New York, USA, May 09, 2022 (GLOBE NEWSWIRE) -- According to Research Dive, the global conversational AI market is estimated to generate a revenue of $13,291.3 million by 2028, and grow at CAGR of 21.4% over the forecast period (2021 to 2028). The comprehensive report provides a brief summary of the present market scenario comprising key aspects of the market such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the conversational AI market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
Market Dynamics
As per our analysts, the growing demand for AI-based customer support and the rising adoption of chatbot solutions in the healthcare, telecommunications, and retail & e-commerce industries across the globe are the significant factors estimated to foster the growth of the global conversational AI market over the forecast period. Besides, technological advancements in conversation AI and key developments by major market players are projected to create huge growth opportunities for the conversational AI market over the forecast period. However, lack of awareness and privacy concerns related to conversational AI-based slolutions are estimated to restrict the market growth in the projected timeframe.
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Chatbots Sub-segment to Hold the Largest Market Share
By type, the chatbots sub-segment is predicted to have the maximum revenue of $7,588.7 million during the forecast period. The rapid growth of the sub-segment is majorly owing to the growing popularity of chatbots as it provide customers with round-the-clock service and improves the customer experience. Besides, numerous businesses, such as finance, government, retail & eCommerce, travel & hospitality, and telecommunications have changed their priority to quickly handling client queries. These factors are predicted to boost the growth of the sub-segment by 2028.
Natural Language Processing Sub-segment to be Most Lucrative
By technology, the natural language processing sub-segment is predicted to account for $4,594.7 million by 2028 and is expected to witness lucrative growth during the analysis period. This is mainly due to the increasing usage of natural language processing (NPL) in facilitating interactions between humans and robots. In addition, the rising need for voice-based solutions that integrates with NLP-based apps is another factor predicted to drive the sub-segment’s growth in the near future.
Healthcare Sub-segment to Witness Significant Growth
By end use, the healthcare sub-segment is estimated to generate a revenue of $2,335.3 million by 2028 and is anticipated to observe rapid growth in the global industry over the forecast period. The rapid sub-segment growth of the global conversational AI market is mainly because conversational AI solutions make it easier for healthcare practitioners, patients, and insurance companies to communicate with one another and are in high demand in the healthcare sector.
Asia-Pacific Region to Witness the Fastest Growth
By region, the Asia-Pacific conversational AI market is projected to garner a revenue of $3.022.4 million by 2028 and witness fastest growth during the forecast period. The rapid growth of the region can be attributed to the presence of technologically advanced APAC countries, such as India, Japan, China, and Singapore. In addition, government policies that promote globalization, industrialization, and digitization, and flexible economic conditions are other factors expected to drive the regional market growth by 2028.
COVID-19 Impact on the Conversational AI Market
The COVID-19 pandemic has had a negative impact on the global conversational AI market growth. The impact on the conversational AI market share and size during the pandemic is majorly owing to lockdown restrictions, which had a negative influence on global production, logistics, and supply networks, as well as the continuity of operations in various industries. However, the demand for conversational AI services is predicted to increase post-pandemic as companies seek to develop personalized relations and improve customer experience.
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Prominent Market Players
Some of the top players of the global conversational AI market are:
- IBM
- Microsoft
- AWS
- SAP
- Oracle
- Artificial Solutions Holding ASH AB
- Conversica Inc.
- Baidu, Inc.
- Haptik.
These players are applying various strategies to gain a competitive edge and strong hold in the global industry.
For instance, in March 2021, Google Cloud announced the availability of a managed machine learning platform, ‘Vertex AI.’ This platform allow companies to accelerate the deployment as well as maintenance of AI models.
Some Trending Article Links:
- Global Conversational AI Market to Experience Spectacular Growth with the Increasing Applications of Conversational AI in Various Industries
- Conversational AI: The Technology Empowering Businesses with Better User Understanding
