By GlobeNewswire – Press Releases
Westford, USA, July 09, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Conversational Artificial Intelligence (AI) Market will attain a value of USD 48.81 Billion by 2031, with a CAGR of 22.60% during the forecast period (2024-2031). The conversational AI market is booming due to many technological advancements in the field of AI. Today there are several conversational AI solution providers in the market who are responsible for developing chatbots and virtual assistants on open platforms with few user-specific features. The market growth is also rapidly increasing due to omnichannel deployment and easy affordability of chatbot. Growing use of AI-based customer services additionally fuels the industry growth. In the past few years’ social media platforms such as Facebook, Telegram, Twitter, Tumblr, and Skype have implemented conversational AI solutions. The growing utilization of bots by social media platforms has enabled the adoption of conversational AI systems, which will make it easier to implement chatbots and virtual agents across many social media platforms
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Conversational Artificial Intelligence (AI) Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 9.5 Billion |
| Estimated Value by 2031 | USD 48.81 Billion |
| Growth Rate | Poised to grow at a CAGR of 22.60% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Deployment and Technology |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | The high demand for AI-based chat boxes and customer support services will grow the conversational AI market rapidly. |
| Key Opportunities | The growing awareness among businesses of cutting-edge customer support services and technologies is creating more opportunities |
| Key Market Drivers | Growing awareness of virtual robots and AI-powered chatbots to improve customer satisfaction has boosted growth. |
Growth of AI-Powered Customer Care Services is Driving the Market
Growing awareness of the potential benefits of AI-powered chatbots and virtual robots to boost consumer satisfaction and engagement rates has increased the demand for conversational AI. Companies can also improve business processes and get more profound business information which has had a favorable impact on the market growth rate. Furthermore, the use of automated speech recognition and natural language processing technology will increase more opportunities for the conversational AI market worldwide.
Innovative Cloud-Based Solutions That Offers Scalable Platforms is Driving the Market Growth of Conversational AI
The global conversational artificial intelligence (AI) market is evolving by advances in cloud-based solutions that enable flexible and conveniently accessible platforms for developing conversational AI applications. With the infrastructure provided by cloud services to host and process the vast volumes of data required for conversational AI, organizations may leverage strong machine learning and natural language processing abilities without making a significant initial investment. Due to the cloud’s versatility, affordability, and ease of integration, organizations may swiftly install and modify conversational AI solutions, contributing to its leading position in this market.
North America is Leading the Market as More Organizations are Adopting the AI-Powered Customer Support Services
North America is leading the market due to widespread adoption of new technological developments and an increasing need for AI-powered customer support services. Furthermore, the majority of firms in North America are investing in innovations in order to meet and serve the demands of their customers. The urge for conversational AI is partly driven by the population’s growing concern about their health. In North America, the healthcare industry is evolving by embracing robotics, artificial intelligence, and augmented and virtual reality. The Asia Pacific area is expected to develop the most as businesses are becoming more aware of advanced customer support services and technologies.
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Conversational Artificial Intelligence (AI) Market Insights
Drivers:
- The growing understanding about the capabilities of virtual robots is positively influencing the market growth
- AI-powered chatbots is increasing customer satisfaction and engagement rates
- The expansion of many industries like banking, retail, and healthcare and their investment in enhanced customer care service is driving the market
Restraints:
- Lack of accuracy in chatbot and virtual assistant is restraining the market
- Lack of technical knowledge especially in developing nations
- Lack of awareness about the technology among people is also hindering the market growth
Prominent Market Players in the Conversational Artificial Intelligence (AI) Market
The following are the Top Conversational Artificial Intelligence (AI) Companies
- Google, LLC
- Microsoft
- IBM
- Amazon Web Services, Inc.
- Oracle Corporation
- Nuance Communications, Inc.
- SAP SE
- Artificial Solutions International AB
- Avaamo, Inc.
- Conversica, Inc.
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Key Questions Answered in the Global Conversational Artificial Intelligence (AI) Market
- How lack of awareness of the technology is restricting the growth of conversational AI market?
- Why is the primary reason for North America to flourish in the conversational AI market?
- How AI-powered customer service is driving the conversational AI market growth?
This report provides the following insights:
- Analysis of key drivers (Better understanding of the potential of virtual robots, AI-powered chatbots is increasing customer satisfaction, and expansion of industries and their investment in enhanced customer care service), restraints (Lack of accuracy in chatbots and virtual assistant, lack of technical knowledge, and less knowledge about the technology among people), opportunities (Growing use of AI-based customer service and use of bots in social media platforms), and challenges (High expense of advanced wound care products) influencing the growth of conversational AI market
- Market Penetration: Comprehensive information on the product offered by the top players in the conversational AI market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the conversational AI market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Source: GlobeNewswire – Press Releases