At 21.5% CAGR, Conversational AI Market Size to hit USD 32.30 Bn in 2028, says Brandessence Market Research

The Global Conversational AI  Market was valued at USD 8.24 billion in 2021, and is anticipated to garner USD 32.30 billion by 2028, growing at a CAGR of 21.5% from 2022 to 2028. Report Published by Brandessence Market Research

LONDON, March 15, 2022 /PRNewswire/ --  Conversational AI Market Size, Share & Trends Analysis Report By Component (Platform, Services, Support And Maintenance, Training And Consulting, System Integration) By Deployment (Cloud, On-Premises) By Type (IVA, Chatbots) By Technology (Machine Learning, Deep Learning, NLP, Automated Speech Recognition) By End User (BFSI, Retail & E-Commerce, Healthcare & Life Science, Travel & Hospitality, Telecom, Media & Entertainment, Others) Based On Region, And Segment Forecasts, 2022 – 2028. Increasing demand for artificial intelligence-powered customer support services and surge in deployment of omnichannel methods are some of the major factors driving the growth of the Conversational AI Market.

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Conversational AI Market Dynamics:

In the recent years, the adoption of technological advancement is one of the major factors supplementing the demand of conversational artificial intelligence. Number of businesses are having their own customer services for helping their customers. Customer service refers to the customers who seek help through call centers, websites, emails and apps. Customer relationship management is the major factor which should be maintain by businesses for the sustainable growth. Customer service industry is gaining much momentum especially due to disruption of artificial intelligence a technological breakthrough that has taken almost every business industry by storm which is also fostering the demand for conversational artificial intelligence. Enterprises have shifted their focus from customer service via email or messaging to AI-enabled chatbots that help them improve customer experience and engagement. Similarly, enterprises uses AI-powered Chabot's Natural Language Process (NLP) to organize human-like conversations and provide real-time help to customers. Additionally, the presence of various advantages related to the customer services such as; greater benefits with less workforce, personalization, better customer experience, speedy and perpetual response, direct and multichannel support, accurate customer insights, automated and secured transactions and other are also supplementing the growth of conversational artificial market.

In addition, surge in deployment of omnichannel methods is also augumenting the growth of the global conversational AI market. Omnichannel retail is a multichannel approach to sales that focuses on providing customers with a seamless experience, even when shopping online from a mobile device, laptop or brick-and-mortar store. In the recent years, the penetration of internet is booming in the various businesses and it is the major factor which boosting the demand of conversational AI market. Omnichannel retail is a commercial approach focused on providing customers with an integrated experience across digital and physical channels, from browsing to order fulfilment. Increasing online sales and digital experiences are shaping people's store behaviour and expectations. Additionally, Omnichannel conversational AI also offers customers more options depending on their preferred platform, based on their previous preferences. Online customers are retaining almost 40% more than actual customers. Companies with extremely strong all-channel customer engagement retain an average of 89% of their customers, compared to 33% of companies with weak all-channel customer engagement. 71% of service agents consider AI suitable for their jobs and 90% of clients find it more likely to do business. Branded businesses that respond quickly to inquiries.

Conversational AI Companies

Some major key players for the Global Conversational AI  Market report covers prominent players like

• Google
• Microsoft
• Amazon Web Services, Inc.
• IBM
• Oracle
• Nuance Communications, Inc.
• FIS
• SAP SE
• Artificial Solutions
• Kore.ai, Inc.
• Avaamo
• Conversica, Inc.
• Jio Haptik Technologies Limited
• Rasa Technologies Inc.
• Solvvy
• Pypestream Inc.
• Kasisto
• Cognigy
• Inbenta Technologies Inc.
• Others

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Global Conversational AI Market Segmentation:

Global Conversational AI market is segmented on the basis of component, deployment, type, technology, end user and geography. On the basis of component, the market is segmented into the platform, services, support and maintenance, training and consulting and system integration. Based upon deployment, the global conversational AI market is segmented into cloud and on-premises. Based on type, the global conversational AI market is segmented into IVA and chatbots. Based upon technology, the global conversational AI market is segmented into machine learning, deep learning, NLP and automated speech recognition. Based end-user, the global conversational AI market is segmented into BFSI, retail & e-commerce, healthcare & life science, travel & hospitality, telecom, media & entertainment and others.

Recent Development:

NLX Partnered with AWS for Conversational AI Partners Solutions Initiative - On November 16th, 2021; NLX AI announced its partnership with Amazon Web Services (AWS) Conversational Artificial Intelligence partners solutions initiative. NLX will allow organizations to deploy high-quality conversational AI experiences through their Conversations by NLX and Voice Compass multimodal solution.

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Global Conversational AI Market Regional Analysis

North America is expected to dominate the conversational AI market due to the increasing demand for artificial intelligence-powered customer support services and high adoption of technological advancements in this region. Additionally, in the North America, most of the businesses have adopted technological advancements to help and fulfil their customer requirements. Increasing geriatric population is also supplementing the demand for conversational AI in healthcare sectors. For example; more than 54 million adults ages 65 and older live in the United States today, according to the U.S. Census Bureau accounting for about 16.5% of the nation's population. Moreover, the healthcare industry in the North America region is moving ahead to introduce AI, robotics, and virtual and augmented reality which would aid in delivering intelligent solutions for both evidence and outcome-based health and focusing on collaborative and preventative care.

Asia Pacific is an emerging region in the conversational AI market due to the increasing awareness among businesses regrading the innovative customer support services and technologies. In addition, growing internet penetration, increasing adoption of technology in retail sectors, technological advancement in healthcare and consulting and rising growth of ecommerce industry in this region are also fostering the demand and use of conversational AI. 

On Special Requirement Conversational AI Market Report is also available for below region:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

˙Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

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