According to Future Market Insights, the global conversational commerce market is expected to grow at a CAGR of 15.6% during the forecast period of 2022 to 2032. The market is set to reach a valuation of US$ 26,301.8 Mn by the end of 2032. As per FMI, by 2022, it is projected to be valued at US$ 6,147.1 Mn.
Conversational commerce is one of the major aspects of e-commerce which deals with customer interaction by using chatbots, messenger applications, and social media. It allows brands or companies to better understand the concerns, issues, complaints, and requests of their clients and customers. This form of conversation can create a more natural, informal, and personalized communication between the two parties through which both parties can benefit.
Key Takeaways: Conversational Commerce Market
· By component, the solution segment reached a valuation of US$ 3,441.2 Mn in 2021.
· By type, the chatbots segment is anticipated to lead the global market with a share of nearly 59.5% by 2032.
· By deployment mode, the on-premises segment was worth US$ 3,147.3 Mn in 2021.
· By enterprise size, the large enterprises segment dominated the market in 2021 with a valuation of US$ 2,971.0 Mn.
· By business function, the sales segment was valued at US$ 1,538.9 Mn in 2021.
“Increasing penetration of the internet in regions like South Asia and Pacific is likely to boost the use of social media, thereby encouraging companies to communicate with their customers through conversational commerce. Besides, new solutions can help companies to address and clear repetitive questions, doubts, and prevent the exchange of false information,” says an FMI analyst.
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Investments by Companies to Launch Social Media Marketing Campaigns Will Aid Growth
Messaging applications like WhatsApp are equipped with various features that would help businesses to boost their growth. Social media platforms like Instagram allow companies to share updates, sell their products, and interact with customers online.
Social media platforms are considered to be an ideal place for companies to market their products and services as their target customers are usually active on these platforms, especially if they are young. Being open to accepting messages from consumers, companies can allow the exchange of raw and direct messages.
This would further enable businesses to better understand various problems that their customers are facing to approach and solve the issue. Personalized interactions with customers can also help improve the brand image and enhance sales.
Competitive Landscape
Key vendors are focusing on product innovation by adding more features to their existing conversational commerce tools to make them appealing to customers. Moreover, vendors are engaging in strategic partnerships and raising venture funding for business growth, as well as striving to expand their customer base.
For instance,
- In July 2022, Charles, the first conversational operating system incorporating everything related to e-commerce into WhatsApp and other chat applications, won $20 Million in Series A funding to establish itself as the leading conversational commerce platform for brands and businesses in Europe. With the funding, Charles is extending its activities beyond Germany and into important European markets.
Presence of Leading Market Players Fuel the North American Market Expansion
The North American region dominated the conversational commerce market. The prevalence of technology companies in North America and the rising adoption of cutting-edge, technology-enabled bot solutions across key sectors are the main factors driving the region’s growth. In North America, the U.S. has adopted conversational systems the most widely. To maintain its competitive edge in the market, the nation has integrated deep learning, machine learning, and AI technology into its present business operations.
Additionally, the presence of major international suppliers like IBM Corporation, Google LLC, Microsoft Corporation, and Amazon Web Services, Inc. is crucial to the market’s adoption of conversational systems platforms. To survive in the cutthroat conversational commerce market environment, these regional firms are concentrating on the creation of novel solutions.
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Conversational Commerce Market Outlook by Category
By Component:
- Solution
- Services
- Training and Consulting Services
- System Integration and Implementation Services
- Support and Maintenance Services
By Type:
- Chatbots
- Intelligent Virtual Assistants
By Deployment Mode:
- Cloud
- On-Premises
By Enterprise Size:
- Small and Mid-Sized Enterprises (SMEs)
- Large Enterprises
By Business Function:
- Sales
- Finance
- HR
- Operations
- IT Service Management
By Industry:
- BFSI
- Healthcare and Life Sciences
- IT & Telecom
- Retail and E-commerce
- Travel and Hospitality
- Media and Entertainment
- Automotive
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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