Conversational AI Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2031

The global conversational AI market is anticipated to grow at a considerable CAGR of 20.5% during the forecast period. There are several growth opportunities that could be taken advantage by major companies to maximize the potential of the conversational AI market. One such key opportunity is to rise in integration of the existing conversational AI capabilities into advance AI capabilities. Several key market companies are building intelligent agents and services to perform integrated tasks with multiple other platforms that are using AI and NLP technology. To offer the user smart controls without touching and speech, companies are innovating the integration of AI and gesture control. The integrated technology can also be used in high noise disturbance environments or when the user's tone and accent is unrecognizable.

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For instance, in February 2021, Anexinet Corp., which a leading provider of digital business solutions partnered with an IPsoft Company named Amelia. Amelia is an independent leader in enterprise AI. In conjunction with their licensed, innovative AI solution, the partnership enabled Anexinet to launch its newest kickstart: Conversational AI Strategy & Roadmap. This three-week program jumpstarts every organization's ability to elevate their customer experience and streamline processes by replicating human behavior through advanced automation bots.

Furthermore, conversational AI only offers assistance in English language with a few additional languages in key company's chatbots and virtual assistants. Thus, the global adoption of advance conversational AI would support creating chatbots and virtual assistants in regional language, further driving the growth of the market. For instance, in February of 2018, Google announced that their Google assistant would start supporting seven new languages. Additionally, the Google assistant will also provide support to 16 languages and new actions using Dialogflow.

Global Conversational AI Market Report Segment

By Type

• IVA
• Chatbot

By Mode of Integration

• Web-based
• App-based
• Telephonic

By Technology

• Machine & Deep learning
• Natural Learning Process (NLP)
• Automatic Speech Recognition (ASR)

By Application

• Customer Support
• Personal Assistance
• Branding & Advertising

By End-user

• BSFI
• Retail & E-commerce
• Healthcare
• IT & Telecom
• Media & Entertainment
• Others (Travel & Hospitality and Government Institutions)

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Conversational AI Market Report Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• Avaamo Inc.
• AmplifyReach
• Baidu, Inc.
• Conversica, Inc.
• Cognigy GmbH
• Creative Virtual
• Google LLC
• Gupshup
• Inbenta
• Kasisto, Inc.
• Kore.ai
• MindMeld, Inc.

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