Conversational AI Market Projected To Hit USD 32.5 Billion at a 22.60% CAGR by 2030 - Report by Market Research Future (MRFR)
Increasing Adoption by BFSI Sector to Boost Conversational Artificial Intelligence Market Growth
New York, US, March 20, 2023 (GLOBE NEWSWIRE) -- Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “Conversational AI Market By Component, By Type, By Technology, By Deployment, By Organization Size, By Application, By Vertical - Forecast 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 22.60% to attain a valuation of around USD 32.5 Billion by the end of 2030.
Conversational AI Market Competitive Analysis
Eminent industry players profiled in the global conversational AI market report include
- Oracle Corporation
- Amazon Web Services
- Google LLC
- IBM Corporation
- Baidu Inc.
- SAP SE
- Creative Virtual Ltd
- Facebook Inc.
- Microsoft Corporation
- Nuance Communications
- Artificial Solutions
- Avaamo Technologies Pvt Ltd
- Conversica Inc.
- Haptik, Solvvy
- Pypestream
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Conversational Artificial Intelligence (AI) Market Report Scope:
| Report Metrics | Details |
| Conversational AI Market Size by 2030 | USD 32.5 Billion |
| Conversational AI Market Growth | 22.60% CAGR during 2022-2030 |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | American multinational automotive company integrated Amazon Alexa in its cars enabling drivers to perform tasks like checking tire pressure, gas requirements, and overall maintenance of cars with the help of conversational artificial intelligence. |
Drivers
Manifold Benefits of Conversational AI to Boost Market Growth
One of the main aspects influencing the use of conversational AI in the forecast period is its many advantages, which include frictionless client service, higher customer happiness, and constant customer assistance.
Opportunities
Increasing Adoption by BFSI Sector to offer Robust Opportunities
In order to increase client engagement, conversational AI technologies like chatbots are being used more and more in the BFSI sector. By providing timely answers to client queries, these technologies enable banks to enhance the percentage of customers they retain. The BFSI sector's adoption of cutting-edge technology has made it possible for businesses to connect with more customers. Conversational AI technologies are being used by businesses to provide speedy services to tech-savvy clients. Furthermore, a chatbot can handle basic tasks like checking bank balances, getting account information, asking about loans, etc. effectively, freeing up customer support agents' time to handle more complicated issues.
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Restraints and Challenges
Lack of Accuracy to act as Market Restraint
The lack of accuracy, the lack of awareness, and the high installation cost may act as market restraints over the forecast period.
Market Segmentation
The global conversational AI market is bifurcated based on vertical, application, organization size, deployment, technology, type, and component.
By component, platform will lead the market over the forecast period.
By type, chatbots will domineer the market over the forecast period.
By technology, NLP will spearhead the market over the forecast period.
By deployment, cloud will have the lions share in the market in the forecast period.
Based on organization size, large enterprises will have the largest share in the market in the forecast period.
By application, the conversational AI market is segmented into branding and marketing, customer engagement & support, personal assistants, and others.
By vertical, retail will head the market over the forecast period.
COVID-19 Analysis
The impact of COVID 19 on world markets is significant. The company operations span numerous geographical areas. Markets are seriously threatened by production issues, poor demand, and supply chain disruptions. On the other hand, the market for conversational AI is expanding quickly. In recent years, the market has grown significantly. Work from home in fact is common in many areas due to lockdown. Particularly in BPO, remote work is common. The demand for AI in such areas is rising as a result. The AI chatbots interact with the customers instead of people. For the market for conversational artificial intelligence, the health sector is driving more demand. Moreover, conversational AI is enhancing capability, efficiency, and productivity. These elements will result in extraordinary growth prospects.
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Regional Analysis
North America to Steer Conversational Artificial Intelligence Market
Due to the growing adoption of conversational artificial intelligence (AI) solutions by businesses in sectors like banking, financial services, healthcare, insurance, IT & telecom, retail & e-commerce, automotive, and media & entertainment, North America now owns the greatest market share. Key market companies like Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Facebook Inc., Amazon Web Services, and others are present in the area and actively invest in and create conversational AI platforms and solutions to support market growth there. In nations including the US, Canada, and Mexico, the use of the intelligent virtual assistants & chatbots is expanding, creating significant market revenue. The market expansion in North America is being driven by the region's leadership in the application of deep learning and machine learning-based voice-assistant systems to provide improved customer experiences. The increased use of mobile messengers like Facebook Messenger, WhatsApp, WeChat, and others is significantly boosting the market's expansion in North America. Market expansion in the region is being fueled by the widespread acceptance of new technology innovations and the quickly rising need for customer support solutions powered by artificial intelligence. Also, the majority of businesses within North America are making investments in technical developments to meet and support the needs of their clients. The desire for conversational AI is also fueled by the population's constantly expanding health consciousness. In North America, the healthcare sector is developing to incorporate robotics, AI, and augmented and virtual reality. This would support the provision of knowledgeable services and technologies for the evidence-based health care with a focus on preventive and collaborative care.
Europe to Have Favorable Growth in Conversational AI Market
Due to the growing need for conversational artificial intelligence solutions amid the auto sector in the UK & Germany, the Europe area held the second-largest market share. Virtual assistants and chatbots are also being used by numerous banks in Germany, the UK, France, Italy, Spain, Portugal, Sweden, & Norway to provide better customer support. The market is also anticipated to expand as a result of more businesses in Europe implementing conversational AI solutions both for branding & marketing purposes. Applications of conversational artificial intelligence within the European healthcare sector are anticipated to support regional market expansion. The increased investment by businesses in various sectors on digitization together with the presence of key players in this region is primarily to blame for the increase in need for conversational AIs within this region.
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Industry Updates
March 2023- Fountain, the world's premier ATS for large volume hiring, announced the debut of Fountain AI to better provide its customers with effective and reliable hourly hiring procedures. Fountain AI is a conversational AI tool that aids hiring managers in hastening the hiring process and getting candidates to their foremost day of employment. Fountain AI automates procedures that recruiting managers traditionally carry out manually and helps recruiters screen and qualify candidates more quickly.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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