What is the global market size of Conversational AI Market?

Global Conversational AI Market size was valued at USD 6.32 billion in 2021 and is poised to grow from USD 7.58 billion in 2022 to USD 32.62 billion by 2030, growing at a CAGR of 20% in the forecast period (2023-2030).

Who are the key vendors in the Global Conversational AI Market?

The competitive environment for conversational artificial intelligence (AI) provides competitor-specific information. Financial information, revenue generated, market potential, R&D investment, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance are some of the specifics that are provided. The data points listed above are only relevant to the companies' market focus on conversational artificial intelligence (AI). 'Google, LLC', 'Microsoft ', 'IBM', 'Amazon Web Services, Inc.', 'Oracle Corporation', 'Nuance Communications, Inc.', 'SAP SE', 'Artificial Solutions International AB', 'Avaamo, Inc.', 'Conversica, Inc.', 'Haptik, Inc.', 'Rasa Technologies GmbH', 'KAI Technologies, Inc.', 'Kasisto Inc.', 'Rulai, Inc.', 'Kore.ai, Inc.', 'Cognitivescale Inc.', 'Inbenta Technologies Inc.', 'Botpress', 'Baidu, Inc.'

What is the key driver of Global Conversational AI Market?

The market growth rate has been positively affected by growing knowledge about the potential of virtual robots and AI-powered chatbots to increase customer satisfaction and engagement rates, streamline corporate operations, and acquire deeper business insights. Furthermore, the combination of automated speech recognition and natural language processing technology will boost positive word of mouth all over the globe.

What is the key market trend for Global Conversational AI Market?

Intelligent software's paradigm shift has created efficient support services that have enhanced the growth of numerous businesses. The conversational AI industry is projected to experience exceptional growth due to the growing need for AI-based technologies in chat boxes and customer support services. The market for conversational artificial intelligence (AI) will grow as a consequence of the advanced integration of AI in speech. In several industries, AI and NLP are being used more and more. This development has led to an increase in the platform's agent services. The technology will have new integration possibilities in the future, based on the scope. One of the new elements that will increase conversational AI services is gesture recognition. The ability to recognize gestures has many advantages. Some of its applications enable intelligent, text- and silent discussions. Noise disruptions might become severe at times. The silent conversations without speech and texts are useful in these times.

Which region accounted for the largest share in Global Conversational AI Market?

In 2021, North America had the largest revenue share of over 30%. Market expansion in the region is being driven by the wide acceptance of new technology innovations and the rapidly rising need for customer support services powered by artificial intelligence. Additionally, the majority of businesses in North America are making investments in technological developments to meet and support the needs of their clients. The desire for conversational AI is also fueled by the population's constantly expanding health consciousness. In North America, the healthcare sector is developing to incorporate robotics, AI, and augmented and virtual reality. This would support the provision of knowledgeable services and technologies for evidence-based health care with a focus on preventive and collaborative care.

Conversational Artificial Intelligence (AI) Market Size, Share, Growth Analysis, By Component(Solutions, Services), By Technology(Machine Learning, Deep Learning, Natural Language Processing, Automated Speech Recognition), By Deployment(On-premises, Cloud), By Region - Industry Forecast 2025-2032

Report ID: SQMIG45F2072 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 88 | Figures: 76

Conversational Artificial Intelligence (AI) Market News

In August 2024, Catipult.Ai announced the launch of a new conversational AI model called Aida designed specifically for business coaches. The new model leverages OpenAI’s APIs to provide conversational intelligence and uses a proprietary data library.

Hume AI, a new company based in United States focused on developing novel AI solutions announced the launch of a new conversational voice AI in April 2024. The new AI model also featured emotional intelligence to promote the emotional well-being of its users.

Conversational Artificial Intelligence (AI) Market Report Snapshots

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Conversational Artificial Intelligence (AI) Market size was valued at USD 9.5 Billion in 2023 and is poised to grow from USD 11.65 Billion in 2024 to USD 59.84 Billion by 2032, growing at a CAGR of 22.60% during the forecast period (2025-2032).

Conversational artificial intelligence (AI) providers should focus on developing and launching new solutions to stay competitive in the market. Utilization of advanced AI algorithms will also be a prime area of interest for all conversational artificial intelligence (AI) companies going forward. Companies can also explore new applications for their offerings to maximize their business scope in the long run. Addressing reliability and data privacy concerns should be the primary target of all conversational AI companies to help unlock the full growth potential of the market. ' Google, LLC (U.S.) ', ' Microsoft (U.S.) ', ' IBM (U.S.) ', ' Amazon Web Services, Inc. (U.S.) ', ' Baidu (China) ', ' Oracle (U.S.) ', ' SAP SE (Germany) ', ' FIS (U.S.) ', ' Artificial Solutions (Sweden) ', ' Kore.ai, Inc. (U.S.) ', ' Conversica, Inc. (U.S.) ', ' Inbenta Holdings Inc. (U.S.) ', ' Creative Virtual Ltd. (U.S.) ', ' SoundHound AI, Inc. (U.S.) ', ' Avaamo (U.S.) ', ' Jio Haptik Technologies Limited (India) ', ' Solvvy (U.S.) ', ' Cisco Systems, Inc. (U.S.) ', ' Kasisto (U.S.) ', ' Gupshup (U.S.) '

Sentiment Analysis and Emotional Intelligence: Conversational AI companies should invest in developing better sentiment analysis and emotional intelligence capabilities for their AI models. AI solutions that can understand human emotions and recognize sentiments through voice input will make them more human-like and promote market growth in the long run.

High acceptance and rapid adoption of advanced technologies are making North America the leading market for conversational artificial intelligence (AI) companies. Growing number of organizations in this region are focusing on automation of their business, which is also boosting conversational artificial intelligence (AI) adoption in this region. Rising use of conversational AI models in healthcare industry is also creating new opportunities for conversational artificial intelligence (AI) companies in this region. Canada and the United States will be the top markets for conversational artificial intelligence (AI) providers in this region.

Conversational Artificial Intelligence (AI) Market Size, Share, Growth Analysis, By Component(Solutions, Services), By Technology(Machine Learning, Deep Learning, Natural Language Processing, Automated Speech Recognition), By Deployment(On-premises, Cloud), By Region - Industry Forecast 2025-2032

Conversational Artificial Intelligence (AI) Market News

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What is the global market size of Conversational Artificial Intelligence (AI) Market?

Who are the key vendors in the Conversational Artificial Intelligence (AI) Market?

What is the key driver of Conversational Artificial Intelligence (AI) Market?

What is the key market trend for Conversational Artificial Intelligence (AI) Market?

Which region accounted for the largest share in Conversational Artificial Intelligence (AI) Market?

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