Richmond, Jan. 02, 2024 (GLOBE NEWSWIRE) -- According to a research report “Conversational AI Market” 2030, By Offering, Type, Organization Size, Technology, Business Function, ,End-use Vertical and Region - Global Forecast to 2030
Global Conversational AI Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 7.61 Billion |
| Market size value in 2030 | USD 34.7 Billion |
| CAGR (2023-2030) | 20.9% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Offering, Type, Organization Size, Technology, Business Function, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Conversational AI Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
Conversational artificial intelligence involves a set of techniques aimed at enabling computer applications to process, comprehend, and naturally respond to user voice and text commands. Additionally, it represents an advanced form of artificial intelligence that facilitates user interaction with devices, websites, and applications through touch, text, and gesture inputs. The conversational AI market is experiencing growth driven by increased demand for solutions to enhance call center operations and the widespread use of voice-enabled devices. Nevertheless, challenges such as inaccuracies in recognizing regional accents and dialects, coupled with limited awareness about conversational AI solutions, impede market expansion. Despite these obstacles, there are growth opportunities in the healthcare industry with AI-enabled voice assistants and the expanding use of conversational AI in sales and marketing management. However, concerns related to data privacy and security pose significant challenges to market growth. Additionally, notable trends in the conversational AI market include the development of AI chatbots with high emotional intelligence and the rising prominence of voice-enabled assistants.
Major vendors in the global Conversational AI market:
- Amazon Web Services, Inc.
- Avaamo
- Baidu
- Cognigy
- Conversica, Inc.
- Creative Virtual
- Gupshup
- Haptik
- IBM
- Inbenta
- Kasisto
- Kore.ai, Inc.
- Microsoft
- MindMeld
- Nuance Communications, Inc.
- Oracle
- Pypestream Inc.
- Rasa Technologies Inc.
- SAP SE
- SoundHound
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Rising demand to embrace AI-powered digital experience across government sector
Governments worldwide are actively pursuing extensive digital transformation efforts, prompting public sector organizations to increasingly embrace conversational AI solutions to redefine the citizen experience. A key driver of this shift is the global rise in citizens' expectations to engage with their governments online promptly. This expectation is fueled by the growth of digital-native populations and the widespread use of mobile devices. To meet these evolving demands, more government entities and public sector undertakings are joining the conversational AI trend to enhance efficiency and human productivity, thereby streamlining the overall delivery of citizen services in the digital realm. Yellow.ai, a prominent enterprise-grade conversational AI platform provider, has reported serving over 2.7 million unique users within the global government sector. This number is anticipated to continue growing in 2023 as conversational AI continues to play a pivotal role in transforming the citizen-government interaction landscape.
Market Dynamics
Drivers:
- Rising need to enhance customer engagement
- Rising multichannel communication
- Increased demand for customer support
- Growing adoption of AI solutions in numerous industries
- Advancements in natural language processing
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
Increasing usage of generative models in Conversational AI
The integration of generative AI, coupled with the growing popularity of ChatGPT, presents a significant opportunity in the conversational AI market. Generative models offer developers the capacity to address manual and time-consuming tasks effectively. There is a growing emphasis on exploring how enterprises can efficiently utilize these technologies to solve tangible business problems. For example, research is increasingly focused on the potential of generative models to generate personalized responses or recommendations based on individual user preferences or history. Similarly, ChatGPT is being explored for creating chatbots that can assist customers with product or service-related questions or issues. A notable trend is the development of hybrid models that combine generative and discriminative techniques. These models show promise in enhancing efficiency and effectiveness in tasks such as image classification, language translation, and natural language processing. However, there is still considerable progress to be made for these tools to be used efficiently and accurately in enterprise use cases to address real business challenges. Additionally, Generative AI for Conversational AI stands out as one of the most exciting and rapidly advancing areas of artificial intelligence. With the continuous evolution of AI, numerous generative AI companies are actively exploring the ability to generate human-like responses in conversational settings. This has the potential to revolutionize our interactions with machines, creating more natural and personalized conversations tailored to individual needs and preferences.
North America dominates the market for Conversational AI.
In 2022, North America held a substantial share of over 25% in revenue, establishing its dominance in the market. The regional market is experiencing growth propelled by the widespread adoption of emerging technologies and a rapidly increasing demand for AI-powered customer support services. Organizations in North America are actively investing in technological advancements to meet the evolving requirements of their customers. Additionally, the rising health consciousness among the population is contributing to the demand for conversational AI. The healthcare industry in North America is at the forefront of technological integration, incorporating augmented reality (AR), virtual reality (VR), robotics, and AI. These advancements are geared towards providing intelligent services and technologies that focus on evidence-based health practices and emphasize preventive and collaborative care.
On the other hand, Asia Pacific is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR). The region encompasses a diverse range of economies, ranging from developed nations like Japan and South Korea to emerging markets such as India, China, and Southeast Asian countries. This diversity creates a varied landscape for the adoption of Conversational AI. Furthermore, the e-commerce and retail sectors in Asia Pacific are undergoing substantial growth. Conversational AI finds widespread application in these sectors for customer support, personalized shopping experiences, and product recommendations. For example, industry experts indicate that 27% of companies in the region actively collaborate with CPaaS platform providers to create tailored client interactions. These interactions not only contribute to increased profitability but also foster emotionally satisfying engagements. This trend underscores the growing importance of leveraging these technologies to meet client needs and achieve corporate success, thereby propelling market growth in the region.
The Material Segments is anticipated to hold the Largest Market Share during the Forecast Period
In terms of deployment mode, the market is categorized into cloud and on-premise. As of 2023, the on-premise segment commands a market share exceeding 60%. The collaborative efforts invested in the development of on-premise generative AI are driving advancements in the conversational AI industry. These initiatives streamline the adoption of sophisticated AI models, providing businesses with easier access to generative AI capabilities, such as enhanced customer service and market intelligence. This, in turn, promotes a more widespread integration of conversational AI solutions. A notable example is the joint initiative launched by Dell Technologies and NVIDIA in May 2023. This effort aims to simplify the development and deployment of generative AI models within on-premises environments. The overarching goal is to empower businesses to elevate various aspects of their operations, including customer service and enterprise search, in a comprehensive manner.
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