The Conversational AI Market is Valued USD 9.8 billion in 2024 and projected to reach USD 41.5 billion by 2032, growing at a CAGR of 17.4% During the Forecast period of 2024-2032. The main elements driving the expansion of the conversational AI sector include increasing demand and lower costs of chatbot development, AI-enhanced customer support services, and omnichannel implementation. Messaging and speech-based applications driven by AI are swiftly replacing modern mobile and web apps, and are anticipated to become a new form of communication. Many prominent companies, such as Google, Amazon, and Walmart, have effectively integrated conversational AI into their customer service processes. This strategic combination provides significant benefits, including round-the-clock access to smart chatbots, which facilitates quick problem-solving and improved customer ease. Additionally, conversational AI enhances personalized interactions by utilizing previous customer preferences to customize responses efficiently. By simultaneously assisting various customers, conversational AI greatly reduces wait times, thus enhancing the overall customer experience.
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Major Players in Conversational AI Markets are:
Amazon Web Services, Inc., Avaamo, Baidu, Cognigy, Conversica, Inc., Creative Virtual, Google, Gupshup, Haptik, IBM, Inbenta, Kasisto, Kore.ai, Inc., Microsoft, MindMeld, Nuance Communications, Inc., Oracle, Pypestream Inc., Rasa Technologies Inc., SAP SE, SoundHound and Others.
Industry News:
In October 2024, Microsoft announced significant advancements in its Cloud for Healthcare platform, aimed at transforming patient care and enhancing healthcare workflows. The new innovations include multimodal medical imaging AI models in Azure AI Studio, which facilitate the integration of diverse healthcare data types. Additionally, Microsoft Fabric now offers comprehensive data solutions that streamline access to patient insights, while the healthcare agent service in Copilot Studio aims to automate administrative tasks and improve clinical workflows. Collaborations with leading healthcare organizations are underway to develop AI solutions that alleviate nursing burdens, allowing professionals to focus more on patient care. Microsoft emphasizes its commitment to responsible AI practices to ensure these technologies positively impact the healthcare ecosystem.
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Global Conversational AI Market Segmentation:
By Offering
Solution
Service
Professional
Managed
Training & Consulting
System Integration & Implementation
Support & Maintenance
By Type
Chatbots
Interactive Voice Routing (IVR)
Intelligent Virtual Assistants (IVA)
By Deployment Mode
On-premises
Cloud based
By Organization Size
SMEs
Large Enterprises
By Technology
Machine Learning and Deep Learning
Natural Language Processing
Automatic Speech Recognition
By Business Function
Information Technology Service Management (ITSM)
Human Resource (HR)
Sales and Marketing
Operations and Supply Chain
Finance and Accounting
By End-use Vertical
BFSI
Healthcare & Life Sciences
IT & Telecommunication
Retail & eCommerce
Travel & Hospitality
Media & Entertainment
Automotive
Government
Education
Energy & Utilities
Others
The following areas and countries are covered in the worldwide Conversational AI Market file:
North America (US, Canada, Mexico)
Europe (Germany, France, UK, Russia, Italy)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
Middle East and Africa (Saudi Arabia, UAE), Egypt, Nigeria, and South Korea)
In 2024, North America held the highest market share driven by the widespread adoption of emerging technologies and increasing need for customer support services powered by AI. Most organizations in North America are investing in technological advancements to meet their customers' requirements. The growing health consciousness among the population is also fueling the demand for conversational AI. Additionally, the region’s healthcare industry is expanding to implement Augmented Reality (AR), Virtual Reality (VR), robotics, and AI.
Detailed industry forecast-Brief Introduction to the research report:
Additional information on company participants
Customized reports and analyst assistance are available upon request.
Recent market developments and potential future growth opportunities
Personalized regional/country reports upon request
New data sources are being integrated.
Increased focus on data privacy and security
Increased collaboration and co-creation
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Key Features of the Conversational AI Market Report: –
Analyze competitive developments such as expansions, deployments, new product launches, and market acquisitions.
Examine the market opportunities for stakeholders by identifying higher growth sections.
To study and analyze the global Conversational AI Market industry status and forecast including key regions.
An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.
It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter’s Five Forces analysis to provide a deeper understanding of the market.
It helps you make strategic business decisions and investment plans.
Finally, Conversational AI Market is a valuable source of guidance for individuals and companies.
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