Global Conversational AI Market

Global Conversational Artificial Intelligence (AI) Market Size, Share, Growth Analysis, By Component(Platform, Services), By Technology(Machine Learning, Deep Learning), By Deployment(On-Premises and Cloud) - Industry Forecast 2024-2031

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

Global Conversational Artificial Intelligence (AI) Market Insights

Global Conversational Artificial Intelligence (AI) Market size was valued at USD 7.8 billion in 2022, and is projected to rise from USD 9.5 in 2023 to reach USD 48.81 billion by 2031, growing at a CAGR of 22.60% in the forecast period (2022-2031).

The market is growing as a consequence of technological development and advances in the area of artificial intelligence. In the market, there are a number of conversational AI solution providers that focus on developing chatbots and virtual assistants using open platforms with minimal user-specific characteristics. The market is also driven by the increasing adoption of omnichannel deployment methods and the low cost of chatbot applications.

Additionally, the rising use of AI-based customer services is driving market growth. Over the past few years, social media platforms like Facebook, Telegram, Twitter, Tumblr, and Skype have adopted conversational AI solutions. Many users, especially the younger generation, spend the majority of their time on social media platforms. Business and customer collaboration in branding and advertising go hand in hand. They help to spread product awareness via product reviews and the business' social network. The increasing use of bots by social media platforms has made it possible to employ conversational AI platforms that will facilitate the deployment of chatbots and virtual agents across various social media platforms.

However, some of the major restraints that are expected to stop the expansion of the conversation AI market have included a shortage of skilled professionals and a lack of awareness of the technology. The demand for conversational AI has increased as a result of COVID-19. In the conclusion, fewer people are working, particularly in, due to the widespread lockdowns and the growing popularity of working from home. The conversational AI has a number of advantages, including enhanced customer service, simple scalability, better data collection, and smaller average operational costs. The market is growing as a result of the increasing demand for assistance with customer service from banks, hospitals, and government organizations.

US Conversational AI Market is poised to grow at a sustainable CAGR for the next forecast year.

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Global Conversational Artificial Intelligence (AI) Market size was valued at USD 7.8 billion in 2022, and is projected to rise from USD 9.5 in 2023 to reach USD 48.81 billion by 2031, growing at a CAGR of 22.60% in the forecast period (2022-2031).

The competitive environment for global 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 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.'

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.

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.

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.

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