Overview and Scope
Conversational commerce refers to a branch of e-commerce that allows customers to shop and interact with firms using chat, audio, and messaging platforms. It lets businesses connect with customers anytime through omnichannel conversations and provides important insights. Conversational commerce contributes to the creation of seamless, efficient customer experiences.
Sizing and Forecast
The conversational commerce market size has grown rapidly in recent years. It will grow from $9.29 billion in 2023 to $11.04 billion in 2024 at a compound annual growth rate (CAGR) of 18.8%. The growth in the historic period can be attributed to increasing demand across industries, customer support and personal assistance, data privacy and compliance, rising popularity of messaging apps, rising demand for personalized customer experience..
The conversational commerce market size is expected to see rapid growth in the next few years. It will grow to $16.82 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to consumer behavior analysis, global market expansion, rising demand for multilingual chatbots, increasing use of chatbots in e-commerce, rising demand for voice-enabled chatbots.. Major trends in the forecast period include advancements in natural language processing , multimodal conversations, industry-specific solutions, voice assistants in iot devices, continuous learning and adaptation..
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Segmentation & Regional Insights
The conversational commerce market covered in this report is segmented –
1) By Type: Chatbots, Intelligent Virtual Assistants
2) By Component: Solution, Services
3) By Deployment Mode: Cloud, On-Premises
4)By Enterprise Size: Small And Mid-Sized Enterprises (SMEs), Large Enterprises
North America was the largest region in the conversational commerce market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the conversational commerce market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The expansion of the e-commerce industry is expected to propel the growth of the conversational commerce market going forward. E-commerce, or electronic commerce, describes the exchange of products and services via the Internet. Conversational commerce can help online retailers unleash the potential of conversation to sell their products and services by facilitating engagement through AI-based text and voice assistants, social messaging apps, and other innovative conversational commerce tools. For instance, according to the United States Census Bureau, a US-based department of commerce, the US retail e-commerce reached $271.7 billion in the third quarter of 2023, which reflects a slight 0.9% increase from the $269.3 billion in sales during Q2 2023. Further, the e-commerce sales expanded much faster in Q3 2023 with a 7.8% boost versus Q3 2022. Therefore, the expansion of the e-commerce industry is driving the conversational commerce market.
Key Industry Players
Major companies operating in the conversational commerce market report are Amazon Inc., Apple Inc., Google LLC, Microsoft Corporation, Facebook Inc., IBM Corporation, Oracle Corporation, Salesforce Inc., Shopify Inc., Webio Ltd., Zendesk Inc., Nuance Communications Inc., LivePerson, HubSpot, Kore.ai Inc., Intercom Inc., Drift.com Inc., Haptic Technologies Pvt Ltd., SleekFlow, Yalochat, CogniCor Technologies, Charles GmbH, Octane AI, Recart, Bobble Keyboard
The conversational commerce market report table of contents includes:
1. Executive Summary
2. Conversational Commerce Market Characteristics
3. Conversational Commerce Market Trends And Strategies
4. Conversational Commerce Market – Macro Economic Scenario
5. Global Conversational Commerce Market Size and Growth
….
32. Global Conversational Commerce Market Competitive Benchmarking
33. Global Conversational Commerce Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Conversational Commerce Market
35. Conversational Commerce Market Future Outlook and Potential Analysis
36. Appendix
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