The conversational AI market is estimated to grow from USD 10.7 billion in 2023 to USD 29.8 billion by 2028, at a CAGR of 22.6% during the forecast period. Conversational AI offers effective client interactions and prompt answers to their inquiries and thus plays a crucial role in effective marketing. The application of conversational AI enables improved go-to-market strategies by utilizing NLP and ML technologies to deliver more enhanced customer experience to their end users.
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Chatbots segment to account for highest CAGR during the forecast period
The Conversational AI market is bifurcated on the basis of conversational interface. The market size of chatbots estimated to be largest and projected to have a highest CAGR during the forecast period. The growth of the chatbots segment is attributed to the increasing demand for AI-powered chatbots for various use cases across verticals. The rising need to reduce human error leads to more accurate information presented to customers and faster time to resolution with the deployment of voicebots across the globe. The rising popularity of ChatGPT, an AI-powered chatbot will drastically spur the conversational AI growth rate in coming years due to trending use cases across key industry verticals.
BFSI vertical to hold the largest market share during the forecast period
The Conversational AI market is bifurcated on the basis of verticals such as BFSI, healthcare & life sciences, IT & ITES, telecom, retail & eCommerce, travel & hospitality, media & entertainment, automotive & transportation, and others (government, education, construction & real estate, agriculture, energy & utilities, and manufacturing). Vendors in the conversational AI market must understand end-user requirements within an industry and customize their solution offerings and services to make their virtual assistance flexible, scalable, and manageable. The growth of the BFSI vertical is attributed to the increased adoption of conversational AI solutions by financial institutions, which helps them improve the customer experience. Moreover, rising need to empower employees, boost productivity, save time and money, and better support the customer service, IT, and HR teams to pave the way for BFSI sector to utilize conversational AI solutions across the globe.
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Unique Features in the Conversational AI Market
AI systems with advanced natural language understanding (NLU) capabilities can understand and interpret natural language input, facilitating more organic and contextually relevant dialogues between humans and machines.
Conversational artificial intelligence (AI) solutions facilitate several engagement modalities, such as text, speech, and gestures, allowing users to converse with AI assistants via their preferred channels and devices.
Contextual understanding is a key component of conversational AI systems, which allow for smooth interactions and customised responses depending on past encounters and user preferences.
Conversational AI platforms may interface with enterprise systems like CRM, ERP, and knowledge bases thanks to integration capabilities. This allows the platforms to retrieve and access pertinent data, which improves user assistance.
By adapting responses and recommendations based on unique user profiles and behaviours, conversational AI solutions provide personalised experiences by learning from user interactions and preferences.
Major Highlights of the Conversational AI Market
Conversational AI providers are putting a lot of effort into making sure that laws like GDPR are followed and putting strong security measures in place to safeguard user data and privacy in light of growing concerns about data privacy and security.
Businesses are using conversational AI to improve customer experience by offering proactive engagement, tailored recommendations, and immediate assistance at several customer journey touchpoints.
Smart home appliances and Internet of Things (IoT) devices are increasingly being combined with conversational AI, enabling voice commands and conversational interactions to control and manage connected equipment.
Voice-first conversational AI interfaces have been developed in response to the growing popularity of voice assistants and smart speakers. These interfaces allow users to communicate with AI systems through voice commands that are natural language.
By gaining knowledge from user interactions and preferences, conversational AI systems can provide individualised experiences by customising recommendations and responses based on unique user profiles and behaviours.
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Top Companies in the Conversational AI Market
Some of the key players operating in the conversational AI market include IBM (US), Microsoft (US), Google (US), AWS (US), Artificial Solutions (Sweden), Baidu (China), SAP (Germany), Oracle (US), OpenAI (US), Kore.ai (US), LivePerson (US), Avaamo (US), SoundHound (US), Kasisto (US), MindMeld (US), Solvvy (US), Creative Virtual (UK), Pypestream (US), Saarthi.ai (India), Inbenta (US), Conversica (US), Haptik (India), Gupshup (US), Cognigy (Germany), Yellow.ai (US), AssemblyAI (US), Senseforth.ai (US), Rasa (Germany), Rulai (US), Exceed.ai (US), Clinc (US), and Laiye (China). These Conversational AI vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global conversational AI market.
Microsoft (US) develops software, services, devices, and solutions to compete in the era of an intelligent cloud and intelligent edge. With continuous investments in the mix-reality cloud, Microsoft is enabling customers to digitalize its business processes. Its offerings include cloud-based solutions that provide customers with software, platforms, and content, and deliver solution support and consulting services for its clients. The company’s product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft’s offering of platforms and tools helps drive small business productivity, large business competitiveness, and public-sector efficiency. Microsoft works on three pillars: privacy, cybersecurity, and responsible AI to provide tools and frameworks for its customers to drive policy change. The company has launched several products and services for AI-based solutions to cater to various areas such as computer vision, speech recognition, language understanding, and search. The strong portfolio of AI consisting of NLP and ML-based solutions widened its reach across different industry groups. It has a geographical presence in more than 190 countries across North America, Asia-Pacific, Latin America, Middle East and Africa, and Europe.
Google (US) is one of the most recognized brands in the world. Its core products and platforms include Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube, and each of them has over one billion active users every month. Google builds a platform on the cloud and has been investing in infrastructure, security, data management, analytics, and AI. As more and more digital experiences are being built on the cloud, its cloud products are helping enterprises of all sizes to take advantage of the latest technologies and run their businesses more efficiently. The company’s global clientele base is spread across various industries, such as automotive, BFSI, retail and eCommerce, education, energy, engineering, entertainment, environmental, food, beverage, government, healthcare, manufacturing, media, telecom, IT/ ITeS, transportation, and travel and hospitality. It operates through 70 offices in more than 50 countries worldwide. In Conversational AI Market, Google offers Dialogflow for producing modern virtual agents and lifelike conversational AI. It offers two use cases that include Voicebots for customer service and Chatbots for B2C conversations.
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