Press release
Conversational AI Market Size Projected To Reach $34.21 Billion By 2034 With A Cagr Of 25.9%
Conversational AI
What Is the Projected Growth of the Conversational AI Market?
The market size for conversational AI has seen significant expansion in the past few years. The market, which is anticipated to be at $11.28 billion in 2024, is projected to rise to $13.64 billion in 2025 with a compound annual growth rate (CAGR) of 20.9%. The factors leading to this growth over the historic period include the emergence of messaging platforms, the automation of customer service, integration with business applications, and an increased focus on user engagement and personalization.
The size of the conversational AI market is predicted to expand dramatically in the coming years. The market is set to swell to a valuation of $34.21 billion in 2029, achieving a compound annual growth rate (CAGR) of 25.9%. This surge during the forecast period can be traced back to several contributing factors such as multimodal conversational interfaces, voice assistants powered by AI, sector-specific solutions, and the fusion with virtual and augmented reality. Key trends projected in this timeframe feature enhancements in natural language processing (NLP), the ascent of virtual assistants and chatbots, amalgamation with messaging platforms, multimodal interactions, as well as voice-activated gadgets and smart speakers.
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What Are the Different Conversational AI Market 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
Subsegments:
1) By IVA (Intelligent Virtual Assistants): Voice-Activated Assistants, Personal Assistants, Enterprise Virtual Assistants
2) By Chatbots: Rule-Based Chatbots, AI-Powered Chatbots, Hybrid Chatbots
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What Are the Primary Drivers Shaping the Conversational AI Market?
The conversational AI market is anticipated to expand due to the growing emphasis on customer engagement. Customer engagement refers to the practice of interacting with customers through a variety of channels to fortify relationships. The goal for numerous businesses is to enhance the customer experience, thereby boosting customer loyalty and revenue. Twilio, an American customer engagement platform specializing in bespoke experiences, revealed in its 2022 State of Customer Engagement Report that those businesses that pumped resources into digital customer engagement saw a whopping 70% revenue growth in the last two years. Conversational AI makes use of messaging applications, voice-activated assistants, and chatbots to simplify conversation and offer personalised customer interaction. Consequently, the uptick in concentration on customer engagement will propel the growth of the conversational AI market.
Which Companies Are Leading in the Conversational AI Market?
Major companies operating in the conversational ai market include 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.
What Are the Major Trends Shaping the Conversational AI Market?
Prominent firms in the conversational AI sphere are keen on creating innovative products such as those equipped with OpenAI's Realtime API. This permits enhanced dynamic, context-aware dialogues and enables immediate, lifelike chatting experiences. OpenAI's Realtime API is a robust tool enabling developers to incorporate swift, AI-powered interactive features into their systems or products. For example, in October 2024, Agora, an American firm specializing in conversational AI, introduced its Conversational AI SDK. This model syncs with OpenAI's Realtime API, giving developers the flexibility to design engaging, voice-activated AI experiences across numerous applications. The SDK, in turn, optimizes interaction with OpenAI's conversational intelligence by exploiting its sophisticated language models for more organic user engagement.
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What Are the Top Revenue-Generating Geographies in the Conversational AI Market?
North America was the largest region in the conversational AI market in 2024.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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Conversational AI Market?
2. What is the CAGR expected in the Conversational AI Market?
3. What Are the Key Innovations Transforming the Conversational AI Industry?
4. Which Region Is Leading the Conversational AI Market?
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