Conversational Commerce Market is projected to reach a valuation of US$ 26,301.8 Mn by 2032

According to Future Market Insights, the global conversational commerce market is expected to grow at a CAGR of 15.6% during the forecast period of 2022 to 2032. The market is set to reach a valuation of US$ 26,301.8 Mn by the end of 2032. As per FMI, by 2022, it is projected to be valued at US$ 6,147.1 Mn.

Conversational commerce is one of the major aspects of e-commerce which deals with customer interaction by using chatbots, messenger applications, and social media. It allows brands or companies to better understand the concerns, issues, complaints, and requests of their clients and customers. This form of conversation can create a more natural, informal, and personalized communication between the two parties through which both parties can benefit.

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Key Takeaways: Conversational Commerce Market

By component, the solution segment reached a valuation of US$ 3,441.2 Mn in 2021.
By type, the chatbots segment is anticipated to lead the global market with a share of nearly 59.5% by 2032.
By deployment mode, the on-premises segment was worth US$ 3,147.3 Mn in 2021.
By enterprise size, the large enterprises segment dominated the market in 2021 with a valuation of US$ 2,971.0 Mn.
By business function, the sales segment was valued at US$ 1,538.9 Mn in 2021.

"Increasing penetration of the internet in regions like South Asia and Pacific is likely to boost the use of social media, thereby encouraging companies to communicate with their customers through conversational commerce. Besides, new solutions can help companies to address and clear repetitive questions, doubts, and prevent the exchange of false information," says a FMI analyst.

Investments by Companies to Launch Social Media Marketing Campaigns Will Aid Growth

Messaging applications like WhatsApp are equipped with various features that would help businesses to boost their growth. Social media platforms like Instagram allow companies to share updates, sell their products, and interact with customers online.

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Social media platforms are considered to be an ideal place for companies to market their products and services as their target customers are usually active on these platforms, especially if they are young. Being open to accepting messages from consumers, companies can allow the exchange of raw and direct messages.

This would further enable businesses to better understand various problems that their customers are facing to approach and solve the issue. Personalized interactions with customers can also help improve the brand image and enhance sales.

Conversational Commerce Market Outlook by Category

By Component:

Solution
Services
Training and Consulting Services
System Integration and Implementation Services
Support and Maintenance Services

By Type:

Chatbots
Intelligent Virtual Assistants
By Deployment Mode:

Cloud
On-Premises
By Enterprise Size:

Small and Mid-Sized Enterprises (SMEs)
Large Enterprises
By Business Function:

Sales
Finance
HR
Operations
IT Service Management

By Industry:

BFSI
Healthcare and Life Sciences
IT & Telecom
Retail and E-commerce
Travel and Hospitality
Media and Entertainment
Automotive
Others
By Region:

North America
Latin America
Europe
South Asia & Pacific
East Asia
Middle East & Africa
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Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition

3. Key Market Trends

3.1. Key Trends Impacting the Market

3.2. Solution Innovation / Development Trends

3.3. Key Success Factors

4. Pricing Analysis

4.1. Types of pricing models, By Solution

4.2. Global pricing analysis benchmark

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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients

This release was published on openPR.