The global conversational marketing software market was valued at US$ 362 Mn in 2021 and is expected to reach US$ 2.4 Bn by 2032 finds Future Market Insights (FMI) in a recent market survey. As per the findings, revenue through large enterprises grew at a CAGR of 31.2% during 2017 – 2021.
Conversational marketing software is one of many large organizations’ most pressing needs. In order to concentrate on the customer support experience, several organizations have made investments in huge corporations and have engaged with numerous brands globally. As a result, the use of conversational marketing software by large businesses is increasing and is anticipated to continue growing.
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US to Dominate Conversational Marketing Software Market throughout the Analysis Period
The US generated the highest revenue in the conversational marketing software market in 2021. Revenue through conversational marketing software in the country grew at 31.4% CAGR during 2015-2021. The majority of conversational marketing software vendors are based in the U.S. which makes it a focused market. With companies expanding their reach in the U.S., it is expected that the U.S. market will gross an absolute dollar opportunity growth of US$ 671.4 Mn by 2032.
“Messaging is likely to become as a top marketing channel for customer acquisition and a dominant way to engage with brands online, which will create global demand for advanced conversational marketing software equipped with AI,” comments an analyst at Future Market Insights.
Conversational Marketing Software Market: Competition Insights
Key companies involved in conversational marketing software are focussing on collaborating with social media networks to deploy advanced customer support experiences. The key companies operating in the conversational marketing software market include Drift, Snaps, Verloop, iAdvize, LiveWorld, Automat, Intercom, HubSpot, Conversica, Saleswhale, Whisbi, Slaask, Audience, Spectrm, and Zoovu.
Some of the recent developments by key providers of the conversational marketing software market are as follows:
- In June 2022, for companies to reach and interact with customers, Intercom introduced two-way SMS and additional bot functionality. Customers receive real-time information during chats about order status or payment information that link Intercom’s bot with first-party data. The features also let customers take actions like updating contact information and canceling reservations.
- In April 2022, In order to help B2B marketers innovate engagement, sales velocity, and customer support, Rollworks teamed with Drift. By recognizing known and unknown visitors, the alliance seeks to use RollWorks Site Visitor API to create customized chat experiences. Additionally, Drift’s conversational messaging platform will assist in converting incoming leads and facilitating consumer interaction.
- In March 2022, Drift launched a conversational marketing tool, the Drift Conversation Cloud. The product comprises three software packages consisting of conversational marketing, conversational sales, and conversational service. The tool is meant to deliver a personalized eCommerce experience during all the phases of the customer session.
- In March 2022, Verloop.io collaborated with WebEngage to allow WebEngage customers to send transactional and promotional messages through the Whatsapp channel by hyper-personalizing the content depending on user behavior.
- In January 2022, Verloop.io collaborated with Vonage to provide AI-based conversational marketing. With the help of the cooperation, Verloop.io will be able to handle numerous channels, including WhatsApp, Facebook Messenger, Viber, voice calls, and SMS, on a single platform and improve client engagement through thoughtful and individualized dialogues.
- In March 2020, Drift expanded beyond its conversational marketing category and introduced revenue acceleration as a new category to unite sales and marketing, thereby passing through all the phases of the customer journey.
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Key Segments Covered in Conversational Marketing Software Industry Survey
Conversational Marketing Software Market by Type:
- On-Premises
- Cloud-Based
Conversational Marketing Software Market by Application:
- Large Enterprises
- SMEs
Conversational Marketing Software Market by Region:
- North America Conversational Marketing Software Market
- Latin America Conversational Marketing Software Market
- Europe Conversational Marketing Software Market
- South Asia Conversational Marketing Software Market
- East Asia Conversational Marketing Software Market
- Oceania Conversational Marketing Software Market
- Middle East & Africa Conversational Marketing Software Market
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Conversational Marketing Software Demand
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10-years.
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