According to a recent study by FMI, the conversational AI market is expected to reach US$ 40.5 billion by 2032, up from US$ 8.3 billion in 2022, expanding at a high CAGR of 17.2%. This study explains that the key factors such as rise in demand for AI-based Gartner chatbots solutions are expected to augment the growth of the market during the forecast period.
The major factors that are expected to accelerate the growth of the conversational AI market during the forecast period include increasing demand for AI-powered customer support services, omnichannel deployment, and reduced chat bot development costs.
Furthermore, the rising demand for AI-based chatbots to stay connected and increasing focus on customer engagement are the major factors adding value to the conversational AI offerings, which is expected to provide opportunities for enterprises operating in various verticals in the conversational AI market.
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With advancements in the use of AI technology, organizations are making use of conversational AI solutions to offer customer service efficiently. This is another major factor that is expected to accelerate the market growth during the forecast period. The growing use of AI and NLP technologies has enabled companies to build intelligent agents and add services as well as perform tasks integrated with other multiple platforms.
There is further scope for the integration of new capabilities, such as gesture recognition in conversational AI offerings. These factors are further expected to propel the market growth over the analysis period.
Key Takeaways from the Market Study
- Global Conversational AI Market was valued at US$ 8.3 Billion by 2022-end
- The US to account for the highest value share of US$ 14.0 Billion of global market demand for Conversational AI Market in 2032
- From 2015 to 2021, Conversational AI demand expanded at a CAGR of 28.2%
- By Component, the Services category constitutes the bulk of Conversational AI Market with a CAGR of 16.6%.
“Increasing demand for AI-powered customer support services, omnichannel deployment, and reduced chatbot development costs are the major factors fueling the growth of the Conversational AI Market,” remarks an FMI analyst.
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Competitive Landscape
Players in the global Conversational AI Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In September 2021 Astro is a new and different kind of robot, one that’s designed to help customers with a range of tasks such as home monitoring and keeping in touch with family.
- In April 2021, Microsoft announced the acquisition of an AI-based technology company, Nuance Communications, for USD 19.7 billion in an all-cash transaction. The acquisition of Nuance will expand Microsoft’s capabilities in voice recognition and transcription technology.
- In March 2021, Google Cloud announced the general availability of Vertex AI, a managed machine learning (ML) platform that allows companies to accelerate the deployment and maintenance of artificial intelligence (AI) models.
- In January 2020, AWS made Amazon Lex chatbot integration available in Amazon Connect in the Asia Pacific (Sydney) AWS region. Amazon Lex chatbots can assist users in changing passwords, bringing up requested account balances, and scheduling an appointment by vocalizing a prompt rather than saying a number from a list of options.
Know More About What the Conversational AI Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Conversational AI Market, providing historical data for 2015-2021 and forecast statistics from 2022 to 2032. To understand opportunities in the Conversational AI Market, the market is segmented on the basis of component, type, deployment mode, organization size, mode of integration, technology, business function, and vertical across five major regions.
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Key Segments
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 Organization Size:
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
By Mode of Integration:
- Web-Based
- App-based
- Telephonic
By Technology:
- Machine Learning and Deep Learning
- Natural Language Processing
- Automatic Speech Recognition
By Business Function:
- Sales
- Finance
- HR
- Operations
- IT Service Management
By Vertical:
- Banking Finance Services and Insurance
- 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)
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
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