recent years, the market size of intelligent virtual assistant software has experienced swift expansion. The market is projected to increase from $7.9 billion in 2024 to $9.27 billion in 2025, displaying a compound annual growth rate (CAGR) of 17.2%. The growth seen in the historical period can be linked to an escalation in demand for virtual assistants within the insurance services sector, the rise of virtual assistants within IT support and helpdesk roles, the adoption of virtual assistants in personal productivity tools, an increased demand in the travel and hospitality sectors, and the expansion of virtual assistants within the education sector.
What's the Long-Term Growth Forecast for the Intelligent Virtual Assistants Software Market Size Through 2029?
The market size of intelligent virtual assistants software is predicted to experience a swift expansion in the upcoming years, reaching $16.79 billion in 2029 with a compound annual growth rate (CAGR) of 16.0%. This surge during the forecast period likely stems from factors such as the accelerating adoption of AI-centric solutions, widespread use of virtual assistants across diversified industries, creation of bespoke virtual assistants for specific sectors, a preference for effective self-service alternatives, and a rising demand for convenience and automation. Key market trends expected in this period include the incorporation of artificial intelligence within virtual assistants, progress in natural language processing (NLP) and machine learning (ML), proliferation of virtual assistants within the retail sector, burgeoning use of virtual assistants across varied industries, and the broadening scope of virtual assistants within healthcare services.
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What Are the Key Growth Drivers Fueling the Intelligent Virtual Assistants Software Market Expansion?
The intelligent virtual assistant software market is likely to advance due to the increasing adoption of voice technologies. This technology, including voice recognition, natural language processing (NLP), and speech synthesis, allows humans to interact with digital systems or devices like computers, smartphones, smart speakers, etc., using voice commands, replacing traditional input methods such as typing or clicking. In particular, the intelligent virtual assistant (IVA) software utilizes the voice technology to comprehend natural language, recognize voice, and respond interactively to voice commands or inquiries. This serves as the interface for users, providing an easy communication and interaction method. For example, a study conducted by the National Public Radio of nearly 2,200 U.S. adults in June 2022 reported that smartphone voice assistant users now demand an average of 10.7 tasks weekly, an increase from 8.8 in 2020. Moreover, in 2022, 62% of Americans aged 18 and above employ a voice assistant on at least one device. Therefore, the growing prevalence of voice technology contributes to the expansion of the intelligent virtual assistant software market.
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What Are the Key Trends Driving Intelligent Virtual Assistants Software Market Growth?
Prominent businesses in the intelligent virtual assistant software market are forging ahead with the development of cutting-edge products that incorporate advanced technologies such as voice-enabled solutions. Voice-enabled solution refers to a technology or software application that enables user interaction with devices, systems or services by way of spoken commands or processing of natural language. To exemplify, in May 2023, a technology solutions firm based in the US called SmarTek21, in collaboration with Medtech Global, a software company for general practice management in New Zealand, launched IntelliTek Health's Clinical Virtual Assistant (CVA). This assistant is a voice-enabled solution that facilitates care providers with the ability to leverage voice commands for dictation throughout consultations, the process of prescribing and adjusting medications, and booking follow-up appointments. It also provides clickless and voice navigation within the electronic medical record, thereby diminishing the administrative load on clinicians.
How Is the Intelligent Virtual Assistants Software Market Segmented?
The intelligent virtual assistants softwaremarket covered in this report is segmented -
1) By Product: Chatbot, Smart Speaker
2) By Technology: Automatic Speech Recognition, Text To Speech, Text-Based
3) By Application: Government, Retail And Ecommerce, Healthcare And Life Sciences, Banking, Financial Services, And Insurance (BFSI), Transportation And Logistics, Telecom And Information Technology (IT), Manufacturing, Other Applications
Subsegments:
1) By Chatbot: Customer Service Chatbots, E-Commerce Chatbots, Social Media Chatbots, AI-Powered Support Chatbots, Voice-Enabled Chatbots
2) By Smart Speaker: Voice-Activated Assistants, Home Automation Integration, Music And Entertainment Features, Voice Search And Information Retrieval, Smart Home Control And Management
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Which Companies Are Leading the Charge in Intelligent Virtual Assistants Software Market Innovation?
Major companies operating in the intelligent virtual assistants software market report are Amazon.com Inc.; Apple Inc.; Alphabet Inc.; Samsung Electronics; Microsoft Corporation; Tencent Holdings Ltd.; International Business Machines Corporation (IBM); Cisco Systems Inc.; Oracle Corporation; Salesforce.com Inc.; Baidu Inc.; SAS Institute Inc.; SAP SE; RingCentral Inc.; Sonos Inc.; Nuance Communications Inc.; UiPath Inc.; Nice Systems Ltd.; Verint Systems Inc.; Clara Labs; 8x8 Inc.; Inbenta Technologies; LivePerson Inc.; Automation Anywhere Inc.; eGain Corporation
Which Regions Are Leading the Global Intelligent Virtual Assistants Software Market in Revenue?
North America was the largest region in the intelligent virtual assistants software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the intelligent virtual assistants software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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