Press release
Conversational Artificial Intelligence (AI) Market Size to Hit USD 32.4 Billion by 2030 | CAGR of 22.60%
Conversational Artificial Intelligence (AI) Market
TOP Manufacturers Listed in Conversational Artificial Intelligence (AI) Market Report are:
The market is highly competitive, with several key players dominating the Conversational AI landscape. Companies such as Google, Amazon, Microsoft, IBM, Apple, Conversica Inc., Avaamo Technologies Pvt Ltd, Artificial Solutions, Facebook Inc, Baidu Inc, Nuance Communications, Oracle Corporation and Nuance Communications hold a significant market share, owing to their advanced AI technologies and strong customer base.
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Conversational Artificial Intelligence (AI) Market Segmentation:
The Conversational AI market can be segmented based on technology, deployment mode, application, and end-user industry.
Technology:
• Natural Language Processing (NLP)
• Voice Recognition
• Machine Learning
• Automated Speech Recognition (ASR)
• Text-to-Speech (TTS)
Deployment Mode:
• Cloud-based
• On-premises
Application:
• Customer Support and Personal Assistance
• Healthcare and Life Sciences
• Banking, Financial Services, and Insurance (BFSI)
• Retail and E-commerce
• Travel and Hospitality
• Others
End-user Industry:
• Healthcare
• Retail
• BFSI
• Telecom and IT
• Media and Entertainment
• Others
Market Drivers:
One of the main aspects influencing the use of conversational AI in the forecast period is its many advantages, which include frictionless client service, higher customer happiness, and constant customer assistance.
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Market Opportunities:
To increase client engagement, conversational AI technologies like chatbots are being used more and more in the BFSI sector. By providing timely answers to client queries, these technologies enable banks to enhance the percentage of customers they retain. The BFSI sector's adoption of cutting-edge technology has made it possible for businesses to connect with more customers.
Conversational AI technologies are being used by businesses to provide speedy services to tech-savvy clients. Furthermore, a chatbot can handle basic tasks like checking bank balances, getting account information, asking about loans, etc. effectively, freeing up customer support agents' time to handle more complicated issues.
Restraints and Challenges:
The lack of accuracy, the lack of awareness, and the high installation cost may act as market restraints over the forecast period.
Regional Analysis:
The Conversational AI market is geographically diverse, with North America leading the market due to the presence of major AI technology providers and early adopters. However, Asia Pacific is expected to witness significant growth, driven by the increasing demand for AI-powered customer support solutions in emerging economies such as China and India.
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Industry Updates:
Recent industry updates include advancements in voice recognition accuracy, improved natural language understanding capabilities, and the development of AI-powered chatbots with enhanced conversational abilities. Additionally, collaborations between AI companies and industry leaders have resulted in innovative applications of Conversational AI in various sectors.
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