The Conversational AI Market is projected to grow from USD 13.2 billion in 2024 to USD 49.9 billion by 2030, at a compound annual growth rate (CAGR) of 24.9% during the forecast period. The conversational AI market is expected to grow significantly during the forecast period, owing to various business drivers like the increasing integration of computer vision and voice recognition technology to facilitate more in-depth and personalized interactions. Exponential growth of focus on customer engagement and retention and increasing integration of AI chatbots in messaging services, and growing emergence of generative AI is also responsible for driving the market’s growth.
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By Software by technology, the ML segment registers for the fastest growing market during the forecast period.
By software by technology, the Machine Learning (ML) segment is expected to register the second largest market size during the forecast period. ML has revolutionized the conversational AI market, empowering software to engage in human-like conversations, understand natural language inputs, and deliver personalized responses. These ML-based conversational AI systems utilize algorithms to analyze vast amounts of data, enabling them to continuously learn and improve their understanding and interaction capabilities. Several ML-based software types exist in the conversational AI market, including chatbots, virtual assistants, and voice assistants.
By services, professional services to register for the fastest growing segment during the forecast period.
The professional services segment of the conversational AI market is growing rapidly. The professional services in the conversational AI market encompass a range of offerings designed to assist businesses in leveraging AI technologies to enhance their customer interactions and operational efficiency. These services are provided by specialized firms, consultants, and agencies with expertise in developing, implementing, and optimizing conversational AI solutions tailored to each client's unique needs. One key aspect of professional services in conversational AI is strategic consulting.
By region, North America accounted for the largest market size during the forecast period.
The conversational AI market in North America has been experiencing robust growth, driven by several key factors. In North America, conversational AI solutions have experienced an uptrend in diverse industries, driven by several key factors, such as increasing demand for solution types for efficient customer support, customized interactions, and streamlined communication processes. A distinguished trend in North America is the fusion of generative and discriminative methods and hybrid conversational AI models, which ensure tasks such as language translation, picture classification, and NLP, boosting efficiency and effectiveness.
Top Companies
Some major players in the conversational AI market include Microsoft (US), IBM (US), Google (US), OpenAI (US), Baidu (China), AWS (US), Artificial Solutions (Sweden), SAP (Germany), Oracle (US), Kore.ai (US), and other players. Startup/SMEs covered in the market include Twilio (US), Sprinklr (US), Boost.ai (Norway), Cognigy (Germany), Rasa (Germany), Saarthi.ai (India), Senseforth.ai (India), Yellow.ai (US), Exceed.ai (US), Clinc (US), Laiye (China), Rulai (US), Quiq (US), and Pypestream (US).
