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Conversational Commerce Market Future Scope, Analysis, Size, Share, Trends, Growth Rate, Report 2024-2033
Conversational Commerce Market Overview
As per the report, the conversational commerce market size has grown rapidly in recent years. It will grow from $9.29 billion in 2023 to $11.04 billion in 2024 at a compound annual growth rate (CAGR) of 18.8%. The conversational commerce market size is expected to see rapid growth in the next few years. It will grow to $16.82 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%.
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E-Commerce Expansion And Online Marketplaces Fueling Conversational Commerce Growth
The expansion of the e-commerce industry is expected to propel the growth of the conversational commerce market going forward. E-commerce, or electronic commerce, describes the exchange of products and services via the Internet. Conversational commerce can help online retailers unleash the potential of conversation to sell their products and services by facilitating engagement through AI-based text and voice assistants, social messaging apps, and other innovative conversational commerce tools. For instance, according to the United States Census Bureau, a US-based department of commerce, the US retail e-commerce reached $271.7 billion in the third quarter of 2023, which reflects a slight 0.9% increase from the $269.3 billion in sales during Q2 2023. Further, the e-commerce sales expanded much faster in Q3 2023 with a 7.8% boost versus Q3 2022. Therefore, the expansion of the e-commerce industry is driving the conversational commerce market.
Bobble AI Revolutionizes Conversational Commerce With The Launch Of Bobble Super
Major companies operating in the conversational commerce market are developing innovative products such as Bobble Super to better understand customers' needs, demands, and queries. Bobble Super is integrated with Bobble AI's AI-based keyboard, providing users with a seamless and convenient shopping experience. For instance, in March 2023, Bobble AI, an India-based conversation media platform, launched Bobble Super. This conversational commerce allows users a hassle-free, personalized, and real-time intent-based shopping experience directly on its keyboard application. Customers can order food, book flight tickets, and send gifts online to over 100 businesses like Swiggy, Redrail, Winni, and Garnier. Using cutting-edge intent recognition technology that maps users' intents across their smartphone usage in real time, the Super Keyboard app offers users personalized product and service recommendations throughout their smartphone trip.
The conversational commerce market covered in this report is segmented -
1) By Type: Chatbots, Intelligent Virtual Assistants
2) By Component: Solution, Services
3) By Deployment Mode: Cloud, On-Premises
4)By Enterprise Size: Small And Mid-Sized Enterprises (SMEs), Large Enterprises
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Major companies operating in the conversational commerce market report are Amazon Inc., Apple Inc., Google LLC, Microsoft Corporation, Facebook Inc., IBM Corporation, Oracle Corporation, Salesforce Inc., Shopify Inc., Webio Ltd., Zendesk Inc., Nuance Communications Inc., LivePerson, HubSpot, Kore.ai Inc., Intercom Inc., Drift.com Inc., Haptic Technologies Pvt Ltd., SleekFlow, Yalochat, CogniCor Technologies, Charles GmbH, Octane AI, Recart, Bobble Keyboard
Contents of the report:
1. Executive Summary
2. Conversational Commerce Market Report Structure
3. Conversational Commerce Market Trends And Strategies
4. Conversational Commerce Market - Macro Economic Scenario
5. Conversational Commerce Market Size And Growth
…..
27. Conversational Commerce Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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