IMARC Group, a leading market research company, has recently released a report titled “Conversational AI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The study provides a detailed analysis of the industry, including the conversational AI market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the Conversational AI Market?
The global conversational AI market size reached US$ 7.71 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 45.28 Billion by 2028, exhibiting a growth rate (CAGR) of 31.50% during 2023-2028.
What is Conversational AI?
Conversational AI is a technology that allows users to interact with computer applications to accomplish specific tasks. It encompasses advanced chatbots and virtual agents that engage with humans to provide solutions for various problems and achieve desired objectives. By leveraging vast amounts of data, machine learning (ML), and natural language processing (NLP), conversational AI strives to simulate human interactions, comprehend speech and text inputs, and even translate them into different languages. It leverages a dynamic feedback loop with ML processes to constantly enhance AI algorithms. It combines input generation, input analysis, dialogue management, and reinforcement learning to refine its responses over time, resulting in high accuracy. It also excels in answering frequently asked questions (FAQs), troubleshooting issues, and engaging in small talk with users. Businesses widely utilize it to enhance customer experiences, personalize interactions for specific target audiences, and efficiently resolve customer support tickets. Since it boosts productivity, saves time, and reduces costs, conversational AI is gaining immense traction among enterprises across the globe.
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What are the growth prospects and trends in the conversational AI industry?
The global conversational AI market is primarily driven by the increasing automation of business operations as organizations seek efficient solutions to streamline their processes. Moreover, the surging adoption of AI-powered customer support services due to the rising awareness among companies about their time- and cost-saving benefits compared to traditional employee-based support systems is positively influencing the market growth. Along with this, the escalating use of conversational AI by businesses to embrace new communication techniques and effectively engage with their target audience is another major growth-inducing factor. Besides this, rapid growth in the e-commerce industry and the increasing online shopping activities of individuals have accelerated the product adoption rate. Additionally, the widespread adoption of omnichannel deployment methods and the declining costs of chatbot applications are propelling the market growth. Furthermore, the rising utilization of conversational AI in the healthcare industry, as it plays an important role in gathering patient data, scaling operations, and extracting actionable insights that help healthcare professionals enhance patient experiences and provide personalized care and support, is contributing to market growth. Apart from this, the augmenting demand for conversational AI in the banking, financial services, and insurance (BFSI) sector to automate repetitive processes and tasks that typically require substantial time and human resources has catalyzed the market growth. In addition, the increasing use of conversational AI solutions by public sector organizations to elevate the citizen experience owing to the shifting focus of governments toward enabling broad-scaled digital transformation has catalyzed market growth. Other factors, including the significant growth of digital-native population, increasing customer engagement through social media platforms, and the rapid proliferation of mobile devices, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Component Insights:
- Platform
- Services
- Support and Maintenance
- Training and Consulting
- System Integration
Type Insights:
- Intelligent Virtual Assistant (IVA)
- Chatbots
Technology Insights:
- Machine Learning
- Deep Learning
- Natural Language Processing
- Automatic Speech Recognition
Deployment Insights:
- Cloud-based
- On-premises
Organization Size Insights:
- Large Enterprises
- Small and Medium-sized Enterprises
End User Insights:
- BFSI
- Retail and E-commerce
- Healthcare and Life Science
- Travel and Hospitality
- Telecom
- Media and Entertainment
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Amazon Web Services Inc. (Amazon.com Inc.)
- Artificial Solutions
- Avaamo Inc.
- Conversica Inc.
- Creative Virtual Ltd.
- Google LLC (Alphabet Inc.)
- Gupshup
- International Business Machines Corporation
- Jio Haptik Technologies Limited (Reliance Industries Limited)
- Kore.ai Inc.
- Nuance Communications Inc. (Microsoft Corporation)
- Oracle Corporation
- Rasa Technologies Inc.
- SAP SE
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