Conversational AI Market worth $49.9 billion by 2030, growing at a CAGR of 24.9%: Report by MarketsandMarkets
/EIN News/ -- Chicago, May 06, 2024 (GLOBE NEWSWIRE) -- The global Conversational AI Market size is anticipated to grow at a CAGR of 24.9% during the forecast period, from USD 13.2 billion in 2024 to USD 49.9 billion by 2030, according to a new report by MarketsandMarkets™.
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Due to various business drivers, the conversational AI market is expected to grow significantly during the forecast period. The market is experiencing significant growth due to increasing integration of AI chatbots in messaging services, increasing integration of computer vision and voice recognition technology to facilitate more in-depth and personalized interactions. The emergence of generative AI and exponential growth of focus on customer engagement and retention is also responsible for driving the market’s growth.
Conversational AI Market Dynamics:
Drivers:
- Increasing integration of AI chatbots in messaging services
- Growing use of AI-based customer services
- Omnichannel deployment and reduced chatbot development cost
- Growing focus on customer engagement and retention
- Rising demand to implement AI-powered digital experience across government sector
Restraints:
- Lack of awareness regarding benefits of conversational AI
- Vulnerability to privacy and security breaches
- Limitations of voice authentication
Opportunities:
- Integration of computer vision with voice recognition technology to facilitate in-depth and personalized interactions
- Emergence of generative AI
List of Key Players in Conversational AI Market
- Microsoft
- IBM
- OpenAI
- Baidu
- AWS
- Artificial Solutions
- SAP
- Oracle
- Kore.ai
Conversational AI is a cutting-edge field focused on developing computer systems that engage in human-like conversations. It integrates natural language processing, machine learning, and dialogue management advancements to create highly intelligent bots for text and voice interactions. Conversational AI is revolutionizing various industries by facilitating exceptional brand experiences through multiple channels, including websites, mobile apps, and messaging platforms.
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Based on the offering, the conversational AI market is segmented into software and services. The software segment is further segmented into software by technology and software by modality. The software segment is expected to garner a higher revenue during the forecast period. As businesses increasingly recognize the value of conversational AI in enhancing customer experiences, streamlining operations, and driving revenue growth, demand for comprehensive solutions that encompass both software platforms and associated services is on the rise. Concurrently, services such as training & consulting, support & maintenance, and system integration & implementation services play a crucial role in helping businesses maximize the effectiveness of their conversational AI investments.
Based on software by deployment mode, the segment has been bifurcated in cloud and on-premises. The cloud segment is expected to garner a higher revenue during the forecast period. Cloud deployment offers numerous advantages, including scalability, flexibility, cost-effectiveness, and ease of implementation and maintenance. As businesses increasingly prioritize agility and accessibility, cloud-based conversational AI solutions are becoming the preferred choice. They allow organizations to deploy AI-powered conversational agents rapidly, integrate them with existing systems and data sources, and scale them as needed to meet evolving business requirements.
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Based on business function, the segment has been bifurcated into sales & marketing, operations & supply chain, finance & accounting, Human Resources (HR), and IT Service Management (ITSM). Sales & Marketing business function segment holds a significant market share, while the operations & supply chain segment is expected to grow rapidly due to the need for deeper insights across the value chain. Conversational AI solutions are revolutionizing the way businesses engage with customers, generate leads, and drive sales. With advancements in NLP and ML, companies can deploy chatbots and virtual assistants to deliver personalized experiences, automate lead qualification, and streamline sales processes.
The conversational AI market has been segmented into five regions: North America, Europe, the Middle East & Africa, the Asia Pacific, and Latin America. The North American market for conversational AI is driven by the increasing demand for personalized customer experiences, the rise of eCommerce and digital transformation initiatives, and the presence of key market players and technology hubs. Europe is experiencing significant growth in the conversational AI market driven by increasing investments in AI research and development, regulatory initiatives promoting digital transformation, and adopting AI-powered solutions in healthcare, automotive, and banking sectors.
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