Conversational AI Market Size Worth $39.55 Billion, Globally, by 2031 - Exclusive Report by The Insight Partners

Pune, India., Sept. 26, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the Global Conversational AI Market is observing significant growth owing to the rising demand and falling development costs of chatbots, AI-powered customer support services, and omnichannel deployment.


Global Conversational AI Market experiences growth due to increasing demand for chatbot solutions. Browse More Insights: https://www.theinsightpartners.com/reports/conversational-ai-market


The report runs an in-depth analysis of market trends, key players, and future opportunities. The North America conversational AI market is witnessing tremendous growth owing to the presence of various market players who are continuously working on providing conversational AI solutions to their customers. Digital transformation has become a key priority for the European Union (EU). The e-commerce market growth positively impacts the APAC conversational AI market, as the technology provides an innovative and conversational approach, and personalized customer experience.


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Overview of Report Findings:

      1.   Market Growth: The conversational AI market was valued at US$ 8.45 billion in 2023 and is projected to reach US$ 39.55 million by 2031; it is expected to register a CAGR of 21.3% during 2023–2031. Incorporating generative AI into conversational AI chatbots and virtual assistants improves their ability to participate in natural, human-like conversations. These systems interpret and process user input to produce real-time responses, suggestions, and solutions. Generative AI enables chatbots to deliver tailored advice and manage difficult inquiries. This transforms customer service, e-commerce interactions, and other areas where effective communication is critical. Furthermore, generative AI technology is transforming the world of language processing, allowing for accurate translations and natural interactions that cross traditional communication borders. Its applications in language translation and chatbot interactions demonstrate the revolutionary power of cutting-edge AI technology across a wide range of sectors. Thus, the emergence of generative AI is expected to fuel the growth of the conversational AI market during the forecasted period.

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      2.   Technological Innovations: Generative AI is extremely important across a wide range of businesses. Its ability to generate unique content has important ramifications in industries such as art, design, and marketing. This technology improves personalization and innovates and streamlines creative processes. Furthermore, by producing different scenarios and answers, generative AI aids in problem-solving. Thus, it is emerging as a key tool that transforms conventional methodologies and opens up new possibilities as industries try to realize the potential of AI-driven innovation.

      3.   Growing Adoption of Conversational AI in the Gaming Industry: Businesses in the digital gaming and interactive entertainment sectors seek innovative ways to use AI to improve player experience. Developers can improve player engagement and the overall gaming experience by utilizing conversational AI. In video games, non-playable characters (NPCs) are characters that players interact and engage with on a regular basis. These characters accompany or guide players throughout the game. Conversational AI in gaming refers to the incorporation of AI technology into video games to allow for more natural and dynamic interactions between players and NPCs, as well as among players themselves. Conversational AI enables dialogue systems in games to mimic real-world conversations, especially between players and non-player characters, by understanding and reacting to user input. Thus, all the above factors are expected to propel the demand for conversational AI in the gaming industry, which will fuel the conversational AI market growth during the forecast period.

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      4.   Increasing Demand for Chatbot Solutions: Chatbots can provide round-the-clock customer service by managing thousands of interactions at once. It allows customer service representatives to focus on complex cases rather than having consumers wait in line for long periods. With the rise of social media and growing digitization worldwide, people often want to express their problems to businesses via this medium. As a result, chatbots are becoming an essential aspect of CRM operations for top companies. Automation of customer service is achieved through the integration of chatbots with social networks. As chatbot helps increase business efficiency, their demand is increasing globally, which fuels the conversational AI market growth.

      5.   Geographical Insights: The Conversational AI market is segmented into five major regions— North America, Europe, APAC, the Middle East and Africa, and South and Central America. North America held the largest market share in 2022, followed by Asia Pacific and Europe. Further, Asia Pacific is expected to record the highest CAGR in the Conversational AI market during the forecast period.

Market Segmentation:

  • Based on components, the conversational AI market is bifurcated into platforms and services. The platform segment held the largest share of the conversational AI market in 2023.

  • Based on type, the conversational AI market is segmented into chatbots and intelligent virtual assistants. The chatbot segment held the largest share of the conversational AI market in 2023.

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  • In terms of deployment type, the conversational AI market is segmented into on-premise and cloud. The on-premise segment held the largest share in the conversational AI market in 2023.
  • In terms of industry, the conversational AI market is segmented into retail and e-commerce, healthcare and life sciences, travel and hospitality, BFSI, IT and telecom, media and entertainment, and others. The retail and e-commerce segment held the largest share of the conversational AI market in 2023.
  • The Conversational AI market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

Competitive Strategy and Development:

  • Key Players: A few major companies operating in the Conversational AI market include Amazon.com Inc, International Business Machines Corp, Alphabet Inc, Oracle Corp, SAP SE, Microsoft Corp, Artificial Solutions International AB, Cognigy GmbH, Kore.ai Inc., and Rasa Technologies Inc.

  • Trending Topics: Chatbot, Generative AI, Intelligent Virtual Assistants, and Healthcare Virtual Assistants.


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Global Headlines on Conversational AI:

  • "LTIMindtree collaborated with International Business Machines Corp to establish a global, joint Generative AI Center of Excellence (CoE) in India."

  • "Wipro Limited launched Wipro Enterprise Artificial Intelligence (AI)-Ready Platform by leveraging International Business Machines Corp’s watsonx AI and data platforms, including watsonx.ai, watsonx.data, and watsonx.governance and AI assistants."

  • "ServiceNow and Microsoft expanded their strategic alliance, combining their industry-leading generative AI capabilities to enhance employee choice and flexibility."

  • "The Estée Lauder Companies (ELC) and Microsoft Corp. collaborated to create an AI Innovation Lab. The AI Innovation Lab further positions both companies as leaders at the forefront of reimagining the beauty industry with generative AI."

Conclusion:

The rising demand and falling development costs of chatbots, AI-powered customer support services, and omnichannel deployment drive the conversational AI market growth. Numerous development projects are in progress to ensure that these technologies are used effectively and efficiently for enterprise use cases that address real business issues. In order to make use of Al's ability to respond in a conversational manner like a human, a number of generative Al companies have emerged. It has the potential to completely change how people interact with technology by facilitating more casual, human-like conversations that are tailored to individual needs and preferences. Furthermore, the use of conversational AI platforms is becoming more popular among public sector organizations as governments around the world work to permit widespread digital transformation and reinvent the citizen experience, boosting the growth of the conversational AI market.


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The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.


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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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09/26/2024 10:19 -0400

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