Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "Conversational AI Market Size and Forecast 2020-2030 by Component, Type, Deployment, and Industry" report has been added to ResearchAndMarkets.com's offering.
The global conversational AI market is projected to grow from US$ 8.45 billion in 2022 to an anticipated US$ 39.55 billion by 2030. This represents an estimated CAGR of 21.3% over the eight-year period. Enhanced demand for AI-powered customer support and chatbot solutions, coupled with the adoption of omnichannel strategies, primarily drives this growth.
Key global economies are channeling efforts into the development and deployment of cutting-edge conversational AI solutions across diverse industries, thereby injecting vigor into the market growth.
A surge in the implementation of conversational AI across various sectors including automotive, marketing, e-learning, retail, and e-commerce is anticipated. E-commerce platforms, in particular, are propelling advancements in conversational AI technologies such as voice assistants and chatbots to keep pace with rising demand. Moreover, the growing customer engagement on social media platforms is expected to unlock innovative growth opportunities for conversational AI.
Competitive Landscape
The conversational AI market is characterized by a competitive and dynamic environment, with numerous well-established vendors vying for market prominence. Players with access to considerable financial and technical resources are likely to achieve competitive advantages. Major market participants have engaged in strategic advancements and product launches to solidify their market position. For instance, the introduction of Rasa's Generative AI-native enterprise platform signifies a leap in reducing AI assistant building complexity and enhancing customer interaction.
A selection of companies mentioned in this report includes, but is not limited to:
- Amazon Web Services Inc.
- IBM Corporation
- Google LLC
- Oracle
- SAP SE
- Microsoft Corp.
- Artificial Solutions International AB
- Cognigy
- Kore.ai Inc.
- Rasa Technologies Inc.
Development Milestones
Noteworthy developments in the industry include NoBroker's unveiling of CallZen.AI aimed at sharpening business customer interaction analytics. Similarly, Salesforce's enhancement of its AI technology Einstein with Copilot, an AI assistant integrated into Salesforce applications, propels productivity by interpreting natural language queries with reliable proprietary company data.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $8.45 Billion |
| Forecasted Market Value (USD) by 2030 | $39.55 Billion |
| Compound Annual Growth Rate | 21.3% |
For more information about this report visit https://www.researchandmarkets.com/r/ja53i5
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
