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.

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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

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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

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

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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.

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