Showing posts with label Conversational AI Market. Show all posts
Showing posts with label Conversational AI Market. Show all posts

Conversational AI Market To Reach USD 41,890 Million by 2030

Conversational AI offers a wide range of business advantages, including improved customer service, lead generation, and demand generation. Businesses frequently employ these AI-based solutions to increase the efficiency of cross- and up-selling by sales personnel.

Conversational AI Market Size and Share Analysis Report

Additionally, as the technology develops and becomes more sophisticated, new conversational AI applications will help and/or automate more operational areas.

By 2030, it is predicted that the conversational AI market would be worth USD 41,890 million, as per P&S Intelligence. The increasing need for AI-based customer support services, falling chatbot development costs, and omnichannel implementation are credited for this.

Demand for AI-Powered Customer Support Services Is Growing

One of the key drivers of the industry's growth is the increasing demand for AI-powered customer support services. These services have been automated using conversational AI technologies including chatbots, intelligent voice assistants, and intelligent IVR.

Additionally, the usage of conversational tools that are AI-enabled engages consumers by obtaining pertinent data about them before passing it on to a human agent, improving job productivity and giving users a more tailored experience. Moreover, these tools help customers make wiser selections when it comes to buying goods or services.

Companies would profit from constant customer interaction, 24x7 availability, higher engagement, and reduced mistakes as more businesses use conversational AI solutions in their company operations, which will fuel market growth.

The service sector will see a faster development, with a rate of 23.1%, in the years to come. This may be a result of the growing need for improved customer service in important industries, such as media and entertainment, BFSI, and tourism.

Moreover, conversational AI systems depend heavily on services, such as training, system integration, support and maintenance, and consultancy to work properly.

Furthermore, the platform category represented a large share, and it is predicted to hold this position in the years to come. This is because chatbots and IVAs are being used more often across all industries to engage customers, provide ongoing assistance, and deliver individualized service.

Around 46% of revenue was generated by chatbot sales, and it will continue to do so. This is linked to chatbot usage rising due to its numerous advantages, including more accurate data, constant customer service, quick responses, reduced error, and greater customer satisfaction levels.

Positive Return on Investment for Businesses Using Conversational AI Solutions

Conversational AI solutions have benefited organizations in a number of ways, most notably by enhancing the customer experience. Businesses must pay a one-time fee for the installation of conversational AI chatbots, but doing so will pay off for them in the long term.

By rapidly responding to customers' basic questions, chatbots may increase user engagement. They can also increase productivity by handing off difficult issues to human agents.

The need for extensive staffing is removed since a chatbot may participate in several conversations at once to address multiple inquiries simultaneously. Businesses save a ton of money as a result, and ROI increases.

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Conversational AI Market Future Trends, Prominent Players, Industry Impact and Forecast by 2024

Valued at $3.2 billion in 2018, the conversational artificial intelligence (AI) market is expected to reach $15.0 billion in 2024, registering a 30.2% CAGR during 2019–2024. The market is witnessing growth due to the rising demand for AI-powered customer support services, positive return on investment (ROI) for companies deploying conversational AI solutions, and increasing number of solution providers in the market. 


Among these, the retail & e-commerce industry accounted for the major share of the market during the historical period (2014–2018) and is going to retain its position during the forecast period. The fastest growth is projected to be witnessed by the BFSI industry.When application is taken into consideration, the conversational AI market is categorized into personal assistant, customer engagement and retention, customer support, branding and advertisement, and onboarding and employee engagement. 

The application of intelligent virtual assistants (IVA), chatbots, and intelligent interactive voice response (IVR) systems in different industries for automating interaction with customers and creating a personalized customer experience is called conversational AI. On the basis of industry, the conversational AI market is divided into retail & e-commerce, hospitality, media & entertainment, banking, financial services, & insurance (BFSI), healthcare, telecom, and others (which include oil & gas, government, energy & utilities, education, and automotive). 


The largest share of the market was occupied by the customer support category during the historical period, which is further going to account for the major share of the market during the forecast period. This is because chatbots assist in increasing the response rate of customers. The personal assistant application is expected to witness the fastest CAGR during the forecast period. The rising demand for AI-powered customer support services is a major factor driving the growth of the conversational AI market.
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Conversational AI Market Growth Rate, Developments In Major Areas, Market Size, Dynamics, Opportunities, & Forecast With Demographic Data Till 2024

There are two ways in which conversational AI solutions are deployed, namely cloud and on-premises. Of these, the conversational AI solutions deployed through cloud recorded higher demand in 2018, and this deployment method is expected to remain more popular in the coming years. This is primarily attributed to the ballooning demand for scalability and easier maintenance features and 24*7 services offered by these solutions.

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Furthermore, many major companies are adopting cloud-based solutions for increasing their operational flexibility and reducing their operational costs. Coherent with these facts, the biggest phenomenon currently being observed in the conversational AI market is the mushrooming implementation of chatbots, as well as IVA, in various healthcare applications.

Geographically, the highest demand for conversational AI market share has been witnessed in North America in the last few years, and the next few years will witness a similar situation. For instance, a Maharashtra-based online shopping website, called Try and Buy Fashion, patented a software in 2019 that would design a virtual trial room for online shoppers.

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The main factors pushing the demand for these solutions in North America are the swift technological innovations taking place in the region, the presence of major companies, such as Microsoft Corporation, International Business Machine (IBM) Corporation, Google LLC, and Oracle Corporation, offering conversational AI solutions, and the increasing government measures to support to the development of AI-based technologies.
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