LONDON, Jan. 16, 2023 /PRNewswire/ -- The Global Conversational AI Market was worth USD 8.24 Billion in 2022. It is anticipated for the industry to amass a valuation of USD 32.51 billion by 2028, registering a CAGR of 21.6% over the assessment timeline of 2022-2029.
Conversational AI is termed as a type of advanced AI based technology equipped with the ability to interact with users by understanding, processing, and responding to their language. It is basically created by an amalgamation of the natural language processing and machine learning technologies. Computer applications are being integrated with conversational AI techniques which in turn enables them to respond to user-based voice and text commands in a more natural way.
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Global Conversational AI Market Outlook (2022-2029)
The increasing adoption of smart devices, technological advancements in the field, and elevating demand for AI-powered customer support solutions are primarily augmenting the outlook of this business sphere.
Alongside, widespread digitalization, increasing number of chatbot and virtual assistant launches by tech pioneers, along with growing disposable income level of the masses are creating lucrative opportunities for this industry vertical to prosper.
Moreover, growing R&D activities in this sector, surging social media penetration, rising popularity of omnichannel conversational AI, and affordability of chatbot generation are adding momentum to the progression of this marketplace.
On the contrary, rising user data privacy concerns and dearth of awareness about the benefits of conversational AI are hindering the remuneration scope of this market.
The prominent players influencing the ongoing trends of the Global Conversational AI Market are Google, OpenAI (ChatGPT), Microsoft, Amazon Web Services Inc., IBM, Oracle, Nuance Communications Inc., FIS, SAP SE, Artificial Solutions, Kore.ai Inc., Avaamo, Conversica Inc., Jio Haptik Technologies Limited, Rasa Technologies Inc., Solvvy, Pypestream Inc., Kasisto, Cognigy, Inbenta Technologies Inc., Google LLC, AWS, Baidu, Creative Virtual, SoundHound, MindMeld, Kasisto, and Gupshup.
These aforementioned companies are striving to strengthen their grip in this intensely competitive market. They are boosting up their R&D activities to develop efficient technologies in the field and create better products than their competitors. Apart from that, they are trying to penetrate untapped regions to amplify their global reach.
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North America is slated to lead the market in terms of revenue share over the assessment timeline. This is attributable to the widespread internet proliferation, booming e-commerce sector, growing adoption of smart devices, along with the presence of prominent players.
Asia Pacific is slated to emerge as one of the top performing regions over the estimated timeframe of 2022-2029 owing to the rising technology adoption in the retail sectors, increasing adoption of virtual assistants in the healthcare industry, and widespread technological advancements in the field.
The services segment is set to amass notable gains over the forecast period. These services play a pivotal role in the deployment and functioning of conversational AI solutions.
The on-premise segment is projected to showcase lucrative growth trends over the conjecture timeframe owing to their cost effectiveness and flexible nature.
The NLP segment is predicted to account for a high volume share attributing to the ability of this technology to process a large volume of natural language based data.
The retail & e-commerce segment is presently leading the industry in terms of market share. This is due to the widespread internet proliferation, increasing instances of online shopping and growing adoption of smart devices.
Comparing the historical outlook and ongoing trends of this market
The Global Conversational AI Market has been registering a remarkable growth during the projected timeline due to the presence of various expansion propellants across the globe.
There has been a rising deployment of AI based chatbots and virtual assistants in the customer support services segment of various industries. It is evident that people always seek for help and suggestions from call centers and customer support units of various applications, websites, or companies. With widespread technological advancements, AI based entities are replicating human workforce in the customer support sector. Chatbots and virtual assistants integrated with conversational AI technologies can skilfully answer customer queries in real time without human intervention. This in turn enables organizations to reduce their overall operational costs and chances of human errors. These factors are stimulating the overall dynamics of this business sphere.
The outbreak of the COVID-19 pandemic has positively impacted the outlook of this industry. Due to the restrictions in numerous commercial activities caused by lockdown impositions, companies began to face immense pressure especially in terms of finances and workforce management. Since the mobility of the masses were restricted and most of the organizations shifted to an online mode of operation, people started relying on customer service departments and call centers to make product/service related queries. Instead of physically visiting a facility, people started communicating via web applications. For instance, in order to ask about the feasibility of a product, individuals connected with the customer support department of that particular company. This in turn pushed organizations to boost up their customer support unit. But due to financial issues, they had to adopt cost cutting measures as well. It is evident that conversational AI based chatbots and virtual assistants can offer human like responses to queries. Therefore, various firms began to deploy these entities instead of human employees to cater to the queries of the customers. These factors aided the expansion of this marketplace.
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In April 2021, Microsoft announced the acquisition of Nuance Communications with an aim to solidify its voice recognition technology and transcription portfolio.
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