Conversational AI Market worth $49.9 billion by 2030 - Exclusive Report by MarketsandMarketstm

CHICAGO, April 24, 2024 /PRNewswire/ -- Conversational AI's future is expected to include multimodal capabilities, improved natural language understanding, and tailored interactions with an emphasis on ethical and emotional intelligence. These systems will continuously learn from and adjust to user preferences as they satisfy societal requirements, automate more and more complicated jobs, and enable human-AI collaboration.

The Conversational AI Market is projected to grow from USD 13.2 billion in 2024 to USD 49.9 billion by 2030, at a compound annual growth rate (CAGR) of 24.9% during the forecast period, according to a new report by MarketsandMarketstm.

The conversational AI market is expected to grow significantly during the forecast period, owing to various business drivers like the increasing integration of computer vision and voice recognition technology to facilitate more in-depth and personalized interactions. Exponential growth of focus on customer engagement and retention and increasing integration of AI chatbots in messaging services, and growing emergence of generative AI is also responsible for driving the market's growth.

Browse in-depth TOC on "Conversational AI Market"

300 - Tables
78 - Figures
310 - Pages

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Scope of the Report

By Software by technology, the ML segment registers for the fastest growing market during the forecast period.

By software by technology, the Machine Learning (ML) segment is expected to register the second largest market size during the forecast period. ML has revolutionized the conversational AI market, empowering software to engage in human-like conversations, understand natural language inputs, and deliver personalized responses. These ML-based conversational AI systems utilize algorithms to analyze vast amounts of data, enabling them to continuously learn and improve their understanding and interaction capabilities. Several ML-based software types exist in the conversational AI market, including chatbots, virtual assistants, and voice assistants.

By services, professional services to register for the fastest growing segment during the forecast period.

The professional services segment of the conversational AI market is growing rapidly. The professional services in the conversational AI market encompass a range of offerings designed to assist businesses in leveraging AI technologies to enhance their customer interactions and operational efficiency. These services are provided by specialized firms, consultants, and agencies with expertise in developing, implementing, and optimizing conversational AI solutions tailored to each client's unique needs. One key aspect of professional services in conversational AI is strategic consulting.

By region, North America accounted for the largest market size during the forecast period.

The conversational AI market in North America has been experiencing robust growth, driven by several key factors. In North America, conversational AI solutions have experienced an uptrend in diverse industries, driven by several key factors, such as increasing demand for solution types for efficient customer support, customized interactions, and streamlined communication processes. A distinguished trend in North America is the fusion of generative and discriminative methods and hybrid conversational AI models, which ensure tasks such as language translation, picture classification, and NLP, boosting efficiency and effectiveness.

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Top Companies in Conversational AI Market

Microsoft (US), IBM (US), Google (US), OpenAI (US), Baidu (China), AWS (US), Artificial Solutions (Sweden), SAP (Germany), Oracle (US), Kore.ai (US), and other players. Startup/SMEs covered in the market include Twilio (US), Sprinklr (US), Boost.ai (Norway), Cognigy (Germany), Rasa (Germany), Saarthi.ai (India), Senseforth.ai (India), Yellow.ai (US), Exceed.ai (US), Clinc (US), Laiye (China), Rulai (US), Quiq (US), and Pypestream (US).

Recent Development

• In January 2024, IBM Consulting is rolling out IBM Consulting Advantage, an AI services platform designed to support IBM consultants in delivering consistency, repeatability, and speed to their clients. It includes a portfolio of proprietary methods, assets, and assistants that leverage technology from IBM and strategic partners. When using aspects of IBM Consulting Advantage in an application design, development, and testing client pilot, early adopter teams saw productivity improvements of up to 50%.
• In January 2024, Google Cloud's new conversational commerce solution, announced, can enable retailers to easily embed generative AI-powered virtual agents on their websites and mobile apps. Retailers can build virtual agents with helpful and nuanced conversations with shoppers using natural language and provide product options based on a shopper's preferences.
• In January 2024, IBM announced its collaboration with SAP to develop solutions to help clients in the consumer packaged goods and retail industries enhance their supply chain, finance operations, sales, and services using generative AI. With a shared legacy of technology expertise and the completed work of embedding IBM Watsonx, an enterprise-ready AI and data platform and AI assistants, into SAP solutions, IBM is working with SAP to create new generative and traditional AI solutions to be focused on addressing the complexities of the direct store delivery business process and product portfolio management.
• In January 2024, Open AI introduced ChatGPT Teams. ChatGPT Team offers access to advanced models like GPT-4 and DALL?E 3 and tools like Advanced Data Analysis. It includes a dedicated collaborative workspace for any team and admin tools for team management.
• In February 2023, Microsoft released an upgraded version of Microsoft Teams Premium. The upgrade includes the most recent technologies, such as Large Language Models powered by OpenAI's GPT-3.5, to make meetings more intelligent, personalized, and secure.

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Conversational AI Market Advantages

• Increased consumer engagement results from interactive, tailored communication made possible by conversational AI.
• Conversational AI improves client happiness and loyalty by offering timely responses and tailored support.
• Routine processes like support requests and customer questions can be automated to improve efficiency and optimize business operations.
• Automation lowers the need for human involvement in monotonous tasks, which saves money in support and customer service operations.
• Through consumer interactions, conversational AI produces insightful data that may be utilized for marketing, product development, and decision-making.
• Without requiring a major increase in personnel, conversational AI solutions can expand to manage high volumes of questions and support requests.
• Conversational AI systems may work around the clock, offering clients support and assistance whenever they need it, in contrast to human agents.
• More meaningful interactions can result from conversational AI's ability to provide customized responses based on past purchases, consumer preferences, and other pertinent information.

Report Objectives

• To define, describe, and predict the conversational AI market by offering (software and services), deployment mode, business function, integration mode, conversational agent type, vertical, and region
• To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
• To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the conversational AI market
• To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
• To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To profile key players and comprehensively analyze their market rankings and core competencies.
• To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the conversational AI market
• To analyze the impact of recession across all the regions across the conversational AI market

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