Conversational AI Market Trends, Share, Size, Growth and Forecast 2023-2028

IMARC Group, a leading market research company, has recently released a report titled “Conversational AI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The study provides a detailed analysis of the industry, including the conversational AI market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the Conversational AI Market?

The global conversational AI market size reached US$ 7.71 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 45.28 Billion by 2028, exhibiting a growth rate (CAGR) of 31.50% during 2023-2028.

What is Conversational AI?

Conversational AI represents an advanced technology that enables users to interact with computer applications in a natural and intuitive manner to accomplish specific tasks. It encompasses a range of sophisticated tools, such as chatbots and virtual agents, designed to engage with humans and provide solutions to their needs. Powered by vast amounts of data, machine learning (ML), and natural language processing (NLP), conversational AI aims to emulate human-like interactions, comprehend speech and text inputs, and even perform language translations. It leverages a dynamic feedback loop with ML processes to continuously enhance its algorithms, refining its responses over time for higher accuracy. The process involves various components like input generation, input analysis, dialogue management, and reinforcement learning, working in harmony to optimize the AI's performance. Conversational AI particularly excels in addressing frequently asked questions (FAQs), troubleshooting issues, and engaging in casual conversations with users. Businesses widely adopt this technology to improve customer experiences, tailor interactions for specific target audiences, and efficiently handle customer support inquiries. Due to its ability to enhance productivity, save time, and reduce costs, conversational AI is gaining significant popularity among enterprises worldwide.

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What are the growth prospects and trends in the conversational AI industry?

The global conversational AI market is experiencing remarkable growth due to increased business automation demands. Organizations seek efficient solutions to streamline processes, driving the demand for conversational AI. AI-powered customer support services are preferred for time and cost-saving benefits compared to traditional methods. Businesses adopt conversational AI to engage with audiences and leverage new communication techniques, spurred by e-commerce growth and online shopping. Omnichannel deployment and declining chatbot application costs contribute to market expansion. In healthcare, conversational AI aids in data gathering, scaling operations, and enhancing patient experiences. BFSI sector demands conversational AI to automate tasks and save time and resources. Public sector organizations adopt AI for improved citizen experiences amid digital transformation efforts. Factors like a digital-native population, social media engagement, and mobile device proliferation further drive market growth. Overall, conversational AI gains momentum for automation, cost savings, improved engagement, and sector-specific applications in healthcare, BFSI, and the public sector.

What is included in market segmentation?

The report has segmented the market into the following categories:

Component Insights:

• Platform
• Services
• Support and Maintenance
• Training and Consulting
• System Integration

Type Insights:

• Intelligent Virtual Assistant (IVA)
• Chatbots

Technology Insights:

• Machine Learning
• Deep Learning
• Natural Language Processing
• Automatic Speech Recognition

Deployment Insights:

• Cloud-based
• On-premises

Organization Size Insights:

• Large Enterprises
• Small and Medium-sized Enterprises

End User Insights:

• BFSI
• Retail and E-commerce
• Healthcare and Life Science
• Travel and Hospitality
• Telecom
• Media and Entertainment
• Others

Market Breakup by Region:

• North America (United States, Canada)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

• Amazon Web Services Inc. (Amazon.com Inc.) 
• Artificial Solutions
• Avaamo Inc.
• Conversica Inc.
• Creative Virtual Ltd.
• Google LLC (Alphabet Inc.)
• Gupshup
• International Business Machines Corporation
• Jio Haptik Technologies Limited (Reliance Industries Limited)
• Kore.ai Inc.
• Nuance Communications Inc. (Microsoft Corporation)
• Oracle Corporation
• Rasa Technologies Inc.
• SAP SE

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