Intelligent Virtual Assistant Market to Register 28.2% CAGR as Voice-Activated Speakers Gains Popularity – PR Newswire

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Why a Strong Consumer Electronics Sector is Key for Intelligent Virtual Assistant Manufacturers? Fact.MR Finds in a New Study
NEW YORK, May 4, 2022 /PRNewswire/ — Fact.MR’s new study provides in-depth insights into the global intelligent virtual assistant market for the upcoming decade. In addition, it delivers elaborate analysis of opportunities, growth drivers, and hindrances propelling sales of intelligent virtual assistants across various segments, including product, technology, industry vertical, and regions.
Fact.MR – A Market Research and Competitive Intelligence Provider: Sales in the global intelligent virtual assistant market are anticipated to reach US$ 62 Bn, exhibiting growth at a CAGR of 28.2% during the forecast period (2022-2032).
As per the study, the global intelligent virtual assistant market is projected to reach a valuation of US$ 5.2 Bn in 2022, going up from US$ 3.9 Bn in 2021. Rising need for effective customer engagement among various enterprises is set to bode well for the global market.
Advent of artificial intelligence (AI), machine learning, and deep neural network technologies in diverse industries is likely to spur growth. Besides this, adoption of smart speakers and chatbots to improve the customer experience in BFSI and healthcare industries is surging.
Several technology companies are likely to focus more on the development of state-of-the-art virtual assistants. Apple’s Siri, for instance, can help customers to accomplish multiple tasks. Similarly, some of the latest assistants can provide an intuitive interface for connected cars and homes. This is expected to facilitate the growth in the market.
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Moreover, increasing adoption of virtual assistants to act as a customer service agent in numerous industries is estimated to augment the market. These assistants are expected to enhance the brand, as well as customer experience with a consumer-friendly approach.
Based on end users’ requirements, capabilities of these virtual assistants can be personalized. In the healthcare sector, these are likely to help patients in filling or refilling their prescriptions, finding a doctor’s office, and getting payment reminders.
Apart from the healthcare sector, the retail sector is also anticipated to implement chatbots in their systems. These would help them to deliver a rich customer experience. Various retail outlets, such as Domino’s are leveraging AI and machine learning through chatbots for taking orders from customers.
Besides, introduction of voice-activated speakers or smart speakers in various parts of the globe is projected to accelerate growth. Media companies and publishers are expected to create short audio briefings that are specially designed for smart speakers.
Report Attributes
Base Year Value (2021A)
US$ 3.9 Bn
Estimated Year Value (2022E)
US$ 5.2 Bn
Projected Year Value (2032F)
US$ 62 Bn
Global Growth Rate (2022-2032)
CAGR 28.2%
Key Takeaways:
 Growth Drivers:
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Competitive Landscape:
The global market is moderately competitive with the presence of a few major players. Majority of these key players are striving to enhance integrated speech and gesture recognition technologies to provide better service to customers. Some of the other companies are focusing on broadening their geographic presence by setting up new offices, especially in untapped regions.
For instance,
Key Companies Profiled by Fact.MR
More Valuable Insights on Intelligent Virtual Assistant Market
In the latest study, Fact.MR reveals key factors expected to boost the growth in global intelligent virtual assistant market during the forecast period (2022-2032). The survey also provides an in-depth analysis of opportunities and drivers projected to propel sales of intelligent virtual assistant through detailed segmentation as follows:
By Product
By Technology
By Industry Vertical
By Region
Key Questions Covered in the Intelligent Virtual Assistant Market Report
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, chemical, and materials, to even the most niche categories. 80% of Fortune 1000’s trusts us in critical decision making.
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