The Rise of AI Companions: Trends & Insights in the Intelligent Virtual Assistant Market
The global intelligent virtual assistant (IVA) market was valued at USD 2.48 billion in 2022 , and it is projected to grow at a compound annual growth rate (CAGR) of 24.3% over the forecast period. The growth in this market is driven by the increasing demand for greater efficiency within service-based businesses , along with the integration of Virtual Assistants (VAs) powered by artificial intelligence (AI) across a wide range of devices, including computers , tablets , and smartphones . These developments are expected to significantly boost the demand for intelligent virtual assistants globally. IVAs are capable of performing a variety of customer service roles , such as offering product information , assisting with ease of navigation , helping consumers pay bills, and redirecting complex queries to human agents . This broad range of functionalities makes the...