Conversational AI Market : Size, Share, Growth, Analysis, Key Players, Revenue, Growth | Valuates Reports

Conversational AI Market Statistics 2030
The global conversational AI market size was valued at USD 5.78 billion in 2020 and is projected to reach USD 32.62 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 20.0% from 2021 to 2030.
The conversational AI market is being driven ahead by an increase in demand for AI-powered customer support services, omnichannel implementation, and decreasing chatbot development costs. Additionally, during COVID-19, a growing emphasis on customer engagement and the demand for AI-based chatbots to stay connected and informed are significant factors enhancing conversational AI offerings. These developments are anticipated to present opportunities for companies engaged in a variety of conversational AI market verticals. The goal of conversational artificial intelligence is to enable computer programs to process, comprehend, and naturally reply to user speech and text commands. The use of touch, text, and gestures to communicate with gadgets, websites, and applications is made possible by conversation AI, an improved kind of artificial intelligence.

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Furthermore, Chatbots and other digitalized platforms are used in conversational artificial intelligence to provide clients with a platform where they can solve their problems and communicate with virtual assistants. This even helps organizations expand by implementing new customer-communication strategies.

Natural language processing and machine learning are combined in conversational artificial intelligence. NLP is made to work in a continuous loop with machine learning techniques to improve AI algorithms. Machine algorithms then improve their response quality over time as they learn more.

However, a lack of knowledge regarding conversational AI solutions is limiting industry expansion. Contrarily, it is anticipated that throughout the projected period, an increase in customer engagement on social media platforms would offer attractive chances for the expansion of the conversational AI market.

Conversational AI is intended to be used in a combination with intelligent virtual agents or chatbots to interact with a complex system in a faster and reliable way. Further, applied conversational artificial intelligence requires the combination of art and science to create a digital application that incorporates relevance, context, and personalization within an interaction between human and computers.
Conversational artificial intelligence unites machine learning technology with natural language processing (NLP). NLP is designed to flow into a constant loop with machine learning processes to enhance AI algorithms continuously. Subsequently, machine algorithms advance their response quality over time with improvement in learning.
The conversational AI market share is expected to witness notable growth during the forecast period, owing to rise in demand for AI-powered customer support services. Furthermore, rise in demand for AI-based Gartner chatbots solutions has driven the growth of the market. Moreover, surge in deployment of omnichannel methods is expected to propel the conversational AI market growth during the forecast period. However, a lack of awareness about conversational artificial intelligence solutions restrains market growth. On the contrary, rise in customer engagement through social media platforms is expected to provide lucrative opportunities for the growth of the conversational AI market during the forecast period.

The outbreak of COVID-19 has significantly boosted the growth of conversational artificial intelligence-based technology, such as conversational bots, in 2020 and is expected to witness relatively high growth by the end of 2021. However, the market was principally hit by several obstacles created amid the COVID-19 pandemic such as lack of skilled workforce availability paired with partial or complete lockdown globally. In contrast, surge in the adoption of chatbot solutions across healthcare, retail & e-commerce, and telecommunication sectors is driving the growth of the conversational AI market during the forecast period.

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Key Benefits For Stakeholders
• This study comprises analytical depiction of the conversational AI market size along with the current trends and future estimations to depict the imminent investment pockets.
• The overall conversational AI market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current conversational AI market forecast is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency.
• Porter's five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
• The report includes the market share of key vendors and conversational AI market trends.
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

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