Conversational Artificial Intelligence (AI) Market size was valued at USD 7.8 Billion in 2022, and is projected to rise from USD 9.5 Billion in 2023 to reach USD 48.81 Billion by 2031, growing at a CAGR of 22.60% in the forecast period (2022-2031).
Integration of Generative AI to Open Potential in Conversational AI
Conversational AI market has fueled speedy transformation by better comprehending natural language and intention. Breakthroughs in machine learning, natural language processing, and large language models have brought positive reactions from both ends, thereby propelling market growth.
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In terms of businesses adopting conversational AI, financial organizations are at the top. The need for conversational AI assistants and Chatbots in the banking, financial services, and insurance industry is not new, especially with multiple advancing areas covered by AI-enabled technology. For the past few years, banks have been facing competition to adopt the most innovative technologies to stay ahead of the competition and be ready for the impending challenges. The industry is realizing the potential of conversational AI to address the present concerns. Also in the healthcare industry, telehealth boomed during the pandemic, attracting reliable ways to increase patient accessibility for optimal care and recovery. Not only were the physicians and medical workers the most proactive workers, but also patients highly preferred remote treatment measures.
Omnichannel Communication and Marketing to widen the scope of Conversational AI
With the advances in natural language understanding, chatbots will not just correctly understand consumer’s input but also will interpret their emotion, improving the efficiency of the chatbots. The future of conversational AI presents chatbots to identify disappointment, anger, and more such emotions, with chatbots responding calmly to all queries.The trends in conversational AI will again focus on enhancing understanding and communication to offer more positive experiences and improve consumer loyalty. One of the latest trends in the market is omnichannel marketing and communication. These omnichannel conversational trends have widened conversational AI prospects, offering a unified experience in various platforms like SMS, email, chatting, social media, and lots. The improved chatbots of conversational AI can smoothly converse with consumers via applications they widely use. This will expand their reach and offer high convenience and a more uniform experience.
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- In June 2024, multinational tech company, Amazon, is planning on a novel AI chatbot. In competition to bring AIs embedded with exceptional features, Amazon is now planning to compete with ChatGPT OpenAI.
- In April 2024, Avaamo, a leading provider of generative AI, launched Avaamo Agent Copilot. The unparalleled solution is manufactured on the generative AI technology platform, AvaamoLLaMB. The aim is to offer support in real-time to connect with center agents during each stage of a live call.
- In May 2024, Cognigy, a leader in AI-powered customer service solutions, announced that it received the title ‘Leader in Forrester Wave™: Conversational Artificial Intelligence for Customer Service, in second quarter 2024.
- In February 2023, Level AI, leading provider of improved conversation intelligence services for contact centers, announced an innovative generative AI creation. AgentGPT is a safe, well-informed generative AI platform for the team dealing with customer service. It is efficiently trained inproprietary customer conversational data for clients.
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Presently, conversational AI is already transforming the way businesses communicate with their consumers and consumers’ reaction to the technology. The incorporation of generative AI is majorly driving conversational AI to the next level, allowing human-like, natural communications, and unveiling a broader range of benefits for consumers and businesses.
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