IVA Market to Reach $62 Billion by 2032

Fact.MR, a market research and competitive intelligence provider, projects that sales in the global intelligent virtual assistant market will reach $62 billion by 2032, growing at a compound annual rate of  28.2 percent. (2022-2032).

The firm expects the market to reach a valuation of $5.2 billion this year, up from $3.9 billion in 2021.

Key market drivers include the growing use of of artificial intelligence, machine learning, and deep neural network technologies; growing use of smart speakers; growing use of chatbots to improve the customer experience.</p/>

Among verticals, rapid expansion in the healthcare and banking sectors is set to propel the demand for intelligent virtual assistants for increasing customer personalization, Fact.MR found.

The market will continue to struggle with security issues, according to the research, which also found that ntelligent virtual assistants lack more meaningful engagements as the content is put forward through voice and not visuals.

Key companies profiled in the report included VoiceVault, Voicebox Technologies, Uniphore, Sony, Samsung, Next IT, Nuance Communications, Inbenta Technologies, CX Company, Creative Virtual, CodeBaby, Baidu, Apple, Amazon Web Services, Anboto, and Google.

The global market is moderately competitive, with the majority of these key players striving to enhance integrated speech and gesture recognition technologies to provide better service to customers. Some have also focused on broadening their geographic presence by setting up new offices, especially in untapped regions.