The ‘Global Conversational AI Market Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global conversational AI market, assessing the market on the basis of its segments like components, technologies, deployment modes, end uses, and major regions.
Conversational AI Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 6.3 billion
• Forecast CAGR (2023-2028): 20.1%
• Forecast Market Size (2028): USD 18.8 billion
Conversational AI (artificial intelligence) facilitates cost savings by making human intervention redundant for conversations and messages. It is much more efficient than humans and is immune to getting exhausted. In addition, this technology can collect more data in real-time which can allow a better understanding of potential customers.
The heightening adoption of conversational AI across the BFSI sector is driving the conversational AI market. The increasing inclination of banking institutions to engage more clients and introduce new policies is further increasing the adoption of conversational AI.
The increasing number of internet users and growing student traffic on knowledge-based websites are leading to an escalated usage of chatbots and virtual assistants. Additionally, the increasing adoption of smart electronic devices including mobiles, laptops, and tablets, among others are further expanding the opportunities for conversational AI systems on the internet. Moreover, the increasing adoption of cloud-based interactive software are witnessing increasing applications in enterprises which is a key factor driving the conversational AI market growth.
In terms of regions, North America occupies a significant market share. Robust digitalisation across developed economies such as the United States, coupled with the presence of major market players is driving market growth in the region.
Conversational AI Industry Definition and Major Segments
Conversational AI is defined as a type of technology which communicates with humans using chatbots or virtual assistants. Conversational AI uses data and language processing techniques which enables it to recognise human speech and respond accordingly, whether with specific responses or actions. This technology is widely used across industries such as BFSI, and healthcare, among others, which is driving the conversational AI market.
Based on component, the market can be segmented into:
The market can be broadly categorised based on technology into:
• Machine Learning and Deep Learning
• Natural Language Processing
• Automated Speech Recognition
By deployment mode, the market has been segmented into:
• On- Premises
The major end uses of the market are as follows:
• Banking, Financial Services, and Insurance
• Healthcare and Life Sciences
• Retail and E-commerce
• Travel and Hospitality
• Media and Entertainment
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Conversational AI Market Trends
The key trends in the conversational AI market include technological advancements across end use industries supported by rapid urbanisation and growing awareness about user-friendly technologies. For instance, the healthcare industry is generating a significant demand for conversational AI to bolster the comfort of patients and to improve the operational efficiency of hospitals. With the emergence of websites for hospitals, travel agencies, and media houses, chatbots and virtual agents are used to enable 24X7 interaction availability.
The rising demand for virtual assistants from the household sector, including Alexa, Siri, and Google Home is another crucial trend in the market. Rising disposable income, increasing harmony of residents and artificial intelligence, and rapid urbanisation are further expanding the opportunities for the conversational AI market.
The thriving retail and e-commerce industry is another key trend in the market and one of the largest end users of conversational AI. In e-commerce websites, conversational AI increases efficiency, bolsters sales, and enhances scalability. It has proven to be efficient and reliable in cases of discussing product damage, transactional issues, and managing customer data. Websites such as Amazon run on artificial intelligence and chatbots of these sites are accurate and user-friendly.
Key Market Players
The major players in the conversational AI market report are:
- Google LLC
- Microsoft Corporation
- Amazon Web Services (AWS)
- Oracle Corporation
- IBM Corporation
- Nuance Communications
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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