REDDING,
Calif., July 23, 2024 /PRNewswire/
-- 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 2031, the
global conversational AI market is projected to reach
$54.1 billion by 2031, at a
CAGR of 23.9% during the forecast period.
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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 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 to reduce the time
and effort required by humans to perform time-consuming tasks.
Conversational AI aims to learn from human conversations to make
digital systems easy and intuitive to use. It saves time, so humans
give their precious time to focus on manual tasks. Conversational
AI Services combine all the technologies such as natural language
processing (NLP), machine learning, deep learning, and artificial
intelligence with traditional software such as chatbots, voice
assistants, or voice recognition systems to help customers through
either spoken written text or typed interface.
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 assistants, 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 & 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.
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By offering, in 2024, the solutions segment is
expected to account for the largest share of over 76.0% 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.
Additionally, this segment is projected to register the highest
CAGR during the forecast period. The growth of this segment is
driven by the increasing deployments of chatbots and digital
assistants, a surge in demand for IVR systems, and initiatives by
companies to launch speech recognition solutions and content
management solutions.
By application, in 2024, the customer service
segment is expected to account for the largest share of over
27.0% 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. The growth of this segment
is driven by the increasing usage of conversational AI for payment
management and the increasing need for conversational AI for order
tracking and order updates.
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By organization size, in 2024, the large enterprises
segment is expected to account for the larger share of above
63.0% 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.
By deployment mode, in 2024, the cloud-based
deployment segment is expected to account for the larger share of
over 67.0% of the global conversational AI market. This
segment's large market share is attributed to the rising demand for
benefits such as easy maintenance of customer data,
cost-effectiveness, and scalability and the growing demand for
conversational AI solutions for multi-cloud deployments.
Additionally, this segment is expected to register the highest
CAGR during the forecast period. The growth of this segment is
driven by the increasing implementations of cloud-based
conversational AI and ongoing efforts by companies to launch
cloud-based chatbots and digital assistants.
By sector, in 2024, the IT &
telecommunications segment is expected to account for the
largest share of over 28.0% 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. The growth of this segment is
driven by the increasing implementation of chatbots and digital
assistants to address a variety of IT customer questions and the
growing need to resolve IT service issues quickly.
By geography, in 2024, North
America is expected to account for the largest share of over
37.0% of the global conversational AI market. However, the
Asia-Pacific region is projected
to register the highest CAGR of over 26.0% during the
forecast period. The growth of this regional market is driven by
the growing emphasis of companies on launching chatbots and virtual
assistants in the Asia-Pacific
region, the growing demand for chatbots and voice assistant
solutions, and the increasing demand for AI-powered customer
support services.
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
- Speech Recognition Solutions
- Other Conversational AI Solutions
- 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 Market Assessment—by
Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Conversational AI Market Assessment—by
Deployment Mode
- Cloud-based Deployments
- On-premise Deployments
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
Conversational AI Market Assessment—by
Geography
- North America
- 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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