The Conversational AI Market is projected to grow from USD 10.7 Billion in 2023 to USD 29.8 Billion by 2028, at a CAGR of 22.6% during the forecast period, according to a new report by MarketsandMarkets™.

Chicago, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Increasing demand for AI-powered customer support services coupled with omnichannel deployment and reduced chatbot development costs to drive the demand for conversational AI solutions and services across the globe. The integration of predictive analytics technologies and data sources, along with significant advancements in NLP, will soon enable businesses to establish an inside-out awareness of their consumers’ needs to present lucrative market opportunities for conversational AI.

Browse in-depth TOC on "Conversational AI Market"

366 - Tables
65 - Figures
305 - Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=49043506

Conversational AI Market Dynamics:

Drivers:

1. Increasing demand for AI-powered customer support services
2. Omnichannel deployment and reduced chatbot development cost
3. Growing focus on customer engagement and retention
4. Rising demand to embrace AI-powered digital experience across government sector

Restraints:

1. Privacy and security breaches
2. Limitations of voice command authentication

Opportunities:

1. Increasing usage of generative models in conversational AI
2. Rising demand for conversational commerce for better purchasing experience and streamlined business processes
3. Integration of advanced AI capabilities to add value to existing conversational AI offerings

List of Key Players in Conversational AI Market:

• IBM (US)
• Microsoft (US)
• Google (US)
• AWS (US)
• Artificial Solutions (Sweden)
• Baidu (China)
• SAP (Germany)
• Oracle (US)
• OpenAI (US)
• Kore.ai (US)

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=49043506

Based on component, the conversational AI market is segmented into solutions and Services. The service segment is further divided into training & consulting services, support & maintenance services, and deployment & integration services.  Conversational AI streamlines business operations and reduce operational costs in various sectors, including BFSI, retail & eCommerce, Telecom, media & entertainment, healthcare & life sciences.  Increasing demand for AI-powered customer support services with rising customer need for better experience is estimated to open new growth avenues for conversational AI vendors across the globe.

Based on conversational interface, the conversational AI market is segmented into chatbots, Interactive Voice Routing (IVR), and Intelligent Virtual Assistants (IVA). Most enterprises leverage conversational AI to automate customer interaction and analyze customer insights in real-time. Customers can determine which channels they want to use to interact with brands. Hence, companies are adopting AI technology to deliver consistent, omnichannel experiences. The adoption of IVA is rapidly expanding in all industries that prioritize customer service and engagement, including banking, telecom, healthcare, and government.

Based on business function, the Conversational AI market is segmented into sales and marketing, finance and accounting, operations and supply chain, Information Technology Service Management (ITSM), and Human Resource (HR). The ascending demand for better HR efficiency, simplify and automate admin processes, and need to deliver a better employee experience to spur the market growth of conversational AI across HR business function. Moreover, the need to automate conversation to optimize engagement & sales cycles and manage CRM data will boost the demand for conversational AI across sales & marketing departments.

Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=49043506

The conversational AI is segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. This section offers information on these regional markets' sizes, rates of growth, anticipated trends, and market forces. Asia Pacific has become a highly promising region due to the increasing awareness of rising productivity and the competently designed conversational AI solutions offered by leading vendors in the region. The rise in social media analytics spending and the shifting focus of enterprises on leveraging social media presence for improved marketing strategies are the key enablers of conversational AI market growth across the globe.

Browse Adjacent Markets: Analytics Market Research Reports & Consulting

Supply Chain Analytics Market

Text-to-Video AI Market

Data Annotation and Labeling Market

Customer Intelligence Platform Market

Speech Analytics Market

About MarketsandMarkets™ 

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. 

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com 

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.