Conversational AI Market Expected to Reach $32.62 Billion By 2030

WILMINGTON, DE, UNITED STATES, November 5, 2024 /EINPresswire.com/ -- Allied Market Research, titled, “Conversational AI Market By Component, Deployment, Type, Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030”, The conversational AI market size was valued at $5.78 billion in 2020, and is projected to reach at $32.62 billion by 2030, growing at a CAGR of 20.0% from 2021 to 2030.

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Conversational AI is a combination of natural language processing with machine learning solutions, such as virtual agents or conversational bots, which are specifically designed to interact with the user through talking. Further, conversational AI technology is designed to use machine learning, a large volume of data, and natural language processing to help virtual agents imitate human interactions, text inputs, and human interaction to interpret their meanings in numerous languages.

Furthermore, conversational artificial intelligence has components designed to allow Gartner chatbot or virtual agents to understand, process, and generate a response. Moreover, advancement in artificial technology is one of the prime factors adding value to conversational AI technology, which is expected to drive the conversational AI market growth during the forecast period.

The growth of the global conversational AI market is majorly driven by a rise in demand for AI-based chatbot solutions paired with the surge in demand for AI-powered customer support services. However, a lack of knowledge about conversational AI-based solutions acts as a prime restraint of the global market. On the contrary, the rise in deployment of omnichannel methods globally coupled with growth in customer commitment through social media platforms is anticipated to provide lucrative opportunities for the conversational AI industry during the forecast period.

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According to conversational AI market research, the chatbot segment was the highest contributor to the market in 2020. The retail & e-commerce and healthcare segments collectively accounted for around 49.3% market share in 2020. The surge in the adoption of chatbot technology applications across healthcare and automotive sectors has led to the growth of the chatbot segment; thereby, enhancing the market growth.

The outbreak of COVID-19 has significantly impacted the growth of the market. The rise in demand for an artificial intelligence-powered digital assistant solution across prime enterprises has significantly propelled the demand for conversational AI-based digital applications during the pandemic. However, the lack of availability of a professional workforce due to partial and complete lockdowns implemented by governments across the globe restrained the growth of the market during the pandemic. Moreover, the healthcare and hospitality sector globally started to deploy conversational AI-powered solutions, and thus is expected to drive the growth of the conversational AI market analysis post-pandemic.

Region-wise, North America holds a significant share of the global conversational AI market. The adoption of interactive voice response system solutions in the retail & E-commerce sector is expected to propel the growth of the conversational AI industry in this region. Moreover, the surge in demand for chatbot technologies across hospitality and healthcare sectors in North America is anticipated to drive the conversational AI market trends in this region.

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Key Findings of the Study

- In 2020, the platform segment accounted for maximum revenue and is projected to grow at a notable CAGR of 19.4% during the forecast period.
- The healthcare & life science and retail & e-commerce segments together accounted for around 49.3% of the conversational AI market share in 2020.
- The machine learning segment is projected to grow at a CAGR of 25.6% during the forecast period.
- North America contributed for the major share in the market, accounting for more than 41.4% share in 2020.

The key players profiled in the report include Amazon Web Services, Inc., Artificial Solutions Holding ASH AB, Baidu, Inc., Haptik, IBM Corporation, Microsoft Corporation, Oracle Corporation, Google LLC, SAP ERP, and Conversica, Inc. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the market.

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Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

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Allied Market Research
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