According to the Regional Research Reports, the Global Intelligent Virtual Assistants Software Market size was valued at USD 3.4 billion in 2021 and is estimated to reach over USD 25 billion by 2030 at a CAGR of 35.21% over the forecast period (2022-2030).
Intelligent virtual assistants software Market Definition
Intelligent virtual assistants (IVAs), also known as virtual agents and digital employees, allow businesses’ customers or clients to engage with them conversationally. Conversations conducted with these bots are human-like and natural.
A key differentiator between IVAs and chatbots software is the nature of the conversation. While chatbots are typically scripted and do not have the ability to understand multiple intents, IVAs understand a range of different intents from a singular utterance and can even understand responses they are not explicitly programmed to using natural language processing (NLP). With machine learning and deep learning, IVAs can grow intelligently and understand a wider vocabulary and colloquial language, as well as provide more precise and correct responses to requests. In addition, IVAs can provide personalized answers based on segmentation or other information provided. They often focus on a particular job role or use cases, such as marketing, customer service, and sales they are often focused on a particular job role or use cases, such as marketing, customer service, and sales.
Intelligent virtual assistants software Market Pricing
The Intelligent virtual assistants software pricing ranges from USD 1000 per month. The pricing depends on the features and specifications integrated into the software. The software's main features include Customer service, Sales and marketing, HR, and IT.
Market Scope
The research study provides an in-depth analysis of the Intelligent virtual assistants software market, current market trends, and future estimations to elucidate the imminent investment pockets. Information about key drivers, restraints, and opportunities and their impact on market size is provided. Porter’s five forces analysis illuminates the potency of suppliers and buyers operating in the market. The quantitative analysis of the Intelligent virtual assistants software market from 2022 to 2030 is provided to determine the market potential.
This report also contains the market size, untapped opportunity index, and forecasts of Intelligent virtual assistants software in the global market, including the following market information:
- Global Intelligent virtual assistants software Market Revenue, 2018-2021, 2022-2030, (USD Millions)
- Global Intelligent virtual assistants software Market Sales, 2018-2021, 2022-2030, (Units)
- Global top five Intelligent virtual assistants software companies in 2021 (%)
Regional Research Reports has surveyed the Intelligent virtual assistants software manufacturers, suppliers, distributors, and industry experts in this end-use industry, involving the consumption, production, revenue generators, demand-side, supply-side, price change, product type analysis, recent development and strategies, industry trends, drivers, challenges, obstacles, and potential risks.
Intelligent virtual assistants software Market Segmentation
Global Intelligent virtual assistants software Market, By Deployment Model, 2018-2021, 2022-2030 (USD Millions)
Global Intelligent virtual assistants software Market Segment Percentages, By Deployment Model, 2021 (%)
- On-Premise
- Cloud
- Hybrid
Global Intelligent virtual assistants Software Market, By Component, 2018-2021, 2022-2030 (USD Millions)
Global Intelligent virtual assistants software Market Segment Percentages, By Component, 2021 (%)
- Solution
- Services
Global Intelligent virtual assistants Software Market, By End User, 2018-2021, 2022-2030 (USD Millions)
Global Intelligent virtual assistants software Market Segment Percentages, By End User, 2021 (%)
- Small Business
- Mid Market
- Enterprise
Global Intelligent virtual assistants Software Market, By Industry, 2018-2021, 2022-2030 (USD Millions)
Global Intelligent virtual assistants software Market Segment Percentages, By Industry, 2021 (%)
- BFSI
- Healthcare
- Energy & Utility
- IT & Telecommunication
- Retail & E-commerce
- Manufacturing
- Government & Defense
- Media & Entertainment
- Others
Global Intelligent virtual assistants Software Market, By Region and Country, 2018-2021, 2022-2030 (USD Millions)
Global Intelligent virtual assistants software Market Segment Percentages, By Region and Country, 2021 (%)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- The U.K.
- Italy
- Russia
- Nordic Countries
- Benelux
- Rest of Europe
- Asia
- China
- Japan
- South Korea
- Southeast Asia
- India
- Rest of Asia
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Turkey
- Israel
- Saudi Arabia
- UAE
- Rest of the Middle East & Africa
Challenges with Intelligent virtual assistant software
Preference for human agents — Although IVAs are great at many tasks, some contexts, such as those which require a significant amount of empathy, may be better served by a human agent.
Transparency — Despite the fact that IVAs might be better suited for repetitive tasks, users still deserve to know that they are speaking to an IVA, not a human. Legislation is catching up to this human desire and requires bots to state that they are not human in certain U.S. states like California.
Effective handoffs to humans — Sometimes, IVAs do not have an answer to a question from the user. The system must be designed in a way to resolve this problem successfully. Typically, the best way to solve this issue is to transition the user to a human agent.
Global Intelligent virtual assistant software Market Trend
Off-the-shelf solutions — Developing and implementing a robust IVA strategy is time-consuming and costly. Therefore, some vendors are providing readymade, off-the-shelf solutions that provide a level of customization and intelligence without a vast amount of development time. This type of solution also typically costs less money, and businesses might opt for more of these types of digital employees as opposed to one more expensive, more robust option.
Voice-based interactions — The most natural means of human communication is via one’s voice. With the rise of smart speakers and various on-device virtual assistants, voice is becoming a tool for human-computer interaction.
IVAs are not immune to this trend. Indeed, they may be some of the most affected technologies, precisely because of their strong communicative component. Just as people expect to be able to talk to their devices to order food or check their bank balance, they seek to interact and engage in the most natural way possible by using their voices. These voice interactions channels include IVR, smart speakers, websites, and more.
Automation everywhere — IVAs are a type of automation, in a conversational human-like form. It should be noted that they should be part of larger automation and digital transformation strategy. Winning companies do not just decide that they need a conversational solution. Instead, they evaluate a broader automation strategy that includes a conversational component.
Moving away from rule-based chatbots — The beginning of conversational solutions was largely comprised of rule-based chatbots, which allowed for a scripted or template-based conversation between a bot and a human. This easy-to-deploy software helps companies ramp up quickly and in a cost-effective manner. However, these rule-based bots do not allow for the personalization and intelligence that many companies are looking for.
Voice
Voice is a primal method of interacting with others. It is only natural that we now converse with our machines using our voice and that the platforms for said voice bots have seen great success. Voice makes technology feel more human and allows people to trust it more. Voice will prove to be an important natural interface that mediates human communication and relationships with devices, and ultimately, within an AI-powered world.
Artificial intelligence
AI is quickly becoming a promising feature of many, if not most, types of software. With machine learning, end users can identify patterns in data, allowing them to make sense of content and help them understand what they are seeing. This pattern recognition is fueling the rise of more powerful, contextually-aware chatbots.
Competitor Analysis of the Global Intelligent virtual assistant software Market
Analysis of leading market companies and participants, including:
- Key companies Intelligent virtual assistants software revenues in the global market, 2018-2021 (Estimated), (USD Millions)
- Key companies Intelligent virtual assistants software revenues share in global market, 2021 (%)
- Key companies Intelligent virtual assistants software sales in the global market, 2018-2021 (Estimated), (MT)
- Key companies Intelligent virtual assistants software sales share in global market, 2021 (%)
Further, the report detailed out about the leading competitors in the market, namely:
- Conversica
- Ultimate
- Leena AI
- e-bot7
- Exceed.ai
- Genesys DX
- Mindsay
- Moveworks
- Ada
- Boost.ai
- Thankful
- IBM Watson Assistants
- Techforce.ai
- Microsoft Power Virtual Agents
- Haptik
- Aisera
Why do you need to purchase this report?
- Get the clear understanding on the market's current and future in both established and emerging markets.
- Complete information on the entry-level research study as the report consists of considerable information focusing on market size estimations, key players, development, and market trends.
- The report showcase a deep-dive segmental market analysis of all key geography and countries around the globe.
- The most recent developments and news within the market and statistics on the market leaders along with their market share and techniques.
- Current, Historical, and forecasted market size from both value (USD million) and volume (units).
- 3 months of analyst support to understand the market objective, along with the market estimate sheet (in excel)
Key Questions Answered in This Report:
- What will the market forecast and the growth rate from 2022 to 2030?
- What are the key dynamics and trends of the market?
- What are the primary driving elements for market growth?
- What are the obstacles developed to the market?
- Who are the leading companies with their market positioning share?
- How much can incremental dollar investment opportunities be witnessed in the market during the forecast period?
- Analysis of the market players and the market anslysis through SWOT, PORTER's, and PESTEL study.
