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:
Maximize Market Research has conducted comprehensive research on the Conversational AI Market covering market trends, value, market share, and other essential information. The research aims to assist users in analyzing the Conversational AI market and making informed decisions. The report encompasses historical data and trends, which prove beneficial for new market entrants. Furthermore, the report provides recommendations for development strategies that can contribute to the expansion of the global Conversational AI market.
The report also discusses the competitive landscape through various analyses, aiding in the formulation of appropriate strategies. Additionally, the report includes all Conversational AI market expansion plans. The research has successfully identified the top players in the global market, providing valuable insights into their presence and impact.
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Conversational AI Market Scope
The Conversational AI Market report offers a comprehensive analysis of the market for Conversational AI. It provides a detailed examination of the Conversational AI Market, considering factors such as region, segment, and competitive landscape. The report highlights the global factors influencing the Conversational AI Market, including drivers, challenges, restraints, and opportunities. By covering current and future trends, the report assists investors in identifying potential opportunities in the Conversational AI Market. Moreover, the analysis aids new entrants in understanding the growth prospects and future business outlook of the Market. Additionally, the report includes insights into various government schemes and policies that contribute to the Conversational AI Market’s attractiveness and growth opportunities.
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
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 Report offers a comprehensive analysis, providing deep insights and knowledge of the latest trends, dynamics, and key issues in the Conversational AI market. It covers significant developments that impact the industry, enabling readers to stay updated with the latest information. The report assists in understanding the competitive landscape of major firms, the dynamics of the Conversational AI market, and other factors crucial for determining current marketing strategies. The report also encompasses a regional analysis, covering Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America, providing valuable insights into the market across different geographical areas.
Key Questions answered in the Conversational AI Market Report are:
- What is Conversational AI Market?
- What is the forecast period of the Conversational AI Market?
- What is the competitive scenario of the Conversational AI market?
- Which region held the largest market share in the Conversational AI Market?
- What are the opportunities for the Conversational AI Market?
- What are the restraining factors in the Conversational AI market?
- Who are the key players of the Conversational AI market?
Key offerings:
- Market Share, Size, and Forecast by Revenue|2022-2029
- Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
- Market Segmentation: A detailed analysis by Conversational AI#
- Landscape- Leading key players and other prominent key players.
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