Conversational AI Market Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The latest report by IMARC Group, titled "Conversational AI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The global conversational AI market size reached US$ 7.71 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 45.28 Billion by 2028, exhibiting a growth rate (CAGR) of 31.50% during 2023-2028…

Conversational AI, or Conversational Artificial Intelligence, refers to a technology that enables machines, typically computer programs or chatbots, to engage in human-like conversations. It leverages natural language processing (NLP) and machine learning algorithms to understand, interpret, and respond to human language, both in spoken and written forms. This transformative technology has widespread applications across various industries, including customer service, healthcare, finance, and e-commerce. Conversational AI systems can be integrated into websites, mobile apps, and messaging platforms, offering real-time assistance and support to users. They excel in tasks such as answering frequently asked questions, providing product recommendations, and even facilitating complex interactions like virtual assistants or automated customer support.

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Conversational AI Market Trends and Drivers:

Companies across various industries are seeking ways to enhance customer engagement. Conversational AI enables them to provide real-time responses and personalized interactions, leading to improved customer satisfaction and loyalty. Additionally, conversational AI systems can handle a large volume of inquiries simultaneously, reducing the need for human agents. This efficiency translates into cost savings for businesses in terms of reduced labor and operational expenses. Other than this, in an era of digital transformation, businesses are increasingly embracing automation to streamline processes. Conversational AI automates routine tasks, such as answering FAQs and processing orders, freeing up human resources for more complex tasks. Besides this, conversational AI platforms can seamlessly operate across various communication channels, including websites, messaging apps, and voice assistants. This versatility ensures businesses can reach their customers wherever they are. Besides this, ongoing advancements in NLP technology have significantly improved the accuracy and naturalness of conversational AI interactions. This has made them more reliable and capable of understanding complex user queries.

Report Segmentation:

The report has segmented the market into the following categories:

Component Insights:

Platform
Services
Support and Maintenance
Training and Consulting
System Integration

Type Insights:

Intelligent Virtual Assistant (IVA)
Chatbots

Technology Insights:

Machine Learning
Deep Learning
Natural Language Processing
Automatic Speech Recognition

Deployment Insights:

Cloud-based
On-premises

Organization Size Insights:

Large Enterprises
Small and Medium-sized Enterprises

End User Insights:

BFSI
Retail and E-commerce
Healthcare and Life Science
Travel and Hospitality
Telecom
Media and Entertainment
Others

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Competitive Landscape with Key Player:

Amazon Web Services Inc. (Amazon.com Inc.)
Artificial Solutions
Avaamo Inc.
Conversica Inc.
Creative Virtual Ltd.
Google LLC (Alphabet Inc.)
Gupshup
International Business Machines Corporation
Jio Haptik Technologies Limited (Reliance Industries Limited)
Kore.ai Inc.
Nuance Communications Inc. (Microsoft Corporation)
Oracle Corporation
Rasa Technologies Inc.
SAP SE

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