This research report categorizes the conversational AI market based on offerings, conversational interface, technology, channel, business function, vertical, and regions.
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The Conversational AI Market 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 new research report by MarketsandMarkets™
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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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Key Market Players
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).
Factors that Drive Conversational AI Market
- Businesses are now able to offer smooth and customized client experiences thanks to conversational AI. Businesses may improve the whole customer experience and increase satisfaction and loyalty by providing natural and intuitive communication.
- With messaging applications and platforms becoming more and more popular, companies are using Conversational AI to interact with customers where they are spending a lot of time online. Chatbots and virtual assistants are included into messaging apps to offer real-time assistance and data.
- Conversational AI systems are more effective when NLP technologies continue to advance. Conversational AI is more useful in a variety of sectors because it can provide more complex and human-like interactions because to its improved comprehension of context, sentiment, and user intent.
- By automating tedious and normal operations, conversational AI technologies help organizations free up human agents’ time for more important work. As a result, expenses are reduced, operational effectiveness is raised, and human resources can be redirected to more difficult and valuable activities.
Regional Analysis for Conversational AI Market
- The conversational AI market in North America is expanding due in part to an emphasis on innovation, a tech-savvy customer base, and a high acceptance rate of new technology. Prominent adopters include the financial, healthcare, and technology sectors.
- European companies are using conversational AI more and more to enhance consumer interactions, especially in industries like banking, retail, and telecommunications. Privacy-compliant solution adoption is influenced by regulatory factors like GDPR.
- With its diversified marketplaces, the Asia-Pacific area is witnessing an increase in the use of conversational AI in industries including banking, e-commerce, and customer service. China and India are two important emerging economies that are propelling the market’s expansion.
- Businesses in Latin America are starting to realize how conversational AI may improve client engagement. Chatbots and virtual assistants are becoming more and more common in industries including telecommunications, retail, and tourism.
- Conversational AI is being progressively used across the Middle East and Africa, with applications in the banking, healthcare, and government sectors. Market expansion is facilitated by elements like growing digitization and an emphasis on enhancing customer service.
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