Rising Utilization of AI-based Customer Services to Drive Conversational AI Market Growth by 2028
Growing use of AI and NLP technologies has enabled to
drive the market of the Global Conversational AI Market in the forecast period
of 2024-2028.
According to
TechSci Research report, “Conversational AI Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018–2028F, the Global Conversational
AI market is anticipated to register a robust growth during the forecast period
2024-2028. Global Conversational
AI market is expanding due to the declining cost of chatbot creation and the
growing use of conversational platforms across a wide range of business
verticals. Another important element driving the demand for conversational AI
platform solutions is the rising use of social media and messaging apps. It is also
anticipated that technical developments in conversational platforms will
present significant prospects for market expansion in the years to come.
Nonetheless, rising data privacy concerns is projected to impede market
expansion in general.
Conversational AI
is becoming a more important technology. it is necessary for businesses to
implement chatbots or virtual assistants in order to increase customer
retention. Digitalization and e-commerce are expanding quickly, creating ideal
circumstances for the demand for customer support services. Global market
penetration of AI is boosted by omnichannel deployment, 24/7 improved customer
service, real-time tailored service, and lower customer service costs.
For instance, Amazon
Alexa has been implemented into American multi-national automakers' vehicles.
As a result, drivers may use conversational AI to check things like the amount
of air in their tires, how much gasoline they require, and maintenance concerns
with their vehicles.
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The Conversational AI
market is segmented into Component, Deployment, Type, Technology, End User.
Based on component, the market is segmented into Solution and Service. Based on
Deployment, the market is segmented into Cloud and On-Premises. Based on Type,
the market is segmented into Intelligent Virtual Assistant and Chatbots. Based
on technology, the market is segmented into Machine Learning, Deep Learning,
NLP, and Automated Speech Recognition. Based on End User, the market is
segmented into BFSI, Retail & Ecommerce, Healthcare & Life Science,
Telecom, Media & Entertainment, and Others.
In
2022, on the basis of type, the chatbots market held the largest market share.
Due to its capacity to be a key component of customer support services, the
category is expected to maintain its leadership over the course of the
projected year. They are mainly employed for data collection. Also, clients can
communicate with chatbots to learn more about any good or service or to make an
appointment. There are many conversational AI service providers on the market
who create chatbots and virtual assistants with minimal user customization. For
instance, Astro, a novel and distinctive type of robot, was introduced in
September 2021. It is set up to assist users with activities like home
monitoring and staying in touch with family.
In
2022, the Natural Language Processing (NLP) sector held the largest share. The
processing of a lot of natural language data is possible using NLP. Also, it
makes it possible to streamline documentation processes to increase their
effectiveness and accuracy. For example, Similar to this, the European-based
worldwide software provider SAP (Systems, Applications, and Products in Data
Processing) SE (Societas Europaea) created the current versions of its software
with enhanced, automated features like automatic translation and the Incident Solution
Matching service.
Key market
players in the Conversational AI market:
- Google LLC
- Microsoft Corporation
- Oracle Corporation
- International Business Machines
Corporation
- Amazon Web Services Inc.
- SAP SE
- Nuance Communications, Inc.
- Kore.ai, Inc.
- Jio Haptik Technologies Limited
- Rasa Technologies Inc.
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“In 2022, the
conversational AI market was dominated by the North American region. The
increased investment by businesses in various sectors on digitization together
with the presence of key players in this region are primarily to blame for the
increase in demand for conversational AIs in this region. To enhance customer
service, a growing number of businesses in North America are investing in
cutting-edge technologies like conversational AI. The rapid advancement of
e-commerce and the rising acceptance of cutting-edge technologies in the retail
industry are also contributing to the expansion of the conversational AI market
in North America. Moreover, due to the growing awareness among businesses of
cutting-edge customer support services and technologies, the Asia Pacific
region is anticipated to have the largest growth throughout the projection
period. The use and demand for conversational AI are also being fueled by
growing e-commerce development, expanding retail technology acceptance,
technical advancements in consulting and healthcare, and growing internet
penetration in this region.” said, Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Conversational AI Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast. 2018-2028F Segmented By Component (Solution
and Service), By Deployment (Cloud and On-Premises), By Type (Intelligent
Virtual Assistant and Chatbots), By Technology (Machine Learning, Deep
Learning, NLP, and Automated Speech Recognition), and By End User (BFSI, Retail
& Ecommerce, Healthcare & Life Science, Telecom, Media &
Entertainment, and Others), By Region, Competition has evaluated the future growth potential of Conversational AI Market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Conversational AI Market, globally.
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