Conversational AI Market – Global
Conversational AI refers to the technologies underlying automated messaging and speech-enabled systems that enable computers and humans to interact in human-like ways.
Applied conversational AI requires science and art to develop successful applications incorporating context, personalization, and relevance into human-computer interactions.
They use massive amounts of data, machine learning, and natural language processing to mimic human interactions, such as recognizing speech and text inputs and interpreting their meanings across several languages.
Market Size and Potential Growth
In 2022, the Global Conversational AI market was valued at $8.4 billion and is expected to increase and reach $41.22 billion by 2030.
The Global Conversational AI market is predicted to grow at an approximate CAGR of 22% during the forecasted period.
The increasing demand for AI-based chatbots to stay connected and the increased focus on customer interaction are important drivers adding value to the conversational AI market.
Drivers and Challenges
DRIVERS
➟ Rising demand – embracing AI digital exp. in govt. Sector
➟ Advancement in the use of AI technology
➟ Low-cost Chatbot generation + Omnichannel deployment
CHALLENGES
➟ Privacy and Security Breaches
➟ Apprehensiveness Over Disclosing Sensitive Information
Market Segmentation – By Region
In 2022, the North American market segment held the largest share of approximately 40% of the global conversational AI market.
This was followed by the Asia-Pacific region which held ~30%.
Market Segmentation – By End-User
In 2022, the Retail and Commerce market segment held the largest share of approximately 25% out of the global conversational AI market, followed by the Healthcare segment which held ~16%.
EXTENDED READ: Conversational AI Market Global Statistics
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Data Sources: Grand View Research, Allied Market Research and Markets and Markets, and other sources.
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