Conversational AI Market Demands, Size, Share, Growth Rate, Key Players and Forecasts to 2028

The conversational AI market is expected to grow from USD 10.7 billion in 2023 to USD 29.8 billion by 2028, at a CAGR of 22.6% during the forecast period. There are several commercial utilizes for artificial intelligence (AI) and machine learning. Moreover, the expansion of business across Asian countries would help to strengthen the dominance in the Conversational AI market and garner healthy financials. The integration of predictive analytics technologies and data sources, along with significant advancements in NLP, will soon enable businesses to extract meaningful insights from the conversations in real time.

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The conversational AI market refers to the industry involved in the development, deployment, and maintenance of artificial intelligence (AI) technologies that can enable human-like conversations between machines and humans. Conversational AI solutions use natural language processing (NLP), machine learning, and other advanced technologies to understand human language and respond with relevant and helpful information.

The conversational AI market is driven by a growing demand for automated customer service solutions, personalized marketing, and efficient business operations. Many companies are investing in conversational AI technologies to improve customer experiences and reduce operational costs.

The market includes various types of conversational AI solutions, including chatbots, voice assistants, virtual agents, and messaging platforms. These solutions are used in various industries, such as healthcare, finance, retail, and telecommunications.

The report includes the study of key players offering Conversational AI solutions and services. It profiles major vendors in the global Conversational AI market. The major vendors in the global Conversational AI market include IBM (US), Microsoft (US), Google (US), AWS (US), Artificial Solutions (Sweden), Baidu (China), SAP (Germany), Oracle (US), OpenAI (US), Kore.ai (US), LivePerson (US), Avaamo (US), SoundHound (US), Kasisto (US), MindMeld (US), Solvvy (US), Creative Virtual (UK), Pypestream (US) Saarthi.ai (India), Inbenta (US), Conversica (US), Haptik (India), Gupshup (US), Cognigy (Germany), Yellow.ai (US), AssemblyAI (US), Senseforth.ai (US), Rasa (Germany), Rulai (US), Exceed.ai (US), Clinc (US), and Laiye (China).

North America to account for the largest market size during the forecast period

North America is expected to have the largest market share in the conversational AI market. North America is one of the leading markets for Conversational AI in terms of market share. Organizations in various countries of this region have leveraged AI, ML, and deep learning technologies as a part of their ongoing business process to stay ahead in the market. The countries have a well-established economy, which enables conversational AI vendors to invest in new technologies. Furthermore, the region is regarded as the center of innovation where IT giants are rolling out new offerings, and aggressive collaborations are taking place pertaining to the conversational AI market.

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Overall, the conversational AI market is expected to grow significantly in the coming years as more companies invest in AI technologies to improve customer experiences and optimize business operations. The market is also expected to see advancements in NLP, machine learning, and other AI technologies, which will enable more sophisticated and human-like conversations between machines and humans.

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This release was published on openPR.