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conversational AI market size was valued at $5.78 billion in 2020 and is projected to reach $32.62 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 20.0% - Valuates Reports
The growing demand for AI-powered customer support services, omnichannel deployment, and lower chatbot development costs are all driving the conversational AI market forward. Furthermore, during COVID-19, the rising demand for AI-based chatbots to stay connected and informed, as well as a growing focus on customer engagement, are major factors adding value to conversational AI offerings, which are expected to provide opportunities for businesses operating in various verticals in the conversational AI market.
Conversational artificial intelligence is a set of techniques designed to empower computer applications to process, understand, and respond to user voice and text commands in a natural way. Moreover, conversation AI is an enhanced form of artificial intelligence that allows users to interact with devices, websites, and applications through touch, text, and gesture information.
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Conversational AI Market Segment Review
The global conversational AI market is segmented into component, deployment, type, technology, and end user. On the basis of component, the market is bifurcated into platform and services (support & maintenance, training & consulting, and system integration). The platform segment dominated the market, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period.
Conversational AI Market Key Segments
Conversational AI Market by Component
➣Platform
➣Services
➣Support and Maintenance
➣Training and Consulting
➣System Integration
Conversational AI Market by Deployment
➣Cloud
➣On-Premises
➣Conversational AI Market by Type
➣IVA
➣Chatbots
Conversational AI Market by Technology
➣Machine Learning
➣Deep Learning
➣NLP
➣Automated Speech Recognition
Conversational AI Market by End-User
➣BFSI
➣Retail & E-commerce
➣Healthcare & Life Science
➣Travel & Hospitality
➣Telecom
➣Media & Entertainment
➣Others
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