The conversational marketing software market is on an impressive trajectory, expected to grow at an annual rate of 17.7% over the next ten years. By 2033, it is projected to reach a substantial value of US$ 2.83 billion. This growth signifies the increasing importance of conversational marketing tools in the business world.
Over 80% of B2B sales transactions are characterized by intricate purchasing scenarios, with approximately 60% of these transactions involving the participation of four or more stakeholders. In today’s business landscape, well-informed customers demand streamlined processes, simplicity, and exceptional service at every juncture of the customer lifecycle, spanning from the initial point of contact to the final product installation phase. In light of the ongoing shift towards a digital-first economy and intensifying competition across diverse industries, the challenges associated with selling, marketing, and delivering efficient customer service have grown more pronounced.
In response to this evolving landscape, the introduction of conversational marketing software has brought about a transformative shift in the dynamics of online purchasing. Conversational marketing software empowers users with customizable experiences, facilitating heightened customer satisfaction and robust expansion of customer bases. Consequently, it plays a pivotal role in augmenting the revenue streams of businesses.
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Conversational AI has revolutionized the way brands engage with customers, leveraging machine learning, natural language processing, automatic speech recognition, and text-to-speech capabilities to facilitate interactions through chatbots and voice bots, thereby elevating the customer experience. Notably, it ensures consistency across all communication channels, eliminating the need for customers to endure lengthy wait times to connect with support agents and instead provides swift responses. As chatbot technology evolves, we can expect a shift towards voice-based support. Given the pivotal role of customer satisfaction in driving recurring business and optimizing revenue, conversational AI emerges as a highly cost-effective technological solution.
The Asia-Pacific region presents a promising growth opportunity for conversational marketing software. According to a survey, approximately 42% of businesses in the Asia-Pacific have either already integrated chatbots for customer service automation or are actively planning to do so in the near future. Despite this adoption, a substantial portion of customer interactions continues to rely on human staff, indicating substantial room for expansion and development within the APAC market for conversational marketing software.
Major Key Players:
- Drift
- Snaps
- Verloop
- iAdvize
- LiveWorld
- Automat
- Intercom
- HubSpot
- Conversica
- Saleswhale
- Whisbi
- Slaask
- Audiense
- Spectrm
- Zoovu
Some of the recent developments by key Players are as follows:
- January 2023: Drift confirmed the purchase of Drift Engage, a conversational marketing platform for sales and marketing teams.
- February 2023: HubSpot introduced a new edition of its Conversational Marketing platform, with new capabilities for lead scoring, automation, and reporting.
- March 2023: Dialogflow revealed the launch of its new Dialogflow Essentials plan, an additional inexpensive solution for small enterprises.
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Conversational Marketing Software Market Segmentation:
By Type:
- On-Premises
- Cloud-Based
By Application:
- Large Enterprises
- SMEs
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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