Conversational AI Market Set to Hit $43.7 Billion by 2030

[Redding, California, February 27, 2024] - Meticulous Research®-a leading global market research company, published a research report titled, 'Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing) - Global Forecast to 2030.'

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According to Meticulous Research®, conversational AI has become increasingly integral across various industries, including healthcare & life sciences. The sector's rapid adoption of conversational AI solutions and services is driven by the imperative to enhance patient engagement, provide personalized care, and streamline critical processes such as patient screening and treatment in emergency scenarios. Automating repetitive tasks through conversational AI significantly alleviates the burden on healthcare call center agents, improving operational efficiency. These solutions facilitate automated appointment scheduling, medication refills, patient reminders, and medical history recording, enabling healthcare professionals to focus on delivering quality care. Consequently, the demand for conversational AI solutions and services within the healthcare & life sciences sector is witnessing exponential growth.

Meticulous Research® projects the global conversational AI market to surge to $43.7 billion by 2030, registering a remarkable CAGR of 23.9% from 2023 to 2030.

Market Dynamics:
The market's growth is propelled by heightened demand for conversational AI to optimize call center operations and the proliferation of voice-enabled devices. Despite these positive trends, challenges such as accent recognition accuracy, limited awareness about conversational AI solutions, and data privacy concerns hinder market expansion. Nonetheless, the high potential of AI-enabled voice assistants in healthcare and the increasing deployment of conversational AI for sales and marketing management present lucrative growth avenues. Key trends observed include the rise of emotionally intelligent AI chatbots and the emergence of voice-enabled assistants.

Market Segmentation:
The report segments the conversational AI market based on offering, applications, organization size, deployment mode, sector, and geography.

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Based on offering, the global conversational AI market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the largest share of the global conversational AI market. The large market share of this segment is attributed to the increasing focus on solution-centric automation capabilities, several solution providers investing in R&D, and the growing adoption of conversational AI solutions in various industries. This segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing deployments of chatbots and digital assistants, a surge in demand for IVR systems, and exerting efforts by companies to launch speech recognition solutions and content management solutions.

Based on application, the global conversational AI market is segmented into customer service, information technology service management, human resource management, sales and marketing management, operations and supply chain management, finance and accounting, and other applications. In 2023, the customer service segment is expected to account for the largest share of the global conversational AI market. The large market share of this segment is attributed to the growing demand for digital assistants and chatbots in customer service for answering FAQs, increasing usage of AI-powered chatbots or virtual assistants for account management, rising need to analyze customer queries or statements, and conversational AI for multilingual support. This segment is also projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing usage of conversational AI for payment management increasing need for conversational AI for order tracking and order updates.

Based on organization size, the global conversational AI market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the global conversational AI market. The large market share of this segment is attributed to the keen focus on developing strategic IT initiatives by large enterprises, the growing need to handle large volumes of customer-level data, early adoption of advanced technologies in retail, manufacturing, healthcare, and automotive sectors, and the growing need for better insights into customer responses. However, the small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing need for chatbots and digital assistants by small & medium-sized enterprises, the growing demand for IVR solutions by small-scale enterprises, notable benefits offered by chatbots for small & medium-sized enterprises, and the increasing need to improve performance, quality management, and customer satisfaction in call centers.

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Based on deployment mode, the global conversational AI market is segmented into cloud-based deployment and on-premise deployment. In 2023, the cloud-based deployment segment is expected to account for the largest share of the global conversational AI market. The large market share of this segment is attributed to the rising demand for benefits such as easy maintenance of customer data, cost-effectiveness, scalability, and growing demand for conversational AI solutions for multi-cloud deployments. Additionally, this segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing implementations of cloud-based conversational AI and ongoing efforts by companies to launch cloud-based chatbots and digital assistants.

Based on sector, the global conversational AI market is segmented into IT & telecommunications, BFSI, retail & e-commerce, healthcare & life sciences, travel & hospitality, education, government & public sector, media & entertainment, energy & utilities, manufacturing, and other sectors. In 2023, the IT & telecommunications segment is expected to account for the largest share of the global conversational AI market. The large market share of this segment is attributed to the increasing adoption of AI solutions for fraud detection and prevention, the surge in demand for conversational AI to improve call center operations, exerting efforts by companies to launch chatbots for IT service management, rising need for network optimization and maintenance. Additionally, this segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing implementation of chatbots and digital assistants to address a variety of IT customer questions and the growing need to resolve IT service issues quickly.

Based on geography, the conversational AI market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global conversational AI market. The large share of this market is attributed to the presence of prominent players offering advanced conversational AI solutions & services, the growing demand for AI-powered customer support services, the growing usage of chatbots to provide efficient customer services, the increasing adoption of voice-enabled devices, and increased technological advancement across the region encourage consumers to install conversational AI solutions & services. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period. The growth of this region is driven by the growing emphasis by companies to launch chatbots and virtual assistants in the Asia-Pacific region, growing demand for chatbots and voice assistant solutions, and increasing demand for AI-powered customer support services.

Regional Analysis:
North America is projected to spearhead market growth, owing to the presence of prominent players, surging demand for AI-powered customer support services, and increased adoption of voice-enabled devices. However, the Asia-Pacific region is poised to exhibit the highest CAGR during the forecast period.

Quick Buy - Conversational AI Market - Global Opportunity Analysis and Industry Forecast (2023-2030), Research Report: https://www.meticulousresearch.com/Checkout/51587923

Key Players:
Leading players in the market include Google LLC, Microsoft Corporation, Amazon Web Services, Inc., Oracle Corporation, International Business Machine Corporation, NVIDIA Corporation, Baidu, Inc., Verint Systems Inc., SAP SE, AT&T Inc., Conversica, Inc., AssemblyAI, Inc., Kore.ai Inc., OpenAI OpCo, LLC, and DRUID S.A.

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