Conversational AI Market Size to Expand at a CAGR of 31.50% During 2023-2028


According to the latest report by IMARC Group “Conversational AI Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028“, 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. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.


Conversational artificial intelligence (AI) is a technology that allows users to interact with computer applications to accomplish specific tasks. It includes chatbots and virtual agents that engage with humans to offer solutions to various problems and complete tasks. It continuously improves its algorithms using a spontaneous feedback loop with ML processes. It integrates input generation, input analysis, dialogue management, and reinforcement learning to refine responses over time, ensuring high accuracy. It can provide answers to frequently asked questions (FAQs), troubleshoot issues, and even engage in small talk with users. As a result, conversational AI finds extensive applications in businesses to enhance their customer experience, provide personalized experiences for their targeted customers, and resolve customer support queries across the globe.

Request for a free sample copy of this report: https://www.imarcgroup.com/conversational-ai-market/requestsample

Conversational AI Market Trends:

The global conversational AI market is primarily driven by increasing demand for the automation of business operations. Moreover, the surging adoption of AI-powered customer support services due to the rising need to save time and reduce costs associated with hiring employees is positively influencing the market growth. Additionally, the increasing usage of omnichannel deployment methods and the decreasing costs of chatbot applications are propelling the market growth. Furthermore, the rising use of conversational AI in the healthcare industry to gather patient data and obtain actionable insights required for healthcare professionals to provide personalized care and support is contributing to the market growth. Other factors, including widespread product adoption to help businesses communicate with their targeted audience, rapid expansion in the e-commerce industry, and increasing online shopping activities of individuals, are also anticipated to drive the market further.

Report 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

 Ask Analyst for 10% Free Customized https://www.imarcgroup.com/request?type=report&id=7085&flag=C

Competitive Landscape:

  • 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

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact US

IMARC Group

Email: sales@imarcgroup.com

USA: +1-631-791-1145 | Asia: +91-120-433-0800

Address: 134 N 4th St. Brooklyn, NY 11249, USA

Website: https://www.imarcgroup.com/

Follow us on Twitter: @imarcglobal

Linkedin: https://www.linkedin.com/company/imarc-group

Popular posts from this blog

GCC LED Lighting Market Size, Trends, Growth, Forecast & Industry Report 2024-2032

Image
According to IMARC Group, the GCC led lighting market share reached us$ 876.9 million in 2023 . Looking forward, Imarc group expects the market to reach us$ 2,174.9 million by 2032, exhibiting a growth rate (CAGR) of 10.3% during 2024-2032. The report has segmented the market by product type (panel lights, down lights, street lights, and others), application (residential, commercial, industrial, and others), import and domestic manufacturing (imports, domestic manufacturing), public and private sectors (public sector, private sector), outdoor and indoor application (indoor, outdoor), and region. Request to Get the Sample Report: https://www.imarcgroup.com/gcc-led-lighting-market/requestsample What is the LED Lighting Market ? Light Emitting Diode (LED) lighting has emerged as a transformative technology in the field of illumination, revolutionizing the lighting solutions are perceived and utilized. LEDs are semiconductor devices that emit light when an electrical current passes...
Read more

Blood Group Typing Market Size, Key Facts, Dynamics, Segments and Forecast Report 2023-2028

Image
  The new report by Expert Market Research titled, ‘Global  Blood Group Typing Market Size , Trend, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global blood group typing market. It assesses the market based on its segments like offerings, techniques, test types, end-uses, and major regions. Get a Free Sample Report with Table of Contents@   https://www.expertmarketresearch.com/reports/blood-group-typing-market/requestsample The key highlights of the report include: Market Overview 2018-2028 • Historical Market Size (2021):  USD 2 billion • Forecast CAGR (2023-2028):  9.10% • Forecast Market Size (2027):  USD 3.37 billion The market for blood group typing is being driven by the increasing prevalence of chronic diseases, along with the rising demand for blood from various end-users such as hospitals and clinics, research institutes, and blood banks, among others. The increasing number of emergencies and road accidents t...
Read more

Global Civil Engineering Market Size to Grow at a CAGR of 5.2% in the Forecast Period of 2023-2028

Image
The ‘Global   Civil Engineering Market Growth , Size, Share, Trend, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global civil engineering market, assessing the market on the basis of its segments like services, applications, customers, and major regions. The report studies the latest updates in the market, along with their impact across the market. It is also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models. Civil Engineering Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast The key highlights of the report include: Market Overview (2018-2028) • Forecast CAGR (2023-2028):  5.2% Civil engineering provides efficient and reliable assistance in building large structures, ensures environmental safety, facilitates coordination with transportation to manage traffic, and enables the understa...
Read more