Conversational AI Market Report Overview:

The primary goal of MMR's Conversational AI market report is to assist clients in making informed business decisions. This involves identifying areas that require improvement, recognizing well-performing segments, and guiding new entrants in navigating and establishing their presence within the competitive landscape. The report also sheds light on the existing challenges within the Conversational AI market.

Anticipated Growth in Revenue:

Conversational AI Market size was valued at USD 10.61 Bn. in 2023 and the total Conversational AI revenue is expected to grow by 21.5% from 2024 to 2030, reaching nearly USD 41.50 Bn.

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Conversational AI Market Scope and Research Methodology

The report offers a comprehensive analysis of global Conversational AI market trends, forecasts, and financial aspects. It presents an in-depth examination of segments and sub-segments within both global and regional Conversational AI markets. Utilizing a bottom-up approach, the report delves into estimations of market size. The Conversational AI Market report encompasses essential information about key market participants and emerging players, including their services, revenue, financial standing, portfolios, growth strategies, and regional presence. Future market size and growth rate predictions, alongside current and prospective trends in the Conversational AI market, are also provided.

The report delves into demand projections, market trends, and micro and macro factors in detail. It identifies drivers and constraints impacting the growth of the Conversational AI market. Employing both qualitative and quantitative methods, the research employs tools such as SWOT, PESTLE, and Porter's Five Forces for the analysis of the Conversational AI market. The analysis identifies key upcoming developments projected to shape demand within the Conversational AI market over the forecast period.

Conversational AI Market Regional Revelations:

Geographically, Conversational AI market report is segmented into several key regions are as follows,

• Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)
• Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
• North America (the United States, Mexico, and Canada.)
• South America (Brazil etc.)
• The Middle East and Africa (GCC Countries and Egypt.)

Conversational AI Market Segmentation:

by Component

Solutions
Services
Professional Services

At the conclusion of the projected period, the worldwide conversational AI market is anticipated to be dominated by the Solutions segment, which held the largest market share of over 50% in 2023. The professional services and managed services segments are anticipated to develop at the fastest rates over the projected period. The Solutions segment's dominating percentage is attributed to the widespread adoption of conversational AI technology within enterprises. AI-enhanced support solutions may offer users round-the-clock assistance and system availability, enabling businesses to deliver consistent customer service. As a result, the populace is impressed, and demand gradually rises. The services are necessary for conversational AI systems to function well. Human languages are diverse and rich, which often makes human relationships challenging.

by Type

Chatbots
Intelligent Virtual Assistants (IVA)

In terms of revenue, the Chatbots category accounted for about half of the market in 2023 and is predicted to continue to lead the market for the duration of the forecast period.

This is because it has the potential to significantly improve customer service. The primary purpose of these is data collection. Additionally, users can communicate with chatbots to make appointments, request clarification on any service or product, and obtain information. In the market, a number of conversational AI service providers are producing chatbots and digital assistants with limited user-personalization capabilities. For instance, in September 2023, Astro—a special and distinct kind of robot—was unveiled. It is intended to help clients with responsibilities like family monitoring and staying in touch with their homes.

by Deployment Mode

Cloud
On-premises

by Technology

ML and Deep Learning
Natural Language Processing (NLP)
Automatic Speech Recognition (ASR)

by Vertical

Banking Finance Services and Insurance (BFSI)
Healthcare and Life Sciences
IT and Telecom
Retail and eCommerce
Travel and Hospitality
Media and Entertainment
Automotive
Others (government, education, energy and utilities, and manufacturing)

Because the retail and e-commerce industries would better serve customers by employing persuasive, evocative, and intelligent conversational AI tools and methods, Vertical predicts that the retail and e-commerce industry will rise fast throughout the projection period. Based on a number of factors, including the usage of AI chatbots in the banking and financial services sector to assist customers in participating in communication and completing secure payments, the BFSI category is projected to grow significantly throughout the projection period. Sending alerts directly to clients and banks is likely to involve a number of extra components, such as warnings and signals in the event of any suspected fraud, as well as supporting employees who engage in complex tasks.

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Conversational AI Market Key Players:

1. Google
2. Microsoft
3. Amazon Web Services, Inc.
4. IBM
5. Oracle
6. Nuance Communications, Inc.
7. FIS
8. SAP SE
9. Artificial Solutions
10. Kore.ai, Inc.
11. Avaamo
12. Conversica, Inc.
13. Jio Haptik Technologies Limited
14. Rasa Technologies Inc.
15. Solvvy
16. Pypestream Inc.
17. Kasisto
18. Cognigy
19. Baidu, Inc.

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Key questions answered in the Conversational AI Market are:

• What was the Conversational AI market size in 2024?
• What is the growth rate of the Conversational AI Market?
• Which are the factors expected to drive the Conversational AI market growth?
• What are the different segments of the Conversational AI Market?
• What are the factors restraining the growth of the Conversational AI Market?
• What segments are covered in the Conversational AI Market?
• Who are the key players in the Global Conversational AI market?
• What are the upcoming industry applications and trends for the Conversational AI Market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2023)
• Past Pricing and price curve by region (2018 to 2023)
• Market Size, Share, Size Forecast by different segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation – A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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