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conversational AI market size was valued at $5.78 billion in 2020 and is projected to reach $32.62 billion by 2030 - Valuates Reports
The global conversational AI market size was valued at $5.78 billion in 2020 and is projected to reach $32.62 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 20.0% from 2021 to 2030. Conversational artificial intelligence is a set of techniques designed to empower computer applications to process, understand, and respond to user voice and text commands in a natural way. Moreover, conversation AI is an enhanced form of artificial intelligence that allows users to interact with devices, websites, and applications through touch, text, and gesture information.The on-premises segment has been adversely impacted by the emergence of the COVID-19 pandemic.
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Conversational AI Market Report, Size, Trends, Global Analysis 2030
Conversational AI is intended to be used in a combination with intelligent virtual agents or chatbots to interact with a complex system in a faster and reliable way. Further, applied conversational artificial intelligence requires the combination of art and science to create a digital application that incorporates relevance, context, and personalization within an interaction between human and computer.
Conversational artificial intelligence unites machine learning technology with natural language processing (NLP). NLP is designed to flow into a constant loop with machine learning processes to continuously enhance AI algorithms. Subsequently, machine algorithms advance their response quality over time with improvement in learning.
The conversational AI market share is expected to witness notable growth during the forecast period, owing to rise in demand for AI-powered customer support services. Furthermore, rise in demand for AI-based Gartner chatbots solutions has driven the growth of the market. Moreover, surge in deployment of omnichannel methods is expected to propel the conversational AI market growth during the forecast period. However, lack of awareness about conversational artificial intelligence solutions restrains the market growth. On the contrary, rise in customer engagement through social media platforms is expected to provide lucrative opportunities for the growth of the conversational AI market during the forecast period.
Conversational AI Market By Component
The outbreak of COVID-19 has significantly boosted the growth of the conversational artificial intelligence-based technology, such as conversational bot, in 2020 and is expected to witness relatively high growth by the end of 2021. However, the market was principally hit by several obstacles created amid the COVID-19 pandemic such as lack of skilled workforce availability paired with partial or complete lockdown globally. In contrast, surge in adoption of chatbot solutions across healthcare, retail & e-commerce, and telecommunication sectors is driving the growth of the conversational AI market during the forecast period.
Key Benefits For Stakeholders
This study comprises analytical depiction of the conversational AI market size along with the current trends and future estimations to depict the imminent investment pockets.
The overall conversational AI market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current conversational AI market forecast is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency.
Porter's five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
The report includes the market share of key vendors and conversational AI market trends.
Conversational AI Market Key Segments
Conversational AI Market by Component
➣Platform
➣Services
➣Support and Maintenance
➣Training and Consulting
➣System Integration
Conversational AI Market by Deployment
➣Cloud
➣On-Premises
Conversational AI Market by Type
➣IVA
➣Chatbots
Conversational AI Market by Technology
➣Machine Learning
➣Deep Learning
➣NLP
➣Automated Speech Recognition
Conversational AI Market by End-User
➣BFSI
➣Retail & E-commerce
➣Healthcare & Life Science
➣Travel & Hospitality
➣Telecom
➣Media & Entertainment
➣Others
Major Players in the Conversational AI Market
➣Amazon Web Services, Inc.
➣Artificial Solutions Holding ASH AB
➣Baidu, Inc.
➣Conversica Inc.
➣Haptik
➣IBM Corporation
➣Microsoft Corporation
➣Oracle Corporation
➣Google LLC
➣SAP ERP
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