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Conversational Commerce Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions
Conversational Commerce Global Market Report 2024
According to The Business Research Company's, 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 growth in the historic period can be attributed to increasing demand across industries, customer support and personal assistance, data privacy and compliance, rising popularity of messaging apps, rising demand for personalized customer experience..
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%. The growth in the forecast period can be attributed to consumer behavior analysis, global market expansion, rising demand for multilingual chatbots, increasing use of chatbots in e-commerce, rising demand for voice-enabled chatbots.. Major trends in the forecast period include advancements in natural language processing, multimodal conversations, industry-specific solutions, voice assistants in iot devices, continuous learning and adaptation..
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Conversational Commerce Market 2024 Key Insights:
• The conversational commerce market is expected to grow to $16.82 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%.
• E-Commerce Expansion And Online Marketplaces Fueling Conversational Commerce Growth
• Bobble AI Revolutionizes Conversational Commerce With The Launch Of Bobble Super
• North America was the largest region in the conversational commerce market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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