Conversational AI Market size was valued at USD 8.74 Bn. in 2022 and the total Conversational AI revenue is expected to grow by 21.5% from 2023 to 2029, reaching nearly USD 34.19 Bn.

Conversational AI Market Report Overview

The latest market intelligence report released by research firm Maximize Market Research highlights the promising growth opportunities for suppliers in the Conversational AI Market during the forecast period until 2029. This Conversational AI Market report encompasses insights into growth catalysts, significant constraints, upcoming hurdles, and existing opportunities within the global market.

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Conversational AI Market Report Scope

The Conversational AI market has undergone a comprehensive analysis on a global, regional, and country level. The report presents an examination of the Conversational AI market dynamics, encompassing drivers, restraints, challenges, and opportunities, both segment-wise and region-wise. This thorough scrutiny equips the report to serve as a valuable guide for investors.

For estimating the Conversational AI market size, a bottom-up approach was adopted. In identifying key players within the Conversational AI market, secondary research was conducted, and their market revenues were ascertained through a combination of primary and secondary research methods. The secondary research involved scrutinizing annual and financial reports of prominent manufacturers, while primary research included interviews with influential opinion leaders and experts in the Conversational AI industry, including front-line professionals, entrepreneurs, and marketing specialists. The SWOT analysis was utilized to highlight the strengths, weaknesses, opportunities, and threats of key players within the Conversational AI industry.

Conversational AI Market Regional Analysis

The growth of the Conversational AI Market in the region is propelled by governmental initiatives and regulatory measures. Within the Conversational AI market report, the geographical context of the market is outlined, encompassing aspects such as market size, share, and a comprehensive exploration of the business network structure, opportunities, and pertinent news updates. The report encompasses a comprehensive coverage of regions, including North America, Europe, Asia Pacific, South America, and the Middle East and Africa.

Conversational AI Market Segmentation 

The Solutions category dominated the global Conversational AI Market in 2022, accounting for nearly 50% of the market by component, and is predicted to continue dominating the market at the end of the forecast period. Professional services and Managed services segments are anticipated to increase quickly during the projected period. Large-scale adoption of internal conversational AI technology by enterprises is attributed to the segment's overwhelming share. AI-enhanced support options may offer users system availability and round-the-clock assistance, enabling businesses to deliver dependable customer service. As a result, the populace is impressed, and demand gradually rises. The services are necessary for conversational AI systems to function well. The variety and richness of human languages contribute to the frequent difficulty of human relationships.

In terms of revenue, the chatbots segment accounted for around half of the market in 2022, and it is anticipated that it would continue to dominate for the duration of the forecast period.

This is as a result of its ability to significantly improve customer service. The majority of their use is for data collection. Customers can communicate with chatbots to set up appointments, request information, or obtain clarification on any service or product. Digital assistants and chatbots with limited user-personalized features are being produced by a variety of conversational AI service providers in the market. As an illustration, Astro (a special and distinctive sort of robot) was unveiled in September 2022. It is made to help clients with responsibilities like keeping in touch with home and family monitoring.

Because the retail and e-commerce sectors would better serve clients by employing persuading, illustrative, and intelligent conversational AI tools and strategies, the segment for retail and e-commerce is anticipated to rise quickly during the projected period. Based on a number of variables, including the usage of AI chatbots in the financial and banking services business, which are used to help customers make secure payments and participate in conversation, it is predicted that the BFSI category would grow significantly during the projected period. Sending notifications directly to clients and banks in the event of any suspected fraud is likely to occur, as well as supporting staff members who engage in challenging tasks, are a few more components.

1 Global Conversational AI Market, by Component (2022-2029)
• Solutions
• Services
• Professional Services
2 Global Conversational AI Market, by Type (2022-2029)
• Chatbots
• Intelligent Virtual Assistants (IVA)
3 Global Conversational AI Market, by Deployment Mode (2022-2029)
• Cloud
• On-premises
4 Global Conversational AI Market, by Technology (2022-2029)
• ML and Deep Learning
• Natural Language Processing (NLP)
• Automatic Speech Recognition (ASR)
5 Global Conversational AI Market, by Vertical (2022-2029)
• Banking Finance Services and Insurance (BFSI)
• Healthcare and Life Sciences
• IT and Telecom
• Retail and eCommerce
• Travel and Hospitality
• Media and Entertainment
• Automotive
• Others (government, education, energy and utilities, and manufacturing)

 

 

 

 

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Conversational AI Market Key Players

1. Google
2. Microsoft
3. Amazon Web Services, Inc.
4. IBM
5. Oracle
6. Nuance Communications, Inc.
7. FIS
8. SAP SE
9. Artificial Solutions
10. Kore.ai, Inc.
11. Avaamo
12. Conversica, Inc.
13. Jio Haptik Technologies Limited
14. Rasa Technologies Inc.
15. Solvvy
16. Pypestream Inc.
17. Kasisto
18. Cognigy
19. Baidu, Inc.

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Key Questions answered in the Conversational AI Market Report are:

 

  • What is the forecast period of the Conversational AI Market?
  • What are the Conversational AI market segments?
  • Which segment held the largest Conversational AI market share?
  • What will be the CAGR of the Conversational AI market during the forecast period?
  • What is the competitive scenario of the Conversational AI market?
  • What are the opportunities for the Conversational AI Market?
  • What are the factors restraining the Conversational AI market growth?
  • Which region held the largest market share in the Conversational AI Market?

 

Key offerings:

  • Market Share, Size, and Forecast by Revenue
  • Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
  • Market Segmentation: A detailed analysis of segments and sub-segments
  • Competitive Landscape- Leading key players and other prominent key players.

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