The global Conversational AI market is projected to register a CAGR of 24.9% during the forecast period, reaching USD 49.9 billion by 2030 from an estimated USD 13.2 billion in 2024. Major factors to boost the market growth include the increasing integration of AI chatbots in messaging services, emergence of generative AI, increasing integration of computer vision and voice recognition technology to facilitate more in-depth and personalized interactions, and growing focus on customer engagement and retention.
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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.
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Unique Features in the Conversational AI Market
In order to comprehend and analyse natural language inputs and provide more precise and contextually relevant responses during user conversations, conversational AI platforms include sophisticated natural language understanding (NLU) capabilities.
By enabling interactions across several channels, including websites, mobile apps, messaging services, voice assistants, and social media, these systems facilitate multi-channel communication and offer a smooth user experience.
By remembering previous interactions and user history, conversational AI systems use context to comprehend user intents and preferences, eventually enabling more personalised and engaging discussions.
These platforms use machine learning algorithms to learn from data, feedback, and user interactions continuously, which gradually improves the accuracy, relevance, and adaptability of talks.
In order to give consumers more insightful and useful responses, conversational AI systems link with backend systems like knowledge bases, CRM, and enterprise resource planning (ERP). This allows access to pertinent data and information.
Major Highlights of the Conversational AI Market
The conversational AI market is seeing a lot of partnership and acquisition activity as companies work with technology partners and buy out startups to improve their product offerings, increase their market share, and spur innovation.
In order to safeguard sensitive data and guarantee compliance with data protection laws, vendors are concentrating on improving security and privacy features in Conversational AI solutions, such as encryption, authentication, and data anonymization.
Voice-first interfaces in Conversational AI are becoming more and more popular as voice assistants and smart speakers become more commonplace. These interfaces allow users to converse in natural language using voice commands.
In order to give users more insightful and useful answers, conversational AI systems interface with enterprise systems like CRM, ERP, and knowledge bases. This allows access to pertinent data and information.
In order to solve use cases and issues relevant to certain industries, such as healthcare, banking, retail, and travel, vendors are creating conversational AI solutions that are vertically specialised.
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Top Companies in the Conversational AI Market
Some leading 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), LivePerson (US), [24]7.ai (US), eGain (US), Amelia (US), Avaamo (US), Conversica (US), Haptik (India), Solvvy (US), Inbenta (US), Creative Virtual (UK), SoundHound (US), Kasisto (US), MindMeld (US), Gupshup (US), 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). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the conversational AI market.
Microsoft
Microsoft’s flagship product in the conversational AI market is Azure Bot Services, a comprehensive platform for building, deploying, and managing intelligent bots. Azure Bot Services leverage Microsoft Azure’s cloud infrastructure and AI capabilities, enabling businesses to create conversational experiences that are highly scalable, secure, and customizable. With Azure Bot Services, organizations can easily integrate intelligent bots into their existing applications and services, automate customer interactions, and drive operational efficiency and customer satisfaction. In addition to Azure Bot Services, Microsoft offers a range of tools, frameworks, and services for developers to build and deploy conversational bots across various channels and platforms.
IBM
In the conversational AI market, IBM provides a range of solutions designed to enable businesses to build intelligent virtual assistants, chatbots, and voice-enabled interfaces. These solutions leverage IBM Watson, the company’s flagship AI platform, which offers a suite of tools and APIs for natural language understanding, machine learning, and dialogue management. IBM’s conversational AI solutions empower organizations to enhance customer engagement, streamline processes, and drive business growth through personalized interactions and automated support.
In the conversational AI market, Google offers a range of solutions designed to revolutionize human-computer interactions and enhance user experiences. These solutions leverage advanced NLP, ML, and dialogue management technologies to enable seamless communication between users and machines. Google’s offerings include Google Assistant, an AI-powered virtual assistant available on smartphones, smart speakers, and other devices, as well as Dialogflow, a platform for building and deploying conversational applications across multiple channels. Google Assistant is available on a wide range of devices, including smartphones, smart speakers, smart displays, and wearables, making it accessible to users wherever they are. With Dialogflow, developers can create rich and interactive conversational experiences that engage users and drive business outcomes.
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