As a result, adoption has grown in several applications, such as retail, BFSI, healthcare, and automotive. The IVA application increased output and improved work quality while reducing operational risk when scaling up. IVA helps streamline human efforts to create effective procedures, which is advantageous for all organizations. The banking, retail, education, e-commerce, travel, and hospitality industries are now easily accessible with the help of chatbots. In 2022, Google Home and Amazon Alexa will hold most of the market share for smart speakers. As a result, consumers are becoming more and more common for various use cases, including calling, shopping, making reminders and alarms, consulting, and more.

Smart speakers and chatbots can help people with various chores by listening to their needs, recognizing them, and responding accordingly. Development in speech technologies and voice recognition has been the driving factor behind the increasing growth of the industry. Intelligent Virtual Assistant Market Growth & Trendsįor instance, Walmart customers can order groceries from a virtual assistant with the help of smartphones. Read 130-page market research report, 'Intelligent Virtual Assistant Market Size, Share & Trend Analysis Report By Technology (Text-to-Speech, Text-based), By Product (Chatbot, Smart Speaker), By Application (IT & Telecom, Consumer Electronics), And Segment Forecasts, 2023 - 2030', published by Grand View Research.

On the other hand, the Asia Pacific region is projected to register the fastest growth rate over the forecast period.

North America held the largest revenue share in 2022 and will expand further at a steady CAGR from 2023 to 2030.Text-to-speech technology emerged as the largest segment in 2022 and is estimated to remain dominant throughout the forecast period.Constant innovations within the virtual assistant solution intended for various end-use industries support the demand for smart speakers. The smart speaker product segment is estimated to register the fastest CAGR over the forecast period.

Key Industry Insights & Findings from the report:

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