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Conversational AI Market SWOT Analysis, Competitive Landscape, Growth Overview, Industry Share And Forecast Till 2033
Conversational AI Market
Conversational AI Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $26.88 billion In 2028 At A CAGR Of 23.6% :
The conversational ai market size has grown exponentially in recent years. It will grow from $9.43 billion in 2023 to $11.51 billion in 2024 at a compound annual growth rate (CAGR) of 22.1%. The growth in the historic period can be attributed to rise of messaging platforms, customer service automation, integration with business applications, user engagement and personalization.
The conversational ai market size is expected to see exponential growth in the next few years. It will grow to $26.88 billion in 2028 at a compound annual growth rate (CAGR) of 23.6%. The growth in the forecast period can be attributed to multimodal conversational interfaces, ai-powered voice assistants, industry-specific solutions, integration with virtual and augmented reality. Major trends in the forecast period include advancements in natural language processing (nlp), rise of virtual assistants and chatbots, integration with messaging platforms, multimodal conversations, voice-activated devices and smart speakers.
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Conversational AI Market Major Segments
The conversational ai market covered in this report is segmented -
1) By Type: IVA, Chatbots
2) By Component: Platform, Services
3) By Deployment: Cloud, On-Premises
4) By Technology: Machine Learning, Deep Learning, NLP, Automated Speech Recognition
5) By End User: BFSI, Retail and E-commerce, Healthcare and Life Science, Travel and Hospitality, Telecom, Media and Entertainment, Other End-Users
Key Driver - Driving Conversational Ai Market Growth Through Enhanced Customer Engagement
Increasing focus on customer engagement is expected to drive the conversational AI market. Customer engagement is the process of communicating with customers through various channels to strengthen relationships. Most businesses are focusing on increasing the customer experience to increase customer loyalty and revenue generation. According to the 2022 State of Customer Engagement Report published by Twilio, a US-based customer engagement platform for customized experiences, companies that invested in digital client engagement had revenue growth of 70% over the past two years. Conversational AI involves the use of messaging apps, speech-based assistants, and chatbots to automate conversation and provide personalized consumer engagement. Therefore, increasing focus on customer engagement will drive the conversational AI market growth.
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Prominent Trend - Revolutionizing Conversational Ai With Technological Advancements For All Industries
Technological advancements in conversational AI are a key trend in the market. Companies operating in the conversational AI market have come up with various technological advancements such as no-code development technology, easier deployment, advanced machine learning and natural language processing technology to increase usage and adoption of conversational AI in industries with no technical background. For instance, in November 2021, ZeroShotBot, a chatbot builder based in the United States, released a new innovative conversational AI technology that democratizes chatbots for both large and small organizations. ZeroShotBot is an approach to constructing chatbots that can be scalable in hours and do not require training data, allowing anyone with no coding knowledge or training to create a fully functional chatbot.
Conversational AI Market Players
Major companies operating in the conversational ai market report are Google LLC, International Business Machines Corporation (IBM), Amazon Web Services Inc., Artificial Solutions Holding ASH AB, Baidu Inc., Haptik, Microsoft Corporation, Oracle Corporation, SAP SE, Conversica Inc., Nuance Communications Inc., Rasa Technologies GmbH, Avaamo Inc., Kore. ai Inc., Cognitivescale Inc., Kasisto Inc., Creative Virtual Ltd., Inbenta Technologies Inc., Next IT Corporation, Verint Systems Inc., 24/7 Customer Inc., Botpress, Chatfuel, Clinc Inc., DigitalGenius Inc., Exceed. ai, Interactions LLC, LivePerson Inc., Mindmeld Inc., Pypestream Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the conversational AI market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the conversational ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Conversational AI Market Report Structure
3. Conversational AI Market Trends And Strategies
4. Conversational AI Market - Macro Economic Scenario
5. Conversational AI Market Size And Growth
…..
27. Conversational AI Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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