IVA Market to Grow Tenfold in Seven Years

Verified Market Research valued the global intelligent virtual assistant market at $5 billion in 2020 and projects it to reach $50.9 billion by 2028, growing at a compound annual rate of 30 percent.

The firm identified IVAs as applications that understand natural language voice commands and complete tasks with text-to-speech and speech recognition deployed mostly through smart speakers and chatbots. The technology incorporates elements of interactive voice response and other modern artificial intelligence projects for engaging customers. </p/>

IVAs improve the overall online customer service experience, increase sales, reduces costs, create an effortless experience, and answers questions, it said.

The huge growth projections reflect a hike in the adoption of automation across industries, such as financial services, retail, healthcare, government, travel and hospitality, and education, for gathering customer information, conversation, and customer satisfaction survey response analysis, according to Verified Market Research.

The report identifies Nuance Communications, Samsung Electronics, Apple, IBM, Amazon, Microsoft, Alphabet/Google, Inbenta Technologies, Blackberry, Baidu, and Facebook as leading players in the IVA market.