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Intelligent virtual assistant market to reach USD 11.9 billion by 2024 according to new research report

Industrial Market Research

Intelligent Virtual Assistant Market was valued at $1.1 billion in 2016 and is projected to reach $11.9 billion by 2024, having a CAGR of 34.8 % during the forecasted period of 2017 to 2024.In 2016, Speech recognition technology segment held the largest share of the global IVA market.


Intelligent Virtual Assistant (IVA) is a next-gen software application which facilitates the human interaction with the computer via various platforms such as, the internet, SMS, and messenger. IVA systems use various methods for interaction with the person and are extremely popular among young and tech savvy users.

The various interaction methods include text-to-text, text-to-speech, speech-to-text, and speech-to-speech. Faster rigid training process, uniform support for customers, and value addition to the future ready products are popular advantages of IVA.