Press release
Soaring Demand Set to Propel Conversational Systems Market to $70.62 Billion by 2029
Conversational Systems
How Large Will the Conversational Systems Market Size By 2025?
The market size for conversational systems has seen a rapid expansion in the past few years. The industry, which was valued at $19.21 billion in 2024, is projected to reach $24.8 billion in 2025, with a compound annual growth rate (CAGR) of 29.1%. The significant growth experienced in the previous years can be linked to advancements in research findings, fundamental patents, regulatory consent for research, milestones in genome editing, media publicity, and increased public awareness.
How Big Is the Conversational Systems Market Size Expected to Grow by 2029?
The market size for conversational systems is predicted to witness a substantial surge in the coming years, culminating in a whopping $70.62 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 29.9%. The acceleration during the forecast period may stem from successful therapeutic applications, worldwide expenditure on healthcare, commercialization tactics, advancements in bioinformatics and data analysis, and enhanced patient advocacy and consciousness. The forecast period foresees predominant trends encompassing developed therapeutic uses, personalized Crispr platforms, intensification in clinical trials, maturity of regulatory framework, and progression in multiplex gene editing.
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Which Key Market Drivers Powering Conversational Systems Market Expansion and Growth?
The upward trend in the requirement for customer engagement is predicted to fuel the expansion of the conversational systems market. The term 'customer engagement' refers to the continuous interaction and relationship that exists between a business and its customer base. To encourage two-way conversations with customers, conversational systems are employed, providing responses, answering queries, and offering tailored suggestions. For example, data from the International Trade Administration revealed that in January 2024, the growth of the digital advertising market in Australia, a government agency, was at 18% over 2022, with a total value of US$12.6 billion in 2023. The segment with the highest market share is search advertising, projected to be worth US$5.7 billion in 2023. As such, the rising need for customer engagement is propelling the growth of the conversational systems market.
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Which Fast-Growing Trends Are Poised to Disrupt the Conversational Systems Market?
Leading firms in the conversational systems market are pioneering new AI innovations like ChatGPT to maximize the advantages of conversational AI technology. The ChatGPT is a language model constructed on the GPT-3.5 architecture, intended to comprehend and produce text that resembles human communication based on the inputs it gets. For example, OpenAI, an American artificial intelligence research organization, launched a fresh conversational AI system named ChatGPT in December 2022. This system specializes in natural language processing (NLP) and can interact with users in dialogues. Its design enables it to produce text that mirrors human communication and it can serve various functions, such as translating languages, answering questions, and summarising texts. Furthermore, ChatGPT's features include natural language processing, compatibility with various technologies, enhanced interpretability, stringent privacy and security measures, and voice and image facility.
What Are the Emerging Segments in the Conversational Systems Market?
The conversational systemsmarket covered in this report is segmented -
1) By Deployment: On-Premise, Large Enterprises
2) By Components: Compute Platforms, Solutions, Services
3) By Application: Customer Support And Personal Assistant, Branding And Advertisement, Data Privacy And Compliance, Other Applications
4) By Verticals: Banking Financial Services And Insurance (BFSI), Media And Entertainment, Retail And Ecommerce, Travel And Hospitality, Telecom, Health And Life Sciences, Other Verticals
Subsegments:
1) By On-Premise: Self-Hosted Solutions, Private Cloud Deployments, Customized In-House Systems
2) By Large Enterprises: Cloud-Based Solutions, Enterprise Resource Planning (ERP) Integrations, Scalable Multi-Tenant Systems
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Who Are the Global Leaders in the Conversational Systems Market?
Major companies operating in the conversational systems market report are Amazon Web Services, Inc., Alphabet Inc., Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Hewlett Packard, Saffron Technology, Baidu, Inc., Snaps, Inc., TTEC Holdings, Inc., Tibco Software, Inbenta Technologies Inc., LivePerson, Inc., Heyday AI Inc., Rasa Technologies GmbH, Avaamo Inc., Solvvy Inc., Pypestream Inc., Rulai, Inc., Kasisto, Inc., ClInc., Inc., True AI Technologies Inc., Suki.AI, Cognigy GmbH
Which are the Top Profitable Regional Markets for the Conversational Systems Industry?
North America was the largest region in the conversational systems market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the conversational systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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