Conversational AI Market Size to Reach USD 32.62 Billion by 2030 at CAGR 20.0% - Valuates Reports
BANGALORE, India, Oct. 13, 2021 /PRNewswire/ -- The Conversational AI Market is Segmented By Component (Platform and Services [Support and Maintenance, Training and Consulting, and System Integration]), Deployment (Cloud and On-Premises), Type (IVA and Chatbots), Technology (Machine Learning, Deep Learning, NLP, and Automated Speech Recognition), and End User (BFSI, Retail & Ecommerce, Healthcare & Life Science, Telecom, Media & Entertainment, and Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2030. It is published in Valuates Reports under Software Category.
The global conversational AI market size was valued at USD 5.78 Billion in 2020 and is projected to reach USD 32.62 Billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 20.0% from 2021 to 2030.
Major Factors Driving The Growth Of The Conversational Ai Market Are
The conversational AI market is predicted to rise due to an increase in demand for AI-based chatbot solutions and artificial intelligence-powered customer support services.
During the forecast period, the conversational AI market is anticipated to benefit from an increase in the deployment of omnichannel approaches as well as an increase in client involvement through social media platforms.
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Trends Influencing The Growth Of The Global Conversational Ai Market
Conversational AI market growth is likely to be boosted by technological advancements such as natural language processing and the expanding 'Chat first' strategy adopted by the service industry.
Staffing a customer service department can be costly, especially if problems must be addressed outside of typical business hours. Small and medium-sized enterprises can save money on salaries and training by providing customer assistance using conversational interfaces. Chatbots and virtual assistants can respond instantly, allowing potential consumers to contact you at any time of day or night. Thus the cost-efficient feature is expected to drive the growth of the conversation AI market.
Increasing demand for AI-powered customer support services is expected to increase the growth of the conversational AI market. Enterprises' attention has turned away from offering customer care via emails or messages and toward AI-powered chatbots that help them improve customer experience and engagement. NLP technology is used by AI-powered chatbots to conduct human-like interactions and provide real-time assistance to clients. AI-enabled chatbots and virtual agents can also be used to automate repetitive and manual activities including order placement, balance inquiries, general queries, technical assistance, and other customer services.
COVID-19's outbreak accelerated the expansion of the conversational AI market and it is predicted to continue at a rapid pace by the end of 2021. During the projection period, the conversational AI market will rise due to an increase in the usage of chatbot solutions in the healthcare, retail & ecommerce, and telecommunications sectors.
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Conversational Ai Market Share Analysis
Based on deployment, in 2020, the cloud category generated the most revenue, and it is expected to gain substantial market share over the projected period.
Based on type, in 2020, the chatbots sector will ave the greatest market share, and it is predicted to increase at a fast rate from 2021 to 2030.
Based on technology, the NLP category dominated the market in 2020, and this trend is likely to continue during the forecast period.
Based on end-user, the retail & e-commerce segment was the most dominating in 2020, and it is expected to expand significantly during the projected period.
Based on region, North America accounted for the largest share of the market in 2020, with more than 41.4 percent. The use of interactive voice response system solutions in the retail and e-commerce sectors is likely to drive the conversational AI business in this region to new heights. Furthermore, in North America, a surge in demand for chatbot technology in the hospitality and healthcare industries is expected to boost conversational AI market trends.
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Conversational AI Market Leaders
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- Conversational AI Platforms Market contains segmentation By Type (Cloud-Based, On-Premise), By Application (Large Enterprises(1000+ Users), Medium-Sized Enterprise(499-1000 Users), Small Enterprises(1-499 Users)) and Regional
- Chatbot Market contains segmentation By Type (Standalone, Web-based, Messenger-based), By Application (Healthcare, Retail, Banking, Financial Services, and Insurance (BFSI), Media and Entertainment, Travel & Tourism, E-commerce, Others) and Regional
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- Conversational Marketing Platform Market contains segmentation By Type (Monthly Subscription, Annual Subscription), By Application (SME (Small and Medium Enterprises), Large Enterprise) and Regional
- AI Development Service Market contains segmentation By Type (Online Service, Offline Service), By Application (Large Enterprises, SMEs) and Regional
- AI Software Platforms Market contains segmentation By Type (Cloud-based, On Premises), By Application (General-purpose AI Platforms, Conversational AI Platforms) and Regional
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