New York, USA, Feb. 22, 2023 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global conversational AI market is expected to garner a revenue of $16,771.0 million by 2031 and grow with a stunning CAGR of 24.5% in the 2022-2031 timeframe. This latest report, published by Research Dive, provides a brief outlook of the contemporary architecture of the conversational AI market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2022-2031. All the important market figures are also provided in this report to help new entrants gain insights about the market easily.
Dynamics of the Market
Drivers: The numerous benefits offered by conversational AI such as contactless customer service, consistent customer support, and increased customer satisfaction are predicted to boost the conversational AI market in the forecast period. Along with this, surge in adoption of conversational AI solutions in the BFSI sector is predicted to help the market grow in the forecast period.
Opportunities: Rising demand from e-commerce brands is anticipated to offer numerous growth opportunities for the market in the forecast period. Additionally, increasing demand for personalized customer experience is expected to be the major factor behind the growth of the market in the forecast period.
Restraints: However, despite the various growth opportunities, high installation cost of conversational AI tools is predicted to be a major restraint in the full-fledged growth of the conversational AI market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The conversational AI market, however, has been an exception to this phenomenon. The biggest reason behind the surge in the market has been attributed to an increase in adoption of AI-powered chatbots by global medical institutions like WHO, CDC, etc., along with hospitals and clinics to share pandemic-related information and address health-related queries.
Segments of the Market
The report has divided the conversational AI market into certain segments based on deployment, type, component, organization size, technology, end-user, and region.
Deployment: Cloud Sub-segment to be the Fastest Growing
By deployment, the cloud sub-segment is predicted to have the highest CAGR by 2031. The wide range of benefits provide by cloud-based solutions such as simplification of the chatbot development procedure is expected to help the market grow in the forecast period.
Type: Chatbot Sub-segment to be Highly Dominant
By type, the chatbot sub-segment of the conversational AI market is anticipated to have a significant market share by 2031. Increasing popularity of chatbots in numerous sectors including BFSI, healthcare, education, e-commerce, etc., is predicted to help in propelling the sub-segment forward.
Component: Solution Sub-segment to Grow Rapidly
By component, the solution sub-segment is expected to have a dominant market share by 2031. Rising adoption of conversational AI solutions to revolutionize employee and customer experience is expected to help the market grow in the forecast period.
Organization Size: Large Enterprise Sub-segment to Experience Tremendous Growth
By organization size, the large enterprise sub-segment of the conversational AI market is projected to gather huge revenue by 2031. The growing investment by large enterprises in cutting-edge technologies to upgrade obsolete infrastructure is predicted to help in propelling the sub-segment forward.
Technology: Natural Language Processing (NLP) Sub-segment to Gather Huge Revenue
By technology, the Natural Language Processing (NLP) sub-segment is anticipated to be one of the most profitable by 2031. The different benefits of NLP-based chatbots such as enhanced customer experience, simplified business processes, and increased profitability is expected to help the market grow in the forecast period.
End-User: BFSI Sub-segment to Flourish Immensely
By end-user, the BFSI sub-segment of the conversational AI market is expected to witness huge growth by 2031. The growing adoption of conversational AI tools in BFSI sector for faster resolution time, fraud detection, and generation of more conversions is predicted to help in propelling the sub-segment forward.
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Market in the North America Region to Witness Substantial Growth
By regional analysis, the conversational AI market in North America region is predicted to be significantly profitable in the forecast period. The presence of major information technology players in the region is predicted to be the primary growth driver of the market in the forecast period.
Prominent Market Players
Some leading market players of the conversational AI market are
- Amazon Web Services Inc.
- Haptik
- Oracle Corporation
- Artificial Solutions Holding ASH AB
- IBM Corporation
- Google LLC
- Conversica Inc.
- SAP ERP
- Microsoft Corporation
- Baidu Inc.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
Triangulate date as per your Format and Definition of Conversational AI Market
For instance, in September 2022, VeriSmart, a leading blockchain-based data platform, announced the acquisition of DolphinChat, a conversational AI platform based in New Delhi, India. This acquisition is predicted to boost the market share of the acquiring company, VeriSmart substantially in the coming period.
Finally, the Research Dive report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Conversational AI Market:
- Top 3 Conversational AI Platforms Available in 2023
- Experiencing the Power of Intelligent Communication with Machines with Conversational AI
- Conversational AI Market to Observe Significant Growth by 2031 Due to Company Acquisitions and Product Launches by Market Players, such as Microsoft Coproration, Haptik, and Others
