Dublin, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The "Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global conversational AI market is projected to reach $43.7 billion by 2030, at a CAGR of 23.9% during the forecast period.
The growth of the conversational AI market is driven by the surge in demand for conversational AI solutions to improve call center operations and the proliferation of voice-enabled devices. However, a lack of accuracy in recognizing regional accents and dialects and low awareness about conversational AI solutions restrains the growth of this market.
The high potential of AI-enabled voice assistants in the healthcare industry and the increasing proliferation of conversational AI solutions for sales and marketing management are expected to create growth opportunities for the players operating in the conversational AI market. However, data privacy and security concerns are a major challenge for market growth.
Furthermore, AI chatbots with high emotional intelligence & the rise of voice-enabled assistants are the key trends observed in the conversational AI market.
In 2023, the solutions segment is expected to account for the largest share of the global conversational AI market. The large market share of this segment is attributed to the increasing focus on solution-centric automation capabilities, several solution providers investing in R&D, and the growing adoption of conversational AI solutions in various industries. This segment is projected to register the highest CAGR during the forecast period.
In 2023, the customer service segment is expected to account for the largest share of the global conversational AI market. The large market share of this segment is attributed to the growing demand for digital assistants and chatbots in customer service for answering FAQs, increasing usage of AI-powered chatbots or virtual assistants for account management, rising need to analyze customer queries or statements, and conversational AI for multilingual support. This segment is also projected to register the highest CAGR during the forecast period.
In 2023, the cloud-based deployment segment is expected to account for the largest share of the global conversational AI market. The large market share of this segment is attributed to the rising demand for benefits such as easy maintenance of customer data, cost-effectiveness, scalability, and growing demand for conversational AI solutions for multi-cloud deployments. Additionally, this segment is expected to register the highest CAGR during the forecast period.
In 2023, the IT & telecommunications segment is expected to account for the largest share of the global conversational AI market. The large market share of this segment is attributed to the increasing adoption of AI solutions for fraud detection and prevention, the surge in demand for conversational AI to improve call center operations, exerting efforts by companies to launch chatbots for IT service management, rising need for network optimization and maintenance. Additionally, this segment is expected to register the highest CAGR during the forecast period.
In 2023, North America is expected to account for the largest share of the global conversational AI market. The large share of this market is attributed to the presence of prominent players offering advanced conversational AI solutions & services, the growing demand for AI-powered customer support services, the growing usage of chatbots to provide efficient customer services, the increasing adoption of voice-enabled devices, and increased technological advancement across the region encourage consumers to install conversational AI solutions & services. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.
Key questions answered in the report:
- Which are the high-growth market segments in terms of offering, application, organization size, deployment mode, and sector?
- What is the historical market for conversational AI across the globe?
- What are the market forecasts and estimates for 2023-2030?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global conversational AI market?
- Who are the major players in the global conversational AI market, and what market share do they hold?
- How is the competitive landscape?
- What are the recent developments in the global conversational AI market?
- What strategies are adopted by the major players in the global conversational AI market?
- What are the geographical trends and high-growth countries?
- Who are the local emerging players in the global conversational AI market, and how do they compete with the other players?
Market Insights
Factors Affecting Market Growth
- The Need for Improved Customer Experience and Operational Performance Driving the Demand for Conversational Ai Solutions Among Call Centers
- Increasing Deployment of Voice-Enabled Devices Boosting the Utilization of Conversational AI Solutions
- Lack of Accuracy In Recognizing Regional Accents and Dialects Limiting the Adoption of Conversational AI Solutions
- Low Awareness About Conversational AI Solutions Restraining Market Growth
- Growing Use of Voice Assistants In the Healthcare Industry Creating Opportunities for Implementing Conversational AI Solutions
- Need to Optimize Sales & Marketing Management Driving the Adoption of Conversational AI Solutions
- Data Privacy & Security Concerns Hampering the Adoption of Conversational AI Solutions
Trends
- AI Chatbots with High Emotional Intelligence
- The Rise of Voice-Enabled Assistants
The key players operating in the global conversational AI market are
- Google LLC (U.S.)
- Microsoft Corporation (U.S.)
- Amazon Web Services Inc. (a subsidiary of Amazon.com Inc.) (U.S.)
- Oracle Corporation (U.S.)
- International Business Machine Corporation (U.S.)
- NVIDIA Corporation (U.S.)
- Baidu Inc. (China)
- Verint Systems Inc. (U.S.)
- SAP SE (Germany)
- AT & T Inc. (U.S.)
- Conversica Inc. (U.S.)
- AssemblyAI Inc.(U.S.)
- Kore.ai Inc. (U.S.)
- OpenAI OpCo LLC (U.S.)
- DRUID S.A. (Romania)
Scope of the Report
Solutions
- Chatbots
- Intelligent Virtual Assistant (IVA)
- Speech Recognition Solutions (Text-to-Speech Software and Speech-to-Text Software)
- Other Conversational AI Solutions (Content Management Tools & Language Translation Tools)
Services
- Professional Services
- Managed Services
Application
- Customer Service
- Information Technology Service Management
- Human Resource Management
- Sales and Marketing Management
- Operations and Supply Chain Management
- Finance and Accounting
- Other Applications (Conversational AI-enabled IoT Devices)
Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Deployment Mode
- Cloud-based Deployment
- On-premise Deployment
Sector
- IT & Telecommunications
- BFSI
- Retail & E-commerce
- Healthcare & Life Sciences
- Travel & Hospitality
- Education
- Government & Public Sector
- Media & Entertainment
- Energy & Utilities
- Manufacturing
- Other Sectors (FMCG, Automotive & Transportation & Logistics)
For more information about this report visit https://www.researchandmarkets.com/r/ll8fy9
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