Press release
Conversational AI Market is Projected to Reach USD 51.3 Billion by 2030: Cognitive Market Research
Conversational AI Market is Projected to Reach USD 51.3 Billion by 2030: Cognitive Market Research
What is Conversational AI?
Conversational AI refers to the use of artificial intelligence technologies, such as natural language processing (NLP), machine learning (ML), and speech recognition, to create intelligent virtual agents or chatbots that can interact with humans through natural language conversations. Conversational AI systems can be used in various applications such as customer service, e-commerce, healthcare, education, and entertainment. These systems are designed to understand and interpret human language and respond appropriately in real-time.
Summary:
As per the study of CMR, the Global Conversational AI Market size was valued at USD 10.1 Billion in 2022 and will reach to USD 51.3 Billion by 2030 and expected to grow at a CAGR of 22.6% during the forecast period (2023-2030)
To know more about The Conversational AI Market statistics click here: https://www.cognitivemarketresearch.com/conversational-ai-market-report
Market Dynamics:
Conversational AI Market Drivers:
Conversational AI provides a convenient way for customers to get the support they need, without having to wait on hold or navigate through complex IVR systems which is anticipatedly drives the market growth.
Additionally, advances in natural language processing (NLP) and machine learning (ML) technologies have improved significantly in recent years, making it possible for conversational AI systems to understand and interpret human language which is significantly drives the market growth.
Conversational AI Market Opportunities:
Conversational AI systems can help businesses engage with customers in a more personalized and meaningful way, providing a better customer experience and improving customer loyalty. Also, conversational AI systems can automate repetitive tasks and handle a large volume of customer interactions simultaneously, reducing the need for human customer service representatives. This will further open up opportunities for the market in upcoming years.
Conversational AI Market Restraints:
The high cost of implementation and maintenance of conversational AI technology could be a significant barrier for many businesses, particularly small and medium-sized enterprises (SMEs), who may not have the resources or expertise to invest in this technology this factor may hamper the market growth.
Market Segmentation:
Business Function:
• Information Technology Service Management (ITSM)
• Human Resource (HR)
• Sales and Marketing
• Operations and Supply Chain
• Finance and Accounting
Based on business function, the human resource (HR) segment has the largest revenue share in the conversational AI market. Organizations may use Conversational Al for HR to deploy intelligent chatbots that can answer a variety of questions quickly, correctly, and affordably. By obtaining applicant information straight from the website, a conversational Al chatbot helps the HR division with the hiring process.
Conversational Interface:
• Chatbots
• Interactive Voice Routing (IVR)
• Intelligent Virtual Assistants (IVA)
Channel:
• Emails and Websites
• Mobile Apps
• Telephones
• Messaging Apps
Competitive Analysis of Conversational AI Market: Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, Nuance, Artificial Solutions, Conversica, Haptik
Get free sample pages of the latest published Conversational AI Market Report: https://www.cognitivemarketresearch.com/conversational-ai-market-report#request_sample
Regional Analysis:
North America accounted for the largest share of the conversational AI market
North America has the largest revenue share in the conversational AI market. Additionally, conversational AI is frequently used in conjunction with intelligent virtual agents or chatbots to communicate quickly and effectively with complex systems. Due to the rising popularity of voice-based search is expected to boost the market in this region.
Conversational AI Market News:
Google announced the Conversational Al service Bard for testers.
In February 2023, Bard, is to combine the breadth of human knowledge with the power, wit, and creativity of Google's expansive language models. It provides unique, top-notch responses using information from the internet. It will initially be made available by the corporation utilising a lightweight version of LaMDA. This much simpler approach utilises a lot less computer resources, so it can be scaled to more users and get more feedback.
Browse Here For Full TOC:
Table of Content (Revenue USD Edition), (Enquire about Volume/Consumption Edition Data)
Chapter 1 Industrial Insight and Market Scope
• 1.1 Global Conversational AI Industry Introduction
• 1.2 Objectives of the Study
• 1.3 USP of the Report
• 1.4 Who is this report for?
• 1.5 Designing of Market Scope
1.5.1 Conversational AI Market Segmentation
1.5.1 Conversational AI Market Regional Fragmentation
1.5.1 Conversational AI Market Players
• 1.6 Report Duration
• 1.7 List of Stakeholders
Chapter 2 Research MethodologyReview Complete Research Methodology
Chapter 3 Executive Summary of Conversational AI Market
• 3.1 Global Conversational AI Market Size 2018 - 2030, (USD Million)
• 3.2 Global Conversational AI Value, Absolute & Opportunity Analysis
• 3.3 Global Conversational AI Market Y-o-Y Growth Rate Projection by Region (2023 - 2030)
• 3.4 Global Conversational AI Market Statistics 2022: Snapshot
Chapter 4 Global Conversational AI Market Overview
Chapter 5 Competitive Analysis (Subject to Availability)
Chapter 6 Environmental, Social, and Governance (ESG) Analysis
Chapter 7 Qualitative Analysis
Chapter 8 Company Profiling (Subject to Availability)
Chapter 9 Global Conversational AI Market by Business Function Segmentation Analysis (2018-2030)
Chapter 10 Global Conversational AI Market by Conversational Interface Segmentation Analysis (2018-2030)
Chapter 11 Global Conversational AI Market by Channel Segmentation Analysis (2018-2030)
Chapter 12 Global Conversational AI Market Regional Analysis
Chapter 13 North America Conversational AI Market Outlook (2018 - 2030)
Chapter 14 Europe Conversational AI Market Outlook (2018 - 2030)
Chapter 15 Asia Pacific Conversational AI Market Outlook (2018 - 2030)
Chapter 16 Latin America Conversational AI Market Outlook (2018 - 2030)
Chapter 17 Middle East and Africa Conversational AI Market Outlook (2018 - 2030)
Chapter 18 Research Findings
Customize the Report Edition (Is applicable, On Request, Subject to Data Available, At an Additional Cost)
To know more about The Conversational AI Market TOC click here: https://www.cognitivemarketresearch.com/conversational-ai-market-report#table_of_contents
Related Report:
• AI Machine Learning Operationalization Software Market- https://www.cognitivemarketresearch.com/ai---machine-learning-operationalization-software-market-report
• Artificial Intelligence AI Accelerator Market- https://www.cognitivemarketresearch.com/artificial-intelligence--ai--accelerator-market-report
• Healthcare Artificial Intelligence Market- https://www.cognitivemarketresearch.com/healthcare-artificial-intelligence-market-report
• Conversational Computing Market- https://www.cognitivemarketresearch.com/conversational-computing-market-report
𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬
Nicolas Shaw
Cognitive Market Research
20 N State Street,Chicago,
Illinois, 60602
United States
USA: +1 312-376-8303
Europe and UK: (+44) 20-8144-9523
Asia Pacific: (+852) 81930785
Email: sales@cognitivemarketresearch.com
Website: https://www.cognitivemarketresearch.com/about-us
About Cognitive Market Research Company :
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operating across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.
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