Conversational AI Market size was valued at USD 8.74 Bn. in 2022 and the total Conversational AI revenue is expected to grow by 21.5% from 2023 to 2029, reaching nearly USD 34.19 Bn.
Conversational AI Market Overview:
The market research study analyses and assesses the Conversational AI Market position during the forecast period. It is a comprehensive examination that focuses on primary and secondary drivers, market share, leading segments, and geographical analysis.
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Conversational AI Market Scope:
Using both primary and secondary research approaches, we researched the Conversational AI Market from every viewpoint. This helped us gain a better understanding of current market dynamics such as supply-demand imbalances, pricing trends, product preferences, customer habits, and so on. The data is then compiled and analysed using a range of market estimation and data validation techniques. Furthermore, we have an in-house data forecasting engine that forecasts market growth through 2027.
Conversational AI Market Segmentation:
The Solutions category dominated the global Conversational AI Market in 2022, accounting for nearly 50% of the market by component, and is predicted to continue dominating the market at the end of the forecast period. Professional services and Managed services segments are anticipated to increase quickly during the projected period. Large-scale adoption of internal conversational AI technology by enterprises is attributed to the segment’s overwhelming share. AI-enhanced support options may offer users system availability and round-the-clock assistance, enabling businesses to deliver dependable customer service. As a result, the populace is impressed, and demand gradually rises. The services are necessary for conversational AI systems to function well. The variety and richness of human languages contribute to the frequent difficulty of human relationships.
In terms of revenue, the chatbots segment accounted for around half of the market in 2022, and it is anticipated that it would continue to dominate for the duration of the forecast period.
This is as a result of its ability to significantly improve customer service. The majority of their use is for data collection. Customers can communicate with chatbots to set up appointments, request information, or obtain clarification on any service or product. Digital assistants and chatbots with limited user-personalized features are being produced by a variety of conversational AI service providers in the market. As an illustration, Astro (a special and distinctive sort of robot) was unveiled in September 2022. It is made to help clients with responsibilities like keeping in touch with home and family monitoring.
Because the retail and e-commerce sectors would better serve clients by employing persuading, illustrative, and intelligent conversational AI tools and strategies, the segment for retail and e-commerce is anticipated to rise quickly during the projected period. Based on a number of variables, including the usage of AI chatbots in the financial and banking services business, which are used to help customers make secure payments and participate in conversation, it is predicted that the BFSI category would grow significantly during the projected period. Sending notifications directly to clients and banks in the event of any suspected fraud is likely to occur, as well as supporting staff members who engage in challenging tasks, are a few more components.
1 Global Conversational AI Market, by Component (2022-2029)
• Solutions
• Services
• Professional Services
2 Global Conversational AI Market, by Type (2022-2029)
• Chatbots
• Intelligent Virtual Assistants (IVA)
3 Global Conversational AI Market, by Deployment Mode (2022-2029)
• Cloud
• On-premises
4 Global Conversational AI Market, by Technology (2022-2029)
• ML and Deep Learning
• Natural Language Processing (NLP)
• Automatic Speech Recognition (ASR)
5 Global Conversational AI Market, by Vertical (2022-2029)
• Banking Finance Services and Insurance (BFSI)
• Healthcare and Life Sciences
• IT and Telecom
• Retail and eCommerce
• Travel and Hospitality
• Media and Entertainment
• Automotive
• Others (government, education, energy and utilities, and manufacturing)
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Conversational AI Market Key Players:
The report also focuses on the global main industry players in the Conversational AI Market, including company biographies, product images and specs, capacity, production, price, cost, revenue, and contact information. The study examines prominent Conversational AI market businesses and ranks them in the market. The following players are featured in this report:
1. Google
2. Microsoft
3. Amazon Web Services, Inc.
4. IBM
5. Oracle
6. Nuance Communications, Inc.
7. FIS
8. SAP SE
9. Artificial Solutions
10. Kore.ai, Inc.
11. Avaamo
12. Conversica, Inc.
13. Jio Haptik Technologies Limited
14. Rasa Technologies Inc.
15. Solvvy
16. Pypestream Inc.
17. Kasisto
18. Cognigy
19. Baidu, Inc.
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Regional Analysis:
The Conversational AI market in each area is further segmented into regions and segments. The study examines and anticipates several nations, as well as current trends and opportunities in the area.
COVID-19 Impact Analysis on Conversational AI Market:
The primary goal of the research is to provide enterprises in the industry with a strategic analysis of the impact of COVID-19. Simultaneously, this research investigated the marketplaces of significant nations and presented their market potential.
Key Questions Answered in the Conversational AI Market Report are:
- What are some of the promising growth opportunities in the global Conversational AI market by product type and Region?
- Which Conversational AI market segments will grow the fastest, and why?
- Which regions will develop quicker?
- What are the elements influencing Conversational AI market?
- What are the Conversational AI market’s business risks?
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