This research report categorizes the conversational AI market based on offerings, conversational interface, technology, channel, business function, vertical, and regions.
Northbrook, IL 60062 -- (SBWIRE) -- 09/29/2023 -- The global Conversational AI Market size is projected to grow from USD 10.7 billion in 2023 to USD 29.8 billion by 2028, at a CAGR of 22.6% during the forecast period, according to research report by MarketsandMarkets™.
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366 - Tables
65 - Figures
305 – Pages
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Chatbots segment to account for highest CAGR during the forecast period
The Conversational AI market is bifurcated on the basis of conversational interface. The market size of chatbots estimated to be largest and projected to have a highest CAGR during the forecast period. The growth of the chatbots segment is attributed to the increasing demand for AI-powered chatbots for various use cases across verticals. The rising need to reduce human error leads to more accurate information presented to customers and faster time to resolution with the deployment of voicebots across the globe. The rising popularity of ChatGPT, an AI-powered chatbot will drastically spur the conversational AI growth rate in coming years due to trending use cases across key industry verticals.
BFSI vertical to hold the largest market share during the forecast period
The Conversational AI market is bifurcated on the basis of verticals such as BFSI, healthcare & life sciences, IT & ITES, telecom, retail & eCommerce, travel & hospitality, media & entertainment, automotive & transportation, and others (government, education, construction & real estate, agriculture, energy & utilities, and manufacturing). Vendors in the conversational AI market must understand end-user requirements within an industry and customize their solution offerings and services to make their virtual assistance flexible, scalable, and manageable. The growth of the BFSI vertical is attributed to the increased adoption of conversational AI solutions by financial institutions, which helps them improve the customer experience. Moreover, rising need to empower employees, boost productivity, save time and money, and better support the customer service, IT, and HR teams to pave the way for BFSI sector to utilize conversational AI solutions across the globe.
Asia Pacific to hold higher CAGR during the forecast period
The CAGR of the Asia Pacific is estimated to be highest during the forecast period. The market demand for Conversational AI is expected to expand due to the rising acceptance of cloud deployment services by small and medium-sized businesses (SMEs) and the higher prevalence of connected devices in emerging economies. Increasing demand for AI-powered customer support services with the rising customer commitment via social media platforms is estimated to open new growth avenues for conversational AI vendors across the Asia Pacific. Rapid identification of customer intent and resolution of issues in real-time to pave the way for conversational AI vendors to deploy conversational AI solutions to significantly improve customer experience in the region.
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Major vendors in the global Conversational AI market are IBM (US), Microsoft (US), Google (US), AWS (US), Artificial Solutions (Sweden), Baidu (China), SAP (Germany), Oracle (US), OpenAI (US), Kore.ai (US), LivePerson (US), Avaamo (US), SoundHound (US), Kasisto (US), MindMeld (US), Solvvy (US), Creative Virtual (UK), Pypestream (US) Saarthi.ai (India), Inbenta (US), Conversica (US), Haptik (India), Gupshup (US), Cognigy (Germany), Yellow.ai (US), AssemblyAI (US), Senseforth.ai (US), Rasa (Germany), Rulai (US), Exceed.ai (US), Clinc (US), and Laiye (China).
Key Dynamic Factors For Conversational AI Market:
Natural language processing (NLP) improvements: Conversational AI systems are becoming more capable thanks to ongoing NLP improvements such as sentiment analysis, intent identification, and language understanding, which enable more contextually aware and natural interactions.
Integration of AI and Machine Learning: Conversational AI systems may learn and develop over time thanks to the integration of AI and machine learning technologies, resulting in more efficient and individualised interactions with users.
Rising Demand for Automation and Customer Engagement: Companies are using conversational AI more and more to streamline sales, support, and customer service operations. Virtual assistants and chatbots with conversational AI capabilities increase consumer engagement and boost business productivity.
Omnichannel consumer Experience: The adoption of conversational AI to deliver unified interactions on websites, mobile apps, social media, and messaging platforms has been pushed by the demand for consistent and seamless consumer experiences across numerous communication channels.
Growth of E-commerce and Retail: Conversational AI is being used by E-commerce platforms to improve customer assistance, make product recommendations, make purchases easier, and answer questions, which leads to better user experiences and more sales.
Healthcare and Telemedicine Adoption: To improve patient care and accessibility to healthcare services, the healthcare sector is using conversational AI for appointment scheduling, prescription reminders, symptom analysis, and telemedicine support.
Conversational AI is being used in marketing and advertising to make personalised suggestions, respond to inquiries, and offer assistance, leading to improved customer engagement and focused marketing efforts.
Concerns about privacy and data security must be addressed if the conversational AI business is to succeed. Businesses are making investments in technology that guarantee the secure processing of user data and follow data protection laws.
Industry-Specific Solutions: A developing trend is the customization of conversational AI solutions for certain businesses like banking, insurance, travel, and hospitality. Customised solutions deliver specialised user experiences and cater to industry-specific needs.
Partnerships and Collaborations: Industry participants and conversational AI solution providers are working together to innovate and broaden their market reach. Joint ventures produce complete solutions that take care of a variety of company needs.
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Competitive and Segmentation Analysis:
Intense rivalry and a quickly changing environment define the conversational AI market. Significant investments in research and development have been made by leading companies including Google LLC, IBM Corporation, Amazon Web Services, Microsoft Corporation, and Facebook, Inc. to improve conversational AI capabilities. Additionally, a large number of startups and smaller businesses that focus on particular facets of conversational AI are making important contributions, stimulating innovation and market diversification. Innovative technologies are developed as a result of the competitive climate, producing conversational AI solutions that are more advanced and effective.
The conversational AI market can be divided into categories depending on its components, deployment models, verticals, and geographical locations. Platform and services, which include managed and professional services as well as software tools and frameworks, are examples of components. For enterprises, deployment approaches that offer flexibility and scalability options include cloud-based and on-premises systems. Vertically, the market covers a range of sectors including healthcare, retail, finance, travel, and telecommunications, each having particular needs and uses for conversational AI. Geographically, the market is split into Latin America, the Middle East, and Africa, as well as North America, Europe, Asia Pacific, and the Asia-Pacific region. Regional differences are impacted by market maturity, technological adoption, and regulatory frameworks.
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