Dublin, April 17, 2023 (GLOBE NEWSWIRE) -- The "Global Conversational AI Market by Offering, Conversational Interface, Business Function (Sales & Marketing, HR, ITSM), Channel, Technology, Vertical (BFSI, Retail & eCommerce, Healthcare & Life Sciences) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The conversational AI market is expected to grow from USD 10.7 billion in 2023 to USD 29.8 billion by 2028, at a CAGR of 22.6% during the forecast period.
There are several commercial utilizes for artificial intelligence (AI) and machine learning. Moreover, the expansion of business across Asian countries would help to strengthen the dominance in the Conversational AI market and garner healthy financials. The integration of predictive analytics technologies and data sources, along with significant advancements in NLP, will soon enable businesses to extract meaningful insights from conversations in real-time.
The chatbots segment is anticipated to have the largest market size during the forecast period
A developing trend that will likely help businesses much when it is integrated into conversational AI is the use of artificial intelligence (AI) to power virtual assistants. The growth of the chatbots segment is attributed to the increasing demand for AI-powered chatbots for various use cases across verticals. The ChatGPT has the capacity to evaluate enormous data sets and offer timely insights. ChatGPT is an AI chatbot that response to the users written prompts and deliver new human-like text or images and videos generated by the AI.
The HR segment is registered to grow at the highest CAGR during the forecast period
Conversational AI can aid in streamlining the HR recruitment process by automating candidate screening, appointments, interactions, and selection through a contemporary conversational experience. It offers each employee a unique experience. In general, HR uses an average of five to ten systems to answer an employee question, produce a report, or create a business case. On the other hand, conversational AI-powered HR tools works as a seamless, cohesive unit that enables anyone to access information or carry out duties by simply making a simple request. It also assists in prioritizing an organization's strategic tasks.
Among Vertical, BFSI vertical is anticipated to have the largest market size during the forecast period
The increased penetration of smartphones and tablets has made it easy for BFSI stakeholders to deploy bots on various communication platforms to engage with customers. The increasing trend of deploying chatbots and virtual agents has resulted in enhanced RoI and increased customer acquisition, loyalty, and brand marketing. Some of the key functions of intelligent virtual assistants and chatbots in BFSI include account management, frequent customer alerts and reminders, credit and loan application updates, branch and ATM locators, insurance applications, and customer surveys. It also benefits customers in terms of financial advice, 24/7 access, product cross-selling, and payment transactions.
North America to account for the largest market size during the forecast period
North America is expected to have the largest market share in the conversational AI market. North America is one of the leading markets for Conversational AI in terms of market share. Organizations in various countries of this region have leveraged AI, ML, and deep learning technologies as a part of their ongoing business process to stay ahead in the market. The countries have a well-established economy, which enables conversational AI vendors to invest in new technologies. Furthermore, the region is regarded as the center of innovation where IT giants are rolling out new offerings, and aggressive collaborations are taking place pertaining to the conversational AI market.
Market Dynamics
Drivers
- Increasing Demand for AI-Powered Customer Support Services
- Omnichannel Deployment and Reduced Chatbot Development Cost
- Growing Focus on Customer Engagement and Retention
- Rising Demand to Embrace AI-Powered Digital Experience Across Government Sector
Restraints
- Privacy and Security Breaches
- Limitations of Voice Command Authentication
Opportunities
- Increasing Usage of Generative Models in Conversational AI
- Rising Demand for Conversational Commerce for Better Purchasing Experience and Streamlined Business Processes
- Integration of Advanced AI Capabilities to Add Value to Existing Conversational Ai Offerings
Challenges
- Apprehensiveness Over Disclosing Personal or Sensitive Information
- Lack of Accuracy in Resolving Queries
- Inability to Effectively Recognize Customer Intent and Behavior
- Dearth of Awareness
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 295 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $10.7 Billion |
| Forecasted Market Value (USD) by 2028 | $29.8 Billion |
| Compound Annual Growth Rate | 22.6% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Conversational AI Market, by Offering
6.1 Introduction
6.2 Solutions
6.2.1 Enhanced Business Operations and Operational Effectiveness to Drive Demand for Solutions
6.3 Services
6.3.1 Training and Consulting
6.3.1.1 Training and Consulting Services Play a Crucial Role in Managing Operations and Technology Updates
6.3.2 System Integration and Implementation
6.3.2.1 System Integration and Implementation Services to Gain Traction due to the Rising Need to Ensure Effective System Communication
6.3.3 Support and Maintenance
6.3.3.1 Demand for Support and Maintenance Services to Increase with Rising Conversational AI Deployment
7 Conversational AI Market, by Business Function
7.1 Introduction
7.2 Sales and Marketing
7.2.1 Growing Need to Recognize Customer Purchasing Patterns to Boost Demand for Conversational Ai Solutions
7.2.2 Sales and Marketing Applications
7.3 Finance and Accounting
7.3.1 Support for Tracking Outstanding Invoices and Automating Follow-Ups to Drive Emphasis on Conversational Ai
7.3.2 Finance and Accounting Applications
7.3.2.1 Customer Support
7.3.2.2 Procurement Management
7.3.2.3 Expense Tracking and Reporting
7.3.2.4 Data Privacy and Compliance
7.3.2.5 Other Finance and Accounting Applications
7.4 HR
7.4.1 Need to Automate Employee Engagement and Manage Complex Onboarding Processes to Drive Adoption
7.4.2 HR Applications
7.5 Operations and Supply Chain
7.5.1 Efficiency in Handling Complex Operations and Improved Productivity to Boost Adoption of Conversational Ai
7.5.2 Operations and Supply Chain Applications
7.6 ITSM
7.6.1 Potential to Streamline IT Processes and Hasten Query Resolution to Boost Adoption
7.6.2 ITSM Applications
8 Conversational AI Market, by Channel
8.1 Introduction
8.2 Channel: Market Drivers
8.3 Mobile Apps
8.3.1 Proliferation of Smartphones to Offer Opportunities for Solution Deployment
8.4 Telephones
8.4.1 Need to Facilitate Conversations Between Customers and Businesses to Boost Adoption of Conversational Ai
8.5 Messaging Apps
8.5.1 AI Use in Messaging Apps Shows Strong Potential to Enhance Consumer Experience
8.6 Emails and Websites
8.6.1 Growing Need to Provide Product Recommendations to Website Visitors to Drive Market Growth
9 Conversational AI Market, by Conversational Interface
9.1 Introduction
9.1.1 Conversational Interface: Market Drivers
9.2 Chatbots
9.2.1 Use of AI-Based Chatbots to Automate Conversations to Register Rapid Growth
9.3 IVR
9.3.1 Growing Adoption Across Enterprises and Industries to Boost Market
9.4 IVA
9.4.1 Rising Emphasis on Consumer Connection and Service to Propel Adoption of Iva
10 Market, by Technology
10.1 Introduction
10.2 Technology: Market Drivers
10.3 NLP
10.3.1 Need to Recognize Human Voices and Handle Queries Effectively to Drive Growth of Nlp
10.4 ML and Deep Learning
10.4.1 Growing Focus on Building and Maintaining Low-Code Apps to Drive Market
10.5 ASR
10.5.1 Rising Need to Handle Customer Services and Resolve Customer Queries Across Large Enterprises to Boost Growth
10.6 Other Technologies
11 Conversational AI Market, by Vertical
11.1 Introduction
11.1.1 Verticals: Market Drivers
11.1.2 Major Use Cases: by Vertical
11.2 BFSI
11.2.1 BFSI to Register Highest Adoption of Conversational Ai
11.3 Retail and Ecommerce
11.3.1 Increasing Deployment of Conversational AI Solutions Targeted at Boosting Engagement and Loyalty
11.4 Telecom
11.5 Media and Entertainment
11.5.1 Rising Demand for Personalized Customer Experience to Increase Adoption of Conversational Ai
11.6 Healthcare and Life Sciences
11.6.1 Emphasis on Improving Patient Management, Monitoring, and Experience to Support Usage of Conversational Ai
11.7 Travel and Hospitality
11.7.1 Emphasis on Automating Booking and Improving Schedule Management Indicates Potential for Ai
11.8 Automotive and Transportation
11.8.1 Focus on Driving Customer Awareness About Car Releases, Test Drives, and New Systems to Propel Market Growth
11.9 IT and ITES
11.9.1 High Requirements for Customer Care and Intense Competition to Push Users Toward Advanced Solutions
11.10 Other Verticals
12 Conversational Ai Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Adjacent and Related Markets
16 Appendix
Companies Mentioned
- Artificial Solutions
- Assemblyai
- Avaamo
- Aws
- Baidu
- Clinc
- Cognigy
- Conversica
- Creative Virtual
- Exceed.Ai
- Gupshup
- Haptik
- Ibm
- Inbenta
- Kasisto
- Kore.Ai
- Laiye
- Liveperson
- Microsoft
- Mindmeld
- Openai
- Oracle
- Pypestream
- Rasa
- Rulai
- Saarthi.Ai
- Sap
- Senseforth.Ai
- Solvvy
- Soundhound
- Yellow.Ai
For more information about this report visit https://www.researchandmarkets.com/r/6ijafy
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