IVA Market to be Worth $14.1 Billion by 2030

Grand View Research expects the global intelligent virtual assistant marke to reach $14.1 billion by 2030, registering a compound annual growth rate of 24.3 percent.

The rising demand for smart speaker-based technologies for digitization and home automation in the retail sector led to the implementation of conversational e-commerce, which is one of the major factors in the overall industry, the firm observed in its report.

Intelligent virtual assistants, it concluded, help consumers find appropriate information and perform assignments with actionable advice, noting that the information gathered from IVAs helps organizations create and execute marketing strategies in real time.

Development in speech technologies has been the driving factor behind the increasing growth of the industry, the firm found.

Key players in the intelligent virtual assistant market include Apple, Baidu, Clara Labs, CSS, Creative Virtual, CodeBaby, eGain, Google, IBM, Kognito, Microsoft, MedRespond, Next IT, Nuance Communications, Oracle, True Image Interactive, Verint, and Welltok, according to the report.