Redding, California, Aug. 21, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing) - Global Forecast to 2030’, the global conversational AI market is projected to reach $43.7 billion by 2030, at a CAGR of 23.9% from 2023 to 2030.
Conversational AI is the branch of artificial intelligence that supports human-to-computer and computer-to-human interactions. Conversational AI plays an important role in the applications such as customer service, information technology service management, human resource management, sales & marketing management, operations and supply chain management, finance and accounting, and other applications. Conversational AI solutions help reduce the time and effort required by humans to perform various tasks. Conversational AI aims to learn from conversations to make digital systems easy and intuitive. Its services combine all the technologies such as natural language processing (NLP), machine learning, deep learning, and artificial intelligence with traditional software like chatbots, voice assistants, or voice recognition systems to help customers through spoken, written text, or typed interface.
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The growth of the conversational AI market is driven by the surge in demand for conversational AI solutions to improve call center operations and the proliferation of voice-enabled devices. However, a lack of accuracy in recognizing regional accents and dialects and low awareness about conversational AI solutions restrains the growth of this market. The high potential of AI-enabled voice assistants in the healthcare industry and the increasing proliferation of conversational AI solutions for sales and marketing management are expected to create growth opportunities for the players operating in the conversational AI market. However, data privacy and security concerns are a major challenge for market growth. Furthermore, AI chatbots with high emotional intelligence & the rise of voice-enabled assistants are the key trends observed in the conversational AI market.
The global conversational AI market is segmented by offering (solutions [chatbots, intelligent virtual assistant, speech recognition solutions, other conversational AI solutions], services (professional services, managed services), applications (customer service, information technology service management, human resource management, sales and marketing management, operations, and supply chain management, finance and accounting, other applications), organization size (large enterprises, small & medium-sized enterprises), deployment mode (cloud-based deployment, on-premise deployment), sector(IT & telecommunications, BFSI, retail & e-commerce, healthcare & life sciences, travel & hospitality, education, government & public sector, media & entertainment, energy & utilities, manufacturing, and other sectors). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on offering, the global conversational AI market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the largest share of the global conversational AI market. The large market share of this segment is attributed to the increasing focus on solution-centric automation capabilities, several solution providers investing in R&D, and the growing adoption of conversational AI solutions in various industries. This segment is also projected to register the highest CAGR during the forecast period.
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Based on application, the global conversational AI market is segmented into customer service, information technology service management, human resource management, sales and marketing management, operations and supply chain management, finance and accounting, and other applications. In 2023, the customer service segment is expected to account for the largest share of the global conversational AI market. The large market share of this segment is attributed to the growing demand for digital assistants and chatbots in customer service for answering FAQs, increasing usage of AI-powered chatbots or virtual assistants for account management, rising need to analyze customer queries or statements, and conversational AI for multilingual support. However, this segment is also projected to register the highest CAGR during the forecast period.
Based on organization size, the global conversational AI market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the global conversational AI market. The large market share of this segment is attributed to the keen focus on developing strategic IT initiatives by large enterprises, the growing need to handle large volumes of customer-level data, early adoption of advanced technologies in retail, manufacturing, healthcare, and automotive sectors, and the growing need for better insights into customer responses. However, the small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period.
Based on deployment mode, the global conversational AI market is segmented into cloud-based deployment and on-premise deployment. In 2023, the cloud-based deployment segment is expected to account for the largest share of the global conversational AI market. The large market share of this segment is attributed to the rising demand for benefits such as easy maintenance of customer data, cost-effectiveness, scalability, and growing demand for conversational AI solutions for multi-cloud deployments. Additionally, this segment is expected to register the highest CAGR during the forecast period.
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Based on sector, the global conversational AI market is segmented into IT & telecommunications, BFSI, retail & e-commerce, healthcare & life sciences, travel & hospitality, education, government & public sector, media & entertainment, energy & utilities, manufacturing, and other sectors. In 2023, the IT & telecommunications segment is expected to account for the largest share of the global conversational AI market. The large market share of this segment is attributed to the increasing adoption of AI solutions for fraud detection and prevention, the surge in demand for conversational AI to improve call center operations, exerting efforts by companies to launch chatbots for IT service management, rising need for network optimization and maintenance. Additionally, this segment is expected to register the highest CAGR during the forecast period.
Based on geography, the conversational AI market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global conversational AI market. The large share of this market is attributed to the presence of prominent players offering advanced conversational AI solutions & services, the growing demand for AI-powered customer support services, the growing usage of chatbots to provide efficient customer services, the increasing adoption of voice-enabled devices, and increased technological advancement across the region encourage consumers to install conversational AI solutions & services. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.
The key players operating in the global conversational AI market are Google LLC (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.) (U.S.), Oracle Corporation (U.S.), International Business Machine Corporation (U.S.), NVIDIA Corporation (U.S.), Baidu, Inc. (China), Verint Systems Inc. (U.S.), SAP SE (Germany), AT & T Inc. (U.S.), Conversica, Inc. (U.S.), AssemblyAI, Inc.(U.S.), Kore.ai Inc. (U.S.), OpenAI OpCo, LLC (U.S.), and DRUID S.A. (Romania)
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Scope of the Report
Conversational AI Market Assessment— by Offering
- Solutions
- Chatbots
- Intelligent Virtual Assistant (IVA)
- Speech Recognition Solutions (Text-to-Speech Software and Speech-to-Text Software)
- Other Conversational AI Solutions (Content Management Tools & Language Translation Tools)
- Services
- Professional Services
- Managed Services
Conversational AI Market Assessment— by Application
- Customer Service
- Information Technology Service Management
- Human Resource Management
- Sales and Marketing Management
- Operations and Supply Chain Management
- Finance and Accounting
- Other Applications (Conversational AI-enabled IoT Devices)
Conversational AI Market Assessment— by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Conversational AI Market Assessment— by Deployment Mode
- Cloud-based Deployment
- On-premise Deployment
Conversational AI Market Assessment—by Sector
- IT & Telecommunications
- BFSI
- Retail & E-commerce
- Healthcare & Life Sciences
- Travel & Hospitality
- Education
- Government & Public Sector
- Media & Entertainment
- Energy & Utilities
- Manufacturing
- Other Sectors (FMCG, Automotive & Transportation & Logistics)
Conversational AI Market Assessment— by Geography
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
-
- Asia-Pacific
-
- China
- Japan
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
-
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
-
- Middle East & Africa
-
- UAE
- Israel
- Rest of Middle East & Africa
-
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