Intelligent Virtual Assistant (IVA) Market Size

Intelligent Virtual Assistant Market Size

Intelligent Virtual Assistant (IVA) Market size exceeded USD 1 billion in 2017 and is projected to grow at 37% CAGR through 2024. Advanced features such as the ability to recognize different languages, interact in natural language, and respond via text or voice is likely to drive the industry demand. Increasing penetration of the technology in smartphones and the growing adoption of smartphones are propelling the IVA market growth.

The technology allows consumers to perform simple tasks easily without any physical involvement of the customer. Furthermore, it also allows customers to gain necessary information effectively instead of waiting in queues for customer service. The technology is being deployed in mobile devices, enterprise websites, and social media that enable constant communication with clients. For instance, companies install virtual assistants to provide brands or product information to clients to increase the brand awareness. Additionally, it also helps in promotions by asking new users to sign into the company's loyalty account. Customer engagement solutions emphasize on providing enhanced direct experience and help companies in increasing revenue, expanding margin, and improving customer satisfaction and retention.