CONVERSATIONAL AI MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The conversational AI market is estimated to be valued at USD 10.65 Bn in 2024, growing at a compound annual growth rate (CAGR) of 22.6% from 2024 to 2031.

Conversational AI is the integration of artificial intelligence and natural language processing technologies to enable engaging dialogue between machines and humans. By understanding human speech and responding appropriately through text or speech, conversational AI aims to make interactions with technology more natural and intuitive. As users demand more engaging digital experiences, companies across industries are exploring ways to deploy conversational interfaces through messaging platforms, voice assistants, chatbots, and other applications. Advancing capabilities in areas, such as machine translation, semantic parsing, and dialogue management, are expanding the scope of tasks that conversational AI systems can perform and are driving broader adoption.

Market Dynamics:

The global conversational AI market is driven by the growing demand for enhanced customer support and experience. As consumers expect seamless engagement with brands across different channels, companies are leveraging conversational AI to offer engagement options like voice assistants, messaging bots, and virtual agents. Additionally, the increasing deployment of AI voice assistants in smart home devices, smartphones, and IoT applications is supplementing the market growth. However, limited AI capabilities for complex conversational tasks and data privacy concerns pose significant challenges for widespread adoption. On the other hand, the market presents opportunities for vendors to improve AI technologies for more human-like interactions and incorporate advanced capabilities like semantics, vision, and reasoning. The integration of conversational AI with other technologies such as AR/VR also provides an avenue for new use cases and solutions.

Key features of the study:

• This report provides an in-depth analysis of the global conversational AI market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global conversational AI market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include Google, Microsoft, Amazon Web Services, Inc., IBM, Oracle, Nuance Communications, Inc., FIS, SAP SE, Artificial Solutions, Kore.ai, Inc., Avaamo, Conversica, Inc., Jio Haptik Technologies Ltd., Rasa Technologies Inc., Solvvy, Pypestream Inc., Kasisto, Cognigy, MindMeld, and Creative Virtual.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global conversational AI market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global conversational AI market.

Market Segmentation:

• By Component
  • Solutions
  • Services
    •  Managed Services
    • Professional Services
      • Training & Consulting
      • System Integration & Implementation
      • Support & Maintenance
• By Type
  • Chatbots
  • Intelligent Virtual Assistant (IVA)
• By Deployment
  • On-premises
  • Cloud
• By Enterprise Size
  • SMEs
  • Large Enterprise
• By End-use Industry
  • BFSI
  • Healthcare
  • IT & Telecom
  • Retail & E-commerce
  • Education
  • Media & Entertainment
  • Automotive
  • Others
• By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa
• Key Players
  • Google
  • Microsoft
  • Amazon Web Services, Inc.
  • IBM
  • Oracle
  • Nuance Communications, Inc.
  • FIS
  • SAP SE
  • Artificial Solutions
  • Kore.ai, Inc.
  • Avaamo
  • Conversica, Inc.
  • Jio Haptik Technologies Ltd.
  • Rasa Technologies Inc.
  • Solvvy
  • Pypestream Inc.
  • Kasisto
  • Cognigy
  • MindMeld
  • Creative Virtual