The global conversational AI market is expected to witness striking growth by 2031, due to the increasing adoption of conversational AI solutions in the BFSI sector. Regionally, the North America region is expected to hold the largest share of the market.
NEW YORK, March 14, 2023 /PRNewswire/ -- Global Conversational AI Market Forecast Analysis:
As per the report published by Research Dive, the global conversational AI market is anticipated to generate a revenue of $16,771.0 million by 2031 with a CAGR of 24.5% during the analysis timeframe from 2022 to 2031.
Segments of the Conversational AI Market Forecast Analysis:
The report has divided the conversational AI market into the following segments:
Deployment: cloud and on-premise
Type: chatbots and intelligent virtual assistant
Component: solution, services, and professional services
Organization Size: large enterprises, and small and medium enterprises
Technology: natural language processing (NLP), ML and deep learning, and automatic speech recognition (ASR)
End-User: BFSI, healthcare, IT and telecom, retail and e-commerce, education, media and entertainment, automotive, and others
Region: North America, Europe, Asia-Pacific, and LAMEA
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Segment | Sub-Segment |
Deployment | Cloud - To witness fastest growth by 2031 |
The increasing demand for cloud-based solutions for better privacy and safety of user information is expected to foster the growth of this sub-segment further. | |
Type | Chatbots - To hold a dominant market share by 2031 |
The increasing use of chatbots in numerous sectors including BFSI, education, e-commerce, and many others, and their use in improving consumer productivity and completing redundant activities is predicted to upsurge the sub-segment forward. | |
Component | Solution - To hold the highest market share by 2031 |
The easy implementation of conversational AI solutions and their increasing demand for revolutionizing employee and customer experience is expected to push the sub-segment forward. | |
Organization Size | Large Enterprises - To hold the largest market share by 2031 |
The increasing adoption of cutting-edge technologies by large organizations to upgrade obsolete infrastructure and incorporate security solutions and establish better communications with customers is expected to uplift the growth of the sub-segment further. | |
Technology | Natural Language Processing (NLP) - To register largest market share by 2031 |
The increasing implementation of NLP-based chatbots across organizations to increase their profitability and enhance customer experience along with simplifying business processes is predicted to augment the market sub-segment. | |
End-User | BFSI - To hold the maximum market share by 2031 |
Conversational AI imparts various benefits to the companies in the BFSI sector such as fraud detection, faster resolution time, generation of more conversions, and many others which are expected to propel the growth of the sub-segment. | |
Region | North America - To hold the dominant market share by 2031 |
The rapid development in e-commerce and the growing popularity of advanced technologies in the retail sector of this region are expected to drive the regional growth of the market in the analysis period. |
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Dynamics of the Conversational AI Market
With the increasing adoption of conversational AI solutions in the BFSI sector to improve customer engagement, the conversational AI market is expected to experience remarkable growth during the forecast period. Besides, the fundamental functions of the BFSI sector such as bank account details, loan queries, bank balance inquiries, and many others can be efficiently managed by chatbots which are expected to amplify the growth of the market over the analysis timeframe. However, the high installation costs of conversational AI along with the inability to handle complex queries might become the restraints in the growth of the market.
The rising demand for conversational AI solutions in the e-commerce sector to resolve consumer concerns, increase revenue, increase customer satisfaction, and many more are predicted to create wide growth opportunities for the market over the estimated period.
Covid-19 Impact on the Conversational AI Market
Though the outbreak of the Covid-19 pandemic has devastated several industries, it has had a positive impact on the conversational AI market. This is mainly because of the increasing adoption of chatbots across organizations and healthcare institutions during the pandemic. Moreover, the increased adoption of chatbots in the retail sector, especially in e-commerce sectors to provide user-friendly alternatives to customers and to handle their queries has increased the market growth over the crisis.
Key Players of the Conversational AI Market
The major players of the conversational AI market include
- Haptik
- Microsoft Corporation
- IBM Corporation
- Conversica Inc
- Oracle Corporation
- Baidu Inc.
- Google LLC.
- Artificial Solutions Holding ASH AB
- Amazon Web Services Inc.
- SAP ERP
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
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For instance, in April 2022, Gupshup, a leading conversational messaging platform announced its acquisition of Active.Ai, a renowned Conversational AI platform used by leading banks and fintech companies. With this acquisition, Gupshup aimed to strengthen its customer experience solutions for BFSI customers.
What the Report Covers?
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Conversational AI Market:
- Top 3 Conversational AI Platforms Available in 2023
- Conversational AI Market to Observe Significant Growth by 2031 Due to Company Acquisitions and Product Launches by Market Players, such as Microsoft Coproration, Haptik, and Others
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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