"Conversational AI Market - Industry Trends and Forecast to 2031

Global Conversational Artificial Intelligence (AI) Market, By Component (Platform, Services), Type (Intelligent Virtual Assistants, Chatbots), Technology (Machine Learning and Deep Learning, Natural Language Processing, Automated Speech Recognition), Deployment Model (0n-Premises, Cloud), Application (Customer Support, Personal Assistant, Branding and Advertisement, Customer Engagement and Retention, Onboarding and Employee Engagement, Data Privacy and Compliance, Others), Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), Business Function (Sales and Marketing, Finance, HR, Operations, IT Service Management), Mode of Integration (Web-based, App-based, Telephonic), End User (Banking, Financial Services, and Insurance, Retail and Ecommerce, Healthcare and Life Sciences, Travel and Hospitality, Telecom, Media and Entertainment, Others) – Industry Trends and Forecast to 2031.

The global conversational AI market size was valued at USD 10.42 billion in 2023 and is projected to reach USD 58.37 billion by 2031, with a CAGR of 24.04% during the forecast period of 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

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The Conversational AI market is experiencing robust growth driven by the increasing adoption of AI-based solutions across various industries. The market is expected to witness significant expansion in the forecast period, propelled by the demand for personalized customer interactions and the need for efficient customer service solutions. Chatbots, virtual assistants, and natural language processing are revolutionizing the way businesses interact with their customers, leading to improved customer engagement and enhanced user experiences. The market is characterized by the deployment of AI technologies that enable machines to understand and respond to human queries, facilitating seamless communication between users and systems.

**Segments**

- **Service Type**: Chatbot, Virtual Assistant, Automated Customer Support
- **Deployment Mode**: Cloud, On-Premises
- **Vertical**: Retail, BFSI, Healthcare, IT and Telecom, Travel and Hospitality, Others

The Conversational AI market is segmented based on service type, deployment mode, and vertical. Chatbots are widely adopted by businesses for customer service and interactive marketing purposes. Virtual assistants are gaining popularity for providing personalized recommendations and assistance. Automated customer support solutions are being utilized to streamline customer interactions and resolve queries efficiently. Cloud-based deployment offers scalability and cost-efficiency, while on-premises deployment provides greater control and security. Various verticals such as retail, BFSI, healthcare, and IT and telecom are leveraging Conversational AI to enhance customer engagement and drive operational efficiencies.

**Market Players**

- IBM Corporation
- Google LLC
- Microsoft Corporation
- Amazon Web Services, Inc.
- Oracle Corporation
- Nuance Communications, Inc.
- SAP SE
- Artificial Solutions
- Kore.ai, Inc.
- Rasa Technologies GmbH

Key players in the Conversational AI market are focused on developing advanced AI-powered solutions to cater to the evolving needs of businesses. IBM, Google, Microsoft, and Amazon Web Services are among the leading providers of Conversational AI platforms, offering a wide array of services for different industries. Companies like Oracle, Nuance Communications, and SAP are also prominent playersThe Conversational AI market is witnessing robust growth and is expected to continue expanding due to the rising adoption of AI-based solutions across various industries. The demand for personalized customer interactions and efficient customer service solutions is driving the market forward. Chatbots, virtual assistants, and natural language processing technologies are transforming the way businesses engage with their customers, resulting in improved customer engagement and enhanced user experiences. By leveraging AI technologies, machines can now understand and respond to human queries, enabling seamless communication between users and systems.

In terms of service types, chatbots, virtual assistants, and automated customer support solutions are the key segments in the Conversational AI market. Chatbots are extensively used for customer service and interactive marketing initiatives, while virtual assistants are increasingly popular for providing personalized recommendations and assistance. Automated customer support solutions are employed to streamline customer interactions and efficiently resolve queries. Businesses can choose between cloud-based and on-premises deployment modes based on their requirements, with cloud deployment offering scalability and cost-efficiency, and on-premises deployment providing greater control and security. Various industries such as retail, BFSI, healthcare, IT and telecom, as well as travel and hospitality, are embracing Conversational AI to enhance customer engagement and drive operational efficiencies.

Major players in the Conversational AI market include IBM Corporation, Google LLC, Microsoft Corporation, Amazon Web Services, Inc., Oracle Corporation, Nuance Communications, Inc., SAP SE, Artificial Solutions, Kore.ai, Inc., and Rasa Technologies GmbH. These market players are at the forefront of developing advanced AI-powered solutions to meet the evolving needs of businesses. IBM, Google, Microsoft, and Amazon Web Services stand out as leading providers of Conversational AI platforms, offering a diverse range of services tailored to various industries. Other notable players such as Oracle, Nuance Communications, and SAP also play significant roles in shaping the market landscape by offering innovative Conversational AI solutions to businesses.

Overall, the Conversational AI market is poised for substantial growth driven by the increasing demand for personalized customer interactions**Global Conversational Artificial Intelligence (AI) Market**

- **Component**: The market comprises platforms and services aimed at delivering Conversational AI solutions to businesses.
- **Type**: Intelligent Virtual Assistants and Chatbots are key components driving customer interactions and engagement.
- **Technology**: Machine Learning, Deep Learning, Natural Language Processing, and Automated Speech Recognition are pivotal technologies powering Conversational AI solutions.
- **Deployment Model**: The market offers both On-Premises and Cloud deployment options to cater to diverse business needs.
- **Application**: Conversational AI finds application in Customer Support, Personal Assistant services, Branding and Advertisement, Customer Engagement, Data Privacy, and Compliance, among others.
- **Organization Size**: Both Large Enterprises and Small/Medium-Sized Enterprises can benefit from leveraging Conversational AI solutions.
- **Business Function**: Sales and Marketing, Finance, HR, Operations, and IT Service Management are some of the key business functions where Conversational AI can make a significant impact.
- **Mode of Integration**: Web-based, App-based, and Telephonic integrations offer businesses flexibility in adopting Conversational AI solutions.
- **End User**: Industries such as Banking, Financial Services, Insurance, Retail, Healthcare, Travel, Telecom, Media, and Entertainment are among the primary adopters of Conversational AI technology.

The Conversational AI market is witnessing a surge in growth and innovation as businesses across various industries recognize the value of personalized and efficient customer interactions. With the demand for AI-driven solutions on the

Table of Contents: Conversational AI Market

1 Introduction

2 Global Conversational AI Market Segmentation

3 Executive Summary

4 Premium Insight

5 Market Overview

6 Conversational AI Market, by Product Type

7 Conversational AI Market, by Modality

8 Conversational AI Market, by Type

9 Conversational AI Market, by Mode

10 Conversational AI Market, by End User

12 Conversational AI Market, by Geography

12 Conversational AI Market, Company Landscape

13 Swot Analysis

14 Company Profiles

Countries Studied:

1. North America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
2. Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
3. Middle-East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
4. Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Objectives of the Report

• To carefully analyze and forecast the size of the Conversational AI market by value and volume.
• To estimate the market shares of major segments of the Conversational AI
• To showcase the development of the Conversational AI market in different parts of the world.
• To analyze and study micro-markets in terms of their contributions to the Conversational AI market, their prospects, and individual growth trends.
• To offer precise and useful details about factors affecting the growth of the Conversational AI
• To provide a meticulous assessment of crucial business strategies used by leading companies operating in the Conversational AI market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.

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