Conversational AI Market Size to Expand at a CAGR of 31.50% During 2023-2028

PRESS RELEASE

Published March 24, 2023

According to the latest report by IMARC Group “Conversational AI Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028“, The global conversational AI marketsize reached US$ 7.71 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 45.28 Billion by 2028, exhibiting a growth rate (CAGR) of 31.50% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Conversational artificial intelligence (AI) is a technology that allows users to interact with computer applications to accomplish specific tasks. It includes chatbots and virtual agents that engage with humans to offer solutions to various problems and complete tasks. It continuously improves its algorithms using a spontaneous feedback loop with ML processes. It integrates input generation, input analysis, dialogue management, and reinforcement learning to refine responses over time, ensuring high accuracy. It can provide answers to frequently asked questions (FAQs), troubleshoot issues, and even engage in small talk with users. As a result, conversational AI finds extensive applications in businesses to enhance their customer experience, provide personalized experiences for their targeted customers, and resolve customer support queries across the globe.

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Conversational AI Market Trends:

The global conversational AI market is primarily driven by increasing demand for the automation of business operations. Moreover, the surging adoption of AI-powered customer support services due to the rising need to save time and reduce costs associated with hiring employees is positively influencing the market growth. Additionally, the increasing usage of omnichannel deployment methods and the decreasing costs of chatbot applications are propelling the market growth. Furthermore, the rising use of conversational AI in the healthcare industry to gather patient data and obtain actionable insights required for healthcare professionals to provide personalized care and support is contributing to the market growth. Other factors, including widespread product adoption to help businesses communicate with their targeted audience, rapid expansion in the e-commerce industry, and increasing online shopping activities of individuals, are also anticipated to drive the market further.

Report Segmentation:

The report has segmented the market into the following categories:

Component Insights:

Platform
Services

Support and Maintenance
Training and Consulting
System Integration

Type Insights:

Intelligent Virtual Assistant (IVA)
Chatbots

Technology Insights:

Machine Learning
Deep Learning
Natural Language Processing
Automatic Speech Recognition

Deployment Insights:

Cloud-based
On-premises

Organization Size Insights:

Large Enterprises
Small and Medium-sized Enterprises

End User Insights:

BFSI
Retail and E-commerce
Healthcare and Life Science
Travel and Hospitality
Telecom
Media and Entertainment
Others

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

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Competitive Landscape:

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

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