Introduction

Intelligent virtual assistant (IVA) is a unit residing in software that interfaces with users in a human way. The main purpose of an intelligent virtual assistant is to respond to the questions that clients may have. This might be done in a business situation, for instance, on the business site, with a talk interface. The report provides analysis of global Intelligent Virtual Assistant (IVA) market for the period 2016-2026, wherein 2018 to 2026 is the forecast period and 2017 is considered as the base year. According to Acumen Research and Consulting the global intelligent virtual assistant (IVA) market is anticipated to reach around 12 billion by 2026 at substantial CAGR around 38% throughout the forecast period.

Market Dynamics

Growing adoption of the technology in smartphones, highly developed features provided by intelligent virtual assistant, growing adoption of smartphones and technological advancements has boosted the growth of the global intelligent virtual assistant (IVA) market. Intelligent virtual assistant (IVA) technology permits the customers to execute easy tasks effortlessly without any physical participation of the consumer. Growing IT infrastructure development and continuous technological advancements are fuelling the growth of the global virtual assistant (IVA) market. The technology is rapidly being implemented in enterprise websites, mobile devices and social media which facilitate stable communication with clients. Escalating demand for intelligent virtual assistant technology in various applications including BFSI and healthcare and technological innovations are some of the factors positively influencing the growth of the market. Furthermore, automotive is also expected to show significant growth rate over the forecast period owing to the growing acceptance of intelligent virtual assistant technology. Various technical innovations and advancements in this field are expected to boost the development of the market in coming years. The increasing deployment of intelligent virtual assistant has picked up a quick pace in the retail industry, which is probably going to create promising development openings over the forecast period. Increasing expansion of multi-language platforms and rising need for easy availability of healthcare service in the region is escalating the demand for intelligent virtual assistant (IVA) which further fuelling the growth of the overall market. Moreover, the adoption of various innovative technologies, continuous technological advancements heavy investments in cloud computing and big data is some of the major factors augmenting the market growth.