Conversational AI Market size was valued at USD 8.74 Bn. in 2022 and the total Conversational AI revenue is expected to grow by 21.5% from 2023 to 2029, reaching nearly USD 34.19 Bn.

Conversational AI Market Overview

Maximize Market Research offers a concise portrayal of the Conversational AI  Market, presenting the most recent glimpses of market dynamics. This aids in comprehending its characteristics through a summarized perspective of the Conversational AI market, accentuating key aspects. This overview serves as a valuable tool for clients seeking to grasp the prevailing landscape within the Conversational AI industry.

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Conversational AI Market Report Scope and Research Methodology 

The report presents a thorough examination of the size, growth, supply, demand, share, innovations, and recent advancements in the global Conversational AI market. Key stakeholders can utilize the provided statistics, tables, and figures, presented in easily understandable language, to facilitate strategic planning that contributes to the success of their organizations.

Furthermore, the report encompasses a detailed overview of market participants in the Conversational AI industry. This includes comprehensive profiles of companies, along with insights into their revenues, product specifications, production capacities/sales, pricing, and gross margin sales. Additionally, the report offers an extensive analysis of the competitive landscape within the Conversational AI market.

The assessment of the global and regional Conversational AI market size by value was conducted using a bottom-up approach. Both primary and secondary research methodologies were employed, and the resulting data from these approaches were combined to ensure the accuracy and reliability of the Conversational AI market report. The values presented in the report were gathered from industry experts and company representatives in the Conversational AI field. To ensure their credibility, these values were cross-validated through an analysis of historical data pertaining to the relevant product types and applications, thereby establishing an appropriate and comprehensive Conversational AI market size.

To characterize and evaluate the competitive landscape of the Conversational AI market, the report employs SWOT analysis and Porter's Five Forces Analysis. These tools aid in defining and analyzing market competition, with a particular emphasis on global key players.

Conversational AI Market Regional Insights

The report helps clients to understand the Conversational AI market structure by providing detailed information of key players in each key country. It is a clear representation of local energy, economic, political and geographic variables that is essential for any meaningful assessment of possible policy options in response to the development of the Conversational AI market in each region. North America, Asia Pacific, Europe, South America and the Middle East and Africa are all the regions included in the report. 

Conversational AI Market Segmentation

The Solutions category dominated the global Conversational AI Market in 2022, accounting for nearly 50% of the market by component, and is predicted to continue dominating the market at the end of the forecast period. Professional services and Managed services segments are anticipated to increase quickly during the projected period. Large-scale adoption of internal conversational AI technology by enterprises is attributed to the segment's overwhelming share. AI-enhanced support options may offer users system availability and round-the-clock assistance, enabling businesses to deliver dependable customer service. As a result, the populace is impressed, and demand gradually rises. The services are necessary for conversational AI systems to function well. The variety and richness of human languages contribute to the frequent difficulty of human relationships.

In terms of revenue, the chatbots segment accounted for around half of the market in 2022, and it is anticipated that it would continue to dominate for the duration of the forecast period.

This is as a result of its ability to significantly improve customer service. The majority of their use is for data collection. Customers can communicate with chatbots to set up appointments, request information, or obtain clarification on any service or product. Digital assistants and chatbots with limited user-personalized features are being produced by a variety of conversational AI service providers in the market.

Because the retail and e-commerce sectors would better serve clients by employing persuading, illustrative, and intelligent conversational AI tools and strategies, the segment for retail and e-commerce is anticipated to rise quickly during the projected period. Based on a number of variables, including the usage of AI chatbots in the financial and banking services business, which are used to help customers make secure payments and participate in conversation, it is predicted that the BFSI category would grow significantly during the projected period. Sending notifications directly to clients and banks in the event of any suspected fraud is likely to occur, as well as supporting staff members who engage in challenging tasks, are a few more components.

1 Global Conversational AI Market, by Component (2022-2029)
• Solutions
• Services
• Professional Services
2 Global Conversational AI Market, by Type (2022-2029)
• Chatbots
• Intelligent Virtual Assistants (IVA)
3 Global Conversational AI Market, by Deployment Mode (2022-2029)
• Cloud
• On-premises
4 Global Conversational AI Market, by Technology (2022-2029)
• ML and Deep Learning
• Natural Language Processing (NLP)
• Automatic Speech Recognition (ASR)
5 Global Conversational AI Market, by Vertical (2022-2029)
• Banking Finance Services and Insurance (BFSI)
• Healthcare and Life Sciences
• IT and Telecom
• Retail and eCommerce
• Travel and Hospitality
• Media and Entertainment
• Automotive
• Others (government, education, energy and utilities, and manufacturing)

 

 

 

 

 

 

 

 

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Conversational AI Market Key Players

1. Google
2. Microsoft
3. Amazon Web Services, Inc.
4. IBM
5. Oracle
6. Nuance Communications, Inc.
7. FIS
8. SAP SE
9. Artificial Solutions
10. Kore.ai, Inc.
11. Avaamo
12. Conversica, Inc.
13. Jio Haptik Technologies Limited
14. Rasa Technologies Inc.
15. Solvvy
16. Pypestream Inc.
17. Kasisto
18. Cognigy
19. Baidu, Inc.

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Key questions answered in the Conversational AI Market are:

  • What are the Conversational AI Market segments?
  • Which Conversational AI market segment is expected to grow rapidly during the forecast period?
  • Who are the top players in the Conversational AI industry?
  • What is the expected Conversational AI Market size by 2029?
  • What was the Conversational AI Market size in 2022?
  • Which region is expected to grow at a high CAGR during the forecast period?
  • Which region held the largest Conversational AI market share in 2022? 

Key Offerings:

  • Market Overview
  • Market Share
  • Market Size 
  • Forecast by Revenue | 2023−2029
  • Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
  • Market Segmentation – A detailed analysis by segments, sub-segments and region
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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