According to the latest report by IMARC Group, titled “Conversational AI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global conversational AI market size reached US$ 7.71 Billion in 2022. Conversational AI refers to a form of artificial intelligence that enables individuals to engage with applications, websites, and devices utilizing voice, text, touch, or gesture inputs. It combines various technologies, such as natural language processing (NLP), deep learning, and machine learning to empower machines with the ability to comprehend and generate human language within a conversational context. It serves a crucial role in facilitating open and personalized interactions, as well as providing valuable business insights. It enables organizations to automate customer interactions, provide personalized recommendations, answer queries, and even perform complex tasks through voice or text-based conversations. As a result, it finds applications in numerous domains, including customer support, and voice assistants.
Global Conversational AI Market Trends:
The global market is majorly driven by the rising automation of business operations. Moreover, the proliferation of voice-activated devices, smartphones, smart speakers, and wearables is supporting the market as conversational AI technologies facilitate voice-based interactions, allowing users to perform tasks, access information, and control devices through voice commands. Apart from this, the growing preference for self-service among consumers is further catalyzing the market as AI-powered chatbots and virtual assistants enable self-service by providing instant responses, guiding users through processes, and offering personalized recommendations, reducing the need for human intervention. Besides, the increasing demand for conversational AI in the financial services, banking, and insurance (BFSI) industry for automating repetitive processes is impacting the market favorably. Furthermore, the increasing online shopping activities of individuals, coupled with the expanding e-commerce industry worldwide, is providing a boost to the market. Other factors, such as continual advancements in natural language processing (NLP) and machine learning, rising demand for multilingual support, and the growing popularity of messaging apps, are projected to propel the market further. Looking forward, the market value is projected to reach US$ 45.28 Billion by 2028, expanding at a CAGR of 31.50% during 2023-2028.
- Based on the component, the market has been segmented into platform and services (support and maintenance, training and consulting, and system integration). Currently, platform represents the largest market segment.
- On the basis of the type, the market has been divided into intelligent virtual assistant (IVA) and chatbots. Among these, chatbots exhibit a clear dominance in the market.
- Based on the technology, the market has been classified into machine learning, deep learning, natural language processing, and automatic speech recognition. At present, natural language processing accounts for the largest market share.
- On the basis of the deployment, the market has been bifurcated into cloud-based and on-premises. Currently, on-premises exhibit a clear dominance in the market.
- Based on the organization size, the market has been segmented into large, and small and medium-sized enterprises.
- On the basis of the end user, the market has been divided into BFSI, retail and e-commerce, healthcare and life science, travel and hospitality, telecom, media and entertainment, and others. Presently, retail and e-commerce exhibit a clear dominance in the market.
- Region-wise, the market has been segmented into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Among these, North America holds the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being 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., and SAP SE.
|Base Year of the Analysis
- Services: Support and Maintenance, Training and Consulting, System Integration
||Intelligent Virtual Assistant (IVA), Chatbots
||Machine Learning, Deep Learning, Natural Language Processing, Automatic Speech Recognition
|Organization Sizes Covered
||Large Enterprises, Small and Medium-sized Enterprises
|End Users Covered
||BFSI, Retail and E-commerce, Healthcare and Life Science, Travel and Hospitality, Telecom, Media and Entertainment, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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, etc.
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