Conversational AI Market to see Rapid Growth by 2029

The global conversational AI market is anticipated to grow at a significant CAGR of 20.5% during the forecast period. One of the major drivers of the conversational AI market is the significantly increasing demand of conversational-AI for consumer support services across the globe. Prior to the advancements in AI technology customer service used to take place via e-mail, call centres, websites, and applications. However, after the advancement in technology organizations have started using conversational AI to offer a much more efficient process to deal with customer service. To enhance the customer experience and engagement, companies have shifted from customer support through messages and e-mails to AI-powered chatbots and virtual assistants. To assist the customer in real-time AI-powered chatbots uses NLP that carry out more natural and human-like conversations. To provide the company with proactive recommendations and a more personalized experience AI chatbots collect the business intelligence about the customer’s behaviour, preferences, opinions based on their activity. Virtual assistants and chatbots can be used for repetitive and non-dynamic tasks such as balance inquiry, order placement, manual processes, technical assistance, general inquiry, and other customer service-related issues.

The implementation of AI-based technology can reduce the use of manpower and increase the efficiency of the process. For instance, a conversational AI provider, Live person reported that over 57 billion conversational happen every year in contact centres with over $1.2 trillion spent on global voice call customer centres, but more than 80% of the customers would prefer a quick time message service.

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Conversational AI Market Segmentation

By Type

  • Intelligent Virtual Assatants (IVA)
  • Chatbot

By Mode of Integration

  • Web-based
  • App-based
  • Telephonic

By Technology

  • Machine& Deep learning
  • Natural Learning Process (NLP)
  • Automatic Speech Recognition (ASR)

By Application

  • Customer Support
  • Personal Assistance
  • Branding &Advertising

 By End-user

  • BFSI
  • Retail & E-commerce
  • Healthcare
  • IT &Telecom
  • Media & Entertainment
  • Others (Travel & Hospitality, Government Institutions)

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Regional Analysis

North America

  • United States
  • Canada

Europe

  • UK
  • Germany
  • Spain
  • France
  • Italy
  • Rest of Europe

Asia-Pacific

  • India
  • China
  • Japan
  • South Korea
  • Rest of APAC

Rest of the World

Company Profiles 

  • Avaamo Inc.
  • AmplifyReach
  • Baidu, Inc.
  • Conversica, Inc.
  • Cognigy GmbH
  • Creative Virtual
  • Google LLC
  • Gupshup
  • Inbenta
  • Kasisto, Inc.
  • ai
  • MindMeld, Inc.
  • Oracle Corp.
  • Pypestream Inc.
  • Rasa Technologies Inc.
  • Rulai
  • SAP SE
  • Senseforth AI Research Pvt. Ltd.
  • SoundHound, Inc.
  • Solvvy

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