IVAs to Be a $17.7 Billion Business by 2023

The global intelligent virtual assistant market is projected to be worth $17.72 billion by 2023, according to a new report by MarketsandMarkets. It currently stands at $2.48 billion but is expected to grow at a compounded annual rate of 38.82 percent through 2023, the firm concluded.

The market, which includes technologies like chatbots and digital assistants with text-to-speech and automatic speech recognition interfaces, is expected to be driven by increasing demand for automation in customer support services, especially in the financial services and insurance segments. General queries related to account balances, account status, or new schemes can be resolved through chatbots, without engaging a person.

At the same time, IVA smart speakers, such as Amazon's Alexa-enabled Echo and Google Home devices, are very much in demand for smart home applications such as wireless-connected thermostats, air-conditioners, and others, according to the report.

With regard to user interfaces, automatic speech recognition IVAs are expected to grow significantly through 2023, driven by the growing demand for smart speakers in home automation systems, the report concluded. Smart home systems are increasingly being adopted, especially in North America and Europe.

Major companies in the overall IVA market that have been identified in the report are Google, Amazon, Apple, Nuance Communications, IBM, Microsoft, Samsung Electronics, Inbenta Technologies, Baidu, and Blackberry.

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