Categories: Market Research

Conversational AI Market Size and Forecast 2024-2033|Google LLC, International Business Machines Corporation (IBM), Amazon Web Services Inc., Artificial Solutions Holding ASH AB, Baidu Inc

Chatbot Evolution. Trends and Innovations in Conversational AI. Futuristic chatbot icon in action on black background. 3D render

Overview and Scope

Conversational AI is a type of artificial intelligence that allows users to engage with computer applications, such as advanced chatbots or AI chatbots, similar to the way they would interact with other humans. Conversational artificial intelligence (AI) is used to respond to queries, resolve issues, collect information, conduct transactions, and deliver services more quickly and efficiently.

Sizing and Forecast

The conversational ai market size has grown exponentially in recent years. It will grow from $9.43 billion in 2023 to $11.51 billion in 2024 at a compound annual growth rate (CAGR) of 22.1%. The growth in the historic period can be attributed to rise of messaging platforms, customer service automation, integration with business applications, user engagement and personalization.

The conversational ai market size is expected to see exponential growth in the next few years. It will grow to $26.88 billion in 2028 at a compound annual growth rate (CAGR) of 23.6%. The growth in the forecast period can be attributed to multimodal conversational interfaces, ai-powered voice assistants, industry-specific solutions, integration with virtual and augmented reality. Major trends in the forecast period include advancements in natural language processing (nlp), rise of virtual assistants and chatbots, integration with messaging platforms, multimodal conversations, voice-activated devices and smart speakers.

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Segmentation & Regional Insights

The conversational ai market covered in this report is segmented –

1) By Type: IVA, Chatbots

2) By Component: Platform, Services

3) By Deployment: Cloud, On-Premises

4) By Technology: Machine Learning, Deep Learning, NLP, Automated Speech Recognition

5) By End User: BFSI, Retail and E-commerce, Healthcare and Life Science, Travel and Hospitality, Telecom, Media and Entertainment, Other End-Users

North America was the largest region in the conversational AI market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the conversational ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

Increasing focus on customer engagement is expected to drive the conversational AI market. Customer engagement is the process of communicating with customers through various channels to strengthen relationships. Most businesses are focusing on increasing the customer experience to increase customer loyalty and revenue generation. According to the 2022 State of Customer Engagement Report published by Twilio, a US-based customer engagement platform for customized experiences, companies that invested in digital client engagement had revenue growth of 70% over the past two years. Conversational AI involves the use of messaging apps, speech-based assistants, and chatbots to automate conversation and provide personalized consumer engagement. Therefore, increasing focus on customer engagement will drive the conversational AI market growth.

Key Industry Players

Major companies operating in the conversational ai market report are Google LLC, International Business Machines Corporation (IBM), Amazon Web Services Inc., Artificial Solutions Holding ASH AB, Baidu Inc., Haptik, Microsoft Corporation, Oracle Corporation, SAP SE, Conversica Inc., Nuance Communications Inc., Rasa Technologies GmbH, Avaamo Inc., Kore. ai Inc., Cognitivescale Inc., Kasisto Inc., Creative Virtual Ltd., Inbenta Technologies Inc., Next IT Corporation, Verint Systems Inc., 24/7 Customer Inc., Botpress, Chatfuel, Clinc Inc., DigitalGenius Inc., Exceed. ai, Interactions LLC, LivePerson Inc., Mindmeld Inc., Pypestream Inc.

The conversational ai market report table of contents includes:

1. Executive Summary

2. Conversational AI Market Characteristics

3. Conversational AI Market Trends And Strategies

4. Conversational AI Market – Macro Economic Scenario

5. Global Conversational AI Market Size and Growt

26. South America Conversational AI Market

27. Brazil Conversational AI Market

28. Middle East Conversational AI Market

29. Africa Conversational AI Market

30. Conversational AI Market Competitive Landscape And Company Profiles

Top Major Players: