The automotive segment is expected to generate maximum revenue in the virtual assistant market

In the digital world, the consumer industry is heavily powered by virtual assistants and chatbots. The global Virtual Assistant market size is expected to increase from US$13 billion in 2021 to US$245 billion by 2030, exhibiting a CAGR of 38%. With the rising complexity of work, most businesses turn to intelligent virtual assistants to help them manage their workload and respond quickly to consumer inquiries. Furthermore, a smart virtual assistant makes communicating easier for humans and machines. It also employs voice recognition technology to recognize words and phrases in human speech and transform them into a machine-readable format. The above factors will propel the intelligent virtual assistant market forward over the forecast period.

The need for improved efficiency across service-based companies and the integration of Artificial Intelligence (AI) powered virtual assistants among various devices such as tablets, computers, and smartphones, among others, is anticipated to boost the market growth. An Intelligent Virtual Assistant (IVA) is capable of fulfilling a wide range of customer service roles such as ease to navigate, offering product information, assisting customers in paying bills, and carry out transfers or complete forms, and directing problem queries to human agents in customer service. Such factors are prompting banking and financial institution across the world to integrate virtual assistants, leading to industry growth.

The automotive segment will generate maximum revenue in the virtual assistant market, owing to the increasing investments by carmakers to provide better user experiences. In terms of geography, APAC will present significant opportunities for market vendors due to the increased adoption of chatbots in healthcare, BFSI, and travel industries in the region.