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Intelligent virtual assistant market to see compound annual growth rate of 33%

The global intelligent virtual assistant market is set to chart a robust growth trajectory over the coming few years, according to Transparency Market Research. 

The research group anticipates that over the forecast period of 2020 to 2030, the market will grow at a rate of 33%, compounded annually. A number of growth factors can be attributed here, leading to a higher market worth of about US$50.9 billion by the end of the assessment period from $2.9 billion in 2020.

“Increasing adoption of IoT, digitized technology, and connected devices are factors leading to growth in the global intelligent virtual assistant market over the forecast period,” writes Transparency Market Research. “There are various other factors that are contributing to increasing market worth. These include data explosion and need for better navigational tools on websites.”

Key findings of the report include:

° In the  retail sector, companies are exploring opportunities in the sphere of voice controlled devices, which are anticipated to fuel growth in grocery shopping.

° Healthcare industry is bringing speech recognition tools to the forefront, driving market players towards better research and development to launch effective translation products.

Transparency Market Research says these are the key drivers of growth in the intelligent virtual assistant market:

° Massive demand in the market is created by data explosion, noted worldwide as organizations move towards digital technologies.

° Large volumes of data are leading to need for better navigational tools on websites and that is paving way for growth in demand for intelligent virtual assistants.

° In connecting devices, notable increase in adoption of multi-core technologies is observed and that is contributing to growth. 

° Advancements in technologies such as Internet of Things (IoT), its increasing adoption, and increasing use of connected devices are also notable growth factors.

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