Newark, Sept. 04, 2024 (GLOBE NEWSWIRE) -- The global conversational AI market was valued at USD 10.57 billion in 2023 and growing at a CAGR of 24.9% from 2024 to 2033. The market is expected to reach USD 97.64 billion by 2033.
The conversational ai market is focused on developing systems that allow natural, intuitive conversations between machines and humans. These systems are powered by technologies such as Natural Language Processing (NLP), Machine Learning (ML), and Automatic Speech Recognition (ASR). The market has been rapidly expanding due to the growth of AI-driven customer support, chatbots, and virtual assistants, particularly across industries such as retail, healthcare, automotive, and BFSI.
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Recent Developments
Recent developments in the market include the introduction of OpenAI's GPT Mentions in January 2024 and the launch of Google's generative AI chatbot Bard in 2023. Baidu introduced its chatbot, Ernie Bot, and Vision state Corp unveiled ViCCi 2.0, a conversational AI-p.owered kiosk. These innovations highlight the ongoing integration of conversational AI into diverse consumer and enterprise applications.
Market Drivers
1. Growth of AI-Powered Customer Support: Many businesses are leveraging conversational AI to provide 24/7 customer service and personalized customer experiences, particularly in e-commerce and retail.
2. Technological Advancements: Continuous advancements in NLP and ASR technologies are making conversations more accurate, contextual, and human-like, driving adoption.
Market Restraints
1. Data Privacy and Security Concerns: As AI systems collect massive amounts of user data, concerns around data breaches and unauthorized access can limit adoption, especially in sensitive sectors like healthcare and banking.
2. Lack of Contextual Understanding: Despite advancements, some conversational AI systems still struggle with understanding complex or context-specific inputs, which can lead to suboptimal user experiences.
Market Opportunities
1. Integration Across Verticals: Conversational AI is increasingly being adopted in industries like healthcare, where AI chatbots are transforming patient interaction and care delivery. Other verticals such as automotive and media & entertainment are also exploring more sophisticated conversational AI integrations.
2. Growing Adoption in APAC: The Asia Pacific region is expected to see rapid growth due to the digital transformation of sectors like retail and BFSI, combined with the increasing number ofinternet users and smart devices.
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Report Scope and Segmentation -
| Report Coverage | Details |
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 10.57 Billion |
| Market size value in 2033 | USD 97.64 Billion |
| CAGR (2024 to 2033) | 24.9% |
| Forecast | 2024-2033 |
| No. of Pages | 237 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Type, End-User Industry |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
Regional Segmentation Analysis
• North America: Dominates the market due to high technological adoption and investment by tech giants like Google, Amazon, and Microsoft. The region's robust infrastructure and widespread use of AI-powered solutions across industries give it a leadership edge.
• Asia Pacific: Anticipated to grow the fastest, driven by digitalization efforts in China and India, along with strong government initiatives like 'Digital India' and 'Made in China 2025'. The region is seeing a surge in startups and tech innovations related to conversational AI.
This growing market is expected to experience significant growth in the coming years, with an increasing focus on developing more sophisticated AI that can better understand and engage with users across various industries and regions.
About the report:
The global conversational AI market is analysed based on value (USD trillion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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