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Home ➤ Information and Communications Technology ➤ Artificial Intelligence ➤ Conversational AI Market
Conversational AI Market
Conversational AI Market
Published date: August 2024 • Formats:
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  • Home ➤ Information and Communications Technology ➤ Artificial Intelligence ➤ Conversational AI Market

Global Conversational AI Market By Component (Solution, Services (Professional Services, Managed Services)), By Deployment Mode (Cloud-Based, On-Premise), By Type (Chatbots, Intelligent Virtual Assistants), By Technology (Natural Language Processing (NLP), Machine Learning (ML) and Deep Learning, Automatic Speech Recognition (ASR)), By Industry Vertical (IT and Telecommunications, BFSI, Media and Entertainment, Retail and E-commerce, Healthcare, Automotive, Education, Other Industry Verticals), Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

  • Published date: August 2024
  • Report ID: 126023
  • Number of Pages: 317
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
  • Request a Free Sample
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    • Report Overview
    • Key Takeaways
    • North America Conversational AI Market Growth
    • Component Analysis
    • Deployment Mode Analysis
    • Type Analysis
    • Technology Analysis
    • Industry Vertical Analysis
    • Key Market Segments
    • Driver
    • Restraint
    • Opportunity
    • Challenge
    • Growth Factors
    • Emerging Trends
    • Top Use Cases
    • Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    The Global Conversational AI Market size is expected to be worth around USD 79.4 Billion By 2033, from USD 10.1 Billion in 2023, growing at a CAGR of 22.9% during the forecast period from 2024 to 2033.

    Conversational AI refers to the subset of artificial intelligence that enables computers to understand, process, and respond to human language in a way that is both natural and engaging. This technology harnesses advanced algorithms and machine learning to facilitate interactions between humans and machines using spoken, written, or typed language.

    By integrating natural language processing (NLP), machine learning (ML), speech recognition, and contextual awareness, conversational AI creates highly interactive interfaces for applications such as virtual customer assistants, chatbots, and voice-activated devices. Its implementation spans various sectors, including customer service, healthcare, finance, and e-commerce, enhancing user experiences and streamlining business operations.

    The Conversational AI market is experiencing significant growth, driven by the increasing demand for AI-powered customer support solutions and the rapid adoption of AI across various industries. The market includes a broad range of applications, such as virtual assistants, chatbots, and voice-enabled devices, which are being increasingly integrated into business operations to enhance customer engagement and streamline processes.

    Conversational AI Market

    The growth of the Conversational AI market can be attributed to several key factors. First, the rising demand for AI-powered customer service solutions, which can handle large volumes of queries efficiently, is driving market expansion. Second, the increasing adoption of voice-activated virtual assistants, particularly in smart devices, is fueling market growth. Third, the growing need for automation in various industries, such as healthcare, retail, and finance, is propelling the demand for Conversational AI to improve operational efficiency and customer satisfaction.

    The Conversational AI market presents significant opportunities for growth, particularly in the integration of AI with emerging technologies like the Internet of Things (IoT) and 5G. As businesses continue to digitalize and seek innovative ways to interact with customers, the demand for advanced conversational interfaces is expected to rise.

    Additionally, there is a growing opportunity in the development of multilingual and culturally adaptive AI solutions, which can cater to diverse global markets. Furthermore, the expansion of AI-driven healthcare services, where Conversational AI can assist in patient care and diagnostics, offers a promising avenue for market growth.

    According to Market.us, The Artificial Intelligence Market is poised for substantial growth, with expectations to reach USD 2,745 billion by 2032, expanding from USD 177 billion in 2023 at a remarkable CAGR of 36.8% during the forecast period from 2024 to 2033.

    A key component of this market, the Chatbot Market, recorded sales of USD 6 billion in 2023, demonstrating a 23.9% year-on-year growth. It is projected to achieve revenues of USD 42 billion by 2032. Additionally, the Generative AI in Chatbots Market is forecasted to be worth USD 1,714.3 million by 2033, up from USD 151.0 million in 2023, with a CAGR of 27.5%.

    The adoption of conversational AI technologies has seen a significant uptick, with the volume of interactions handled by conversational commerce agents increasing by 250% across multiple industries since the pandemic. Chat services lead the segment, holding 49.1% of the market share. Notably, 57% of businesses, according to Accenture, report a significant return on investment (ROI) from chatbots with minimal effort. The European region accounts for a 24.3% share of this market.

    Looking ahead, Generative AI (GenAI) is expected to be a key player, predicted to be integrated into 80% of conversational AI offerings by 2026, up from 20% in 2023. In the retail sector, 34% of customers are already comfortable using AI chatbots for services such as store locators, daily deals, and order status checks. The use of conversational AI coding assistants by software engineers is anticipated to surge to 75% by 2028, a significant increase from less than 10% at the beginning of 2023.

    Moreover, 50% of software engineer leading roles are expected to explicitly demand generative AI oversight by 2025. Reflecting the importance of these technologies, nearly 80% of CEOs have either changed or plan to change their approach to client engagement using conversational AI. Furthermore, 90% of companies have reported faster complaint resolution, and over 80% have noted an increase in call volume processing through the implementation of conversational AI solutions.

    Key Takeaways

    • The Global Conversational AI Market is projected to expand significantly from USD 10.1 Billion in 2023 to an estimated USD 79.4 Billion by 2033, demonstrating a robust compound annual growth rate (CAGR) of 22.9% over the forecast period from 2024 to 2033.
    • North America maintained a leading role in the Conversational AI market in 2023, securing a substantial market share of over 35%, translating to revenues of approximately USD 3.5 billion.
    • In the product offerings, the Solution segment emerged as the predominant category within the Conversational AI market in 2023, commanding a major market share of over 64.1%.
    • Deployment-wise, the On-Premise solutions held a significant position in the market, capturing a majority share of over 58.5% in 2023.
    • Focusing on functionalities, the Chatbots segment led the industry by occupying a substantial market share of over 64.9% in 2023.
    • Technologically, the Natural Language Processing (NLP) segment was the dominant force within the Conversational AI landscape, holding more than 42.3% of the market share in 2023.

    North America Conversational AI Market Growth

    In 2023, North America held a dominant market position in the Conversational AI market, capturing more than a 35% share with revenues amounting to USD 3.5 billion. This leadership is largely attributed to the robust technological infrastructure and the early adoption of advanced AI technologies by companies across various sectors, including retail, healthcare, and finance. Moreover, the presence of key industry players in the region fuels innovation and development in conversational AI applications.

    In 2023, North America held a dominant position in the Conversational AI market, driven by several key factors:

    • Technological Leadership: The region is home to many of the world’s leading tech companies, including giants like Google, Microsoft, and IBM, which continuously innovate in AI technologies. This concentration of technological expertise has propelled advancements in conversational AI, from natural language processing to machine learning and automated speech recognition​.
    • Adoption in Diverse Industries: There’s significant implementation across various sectors such as retail, BFSI, healthcare, and automotive in North America. Companies in these industries leverage conversational AI to enhance customer interaction and operational efficiency​.
    • Advanced Infrastructure: The well-established digital infrastructure supports the deployment and scaling of AI technologies efficiently. This includes widespread internet access and cloud computing capabilities, which are essential for the development and deployment of conversational AI applications.
    • Investment and Research: There is substantial investment in AI from both the private and public sectors, including funding for AI research and development, which fosters innovation in conversational AI technologies​.
    • Regulatory Support: The regulatory environment in North America generally supports the development and adoption of new technologies, including AI. Policies and frameworks that encourage the ethical use of AI contribute to the trust and integration of conversational AI solutions in everyday applications​.

    Conversational AI Market Region

    Component Analysis

    In 2023, the Solution segment held a dominant market position within the Conversational AI market, capturing more than a 64.1% share. This leadership can be primarily attributed to the increasing adoption of AI solutions across various industries aiming to enhance customer service and operational efficiency.

    Businesses are progressively integrating AI-driven chatbots and virtual assistants to automate customer interaction processes, which not only reduces labor costs but also improves the customer experience. These solutions are designed to understand and respond to user queries effectively, making them indispensable for industries such as retail, banking, and healthcare.

    Moreover, the rapid advancements in natural language processing (NLP) and machine learning technologies have significantly enhanced the capabilities of conversational AI solutions. These improvements have made AI solutions more adaptable and capable of handling complex conversations, which increases their attractiveness to companies looking to implement sophisticated customer service operations. As AI technology continues to evolve, these solutions are expected to become even more robust, further driving their adoption.

    Additionally, the scalability offered by conversational AI solutions is a key factor in their widespread adoption. Unlike human agents, AI solutions can handle an indefinite number of interactions simultaneously, which is particularly beneficial for large organizations dealing with high volumes of customer queries. This scalability ensures that businesses can maintain a consistent level of service quality, even during peak times, thus enhancing overall customer satisfaction and loyalty. These advantages underscore the leading position of the Solution segment in the Conversational AI market

    Deployment Mode Analysis

    In 2023, the On-Premise segment of the Conversational AI market held a dominant position, capturing more than a 58.5% share. This leading status can be attributed to several core advantages that on-premise solutions offer to enterprises. Primarily, organizations opt for on-premise installations due to their enhanced control over data and security. With data breaches and cybersecurity threats on the rise, companies, particularly those in sensitive sectors like finance and healthcare, prefer to keep their data internally managed.

    On-premise solutions allow these organizations to enforce their own security protocols and compliance measures, tailored to specific regulatory requirements, without relying on third-party cloud providers. Furthermore, on-premise deployment in conversational AI also offers better customization and integration capabilities. Enterprises can tailor these systems to fit seamlessly into their existing IT infrastructure, enabling more effective communication and coordination across various departments.

    This integration helps in maintaining the consistency and reliability of AI applications, essential for businesses that rely heavily on legacy systems. Additionally, for companies operating in regions with strict data sovereignty laws or unstable internet connectivity, on-premise solutions provide a practical option, ensuring uninterrupted service and compliance with local regulations.

    Overall, the preference for on-premise conversational AI systems is driven by the need for enhanced security, greater control over the AI systems, and the ability to customize and integrate with existing technological frameworks. This segment’s predominance is a reflection of its alignment with the core operational priorities of many businesses, especially those handling sensitive information or requiring high levels of customization and integration.

    Type Analysis

    In 2023, the Chatbots segment held a dominant market position within the Conversational AI industry, capturing more than a 64.9% share. This prominence is largely due to the versatility and efficiency chatbots bring to customer service and engagement.

    Organizations across various sectors have adopted chatbots to handle a vast array of routine inquiries and transactions, which frees up human agents to tackle more complex and sensitive issues. This shift not only optimizes operational costs but also improves response times and customer satisfaction rates.

    Additionally, the advancement in natural language processing (NLP) and machine learning technologies has significantly enhanced the capabilities of chatbots. Today’s chatbots are more adept at understanding and processing human language, enabling them to provide more accurate and contextually relevant responses.

    This technological evolution has broadened the scope of chatbot applications, extending their usefulness beyond simple customer queries to more sophisticated tasks like personalized shopping assistance, booking services, and even initial medical diagnostics.

    The widespread integration of chatbots into popular messaging platforms such as WhatsApp, Facebook Messenger, and Slack also contributes to their dominant market share. By meeting customers on platforms they already frequent, businesses enhance engagement and accessibility, further cementing the position of chatbots as a critical tool in digital communication strategies. This ease of integration and the broad utility across various communication channels underscore why the chatbot segment leads the Conversational AI market.

    Conversational AI Market Share

    Technology Analysis

    In 2023, the Natural Language Processing (NLP) segment held a dominant market position in the Conversational AI landscape, capturing more than a 42.3% share. This leadership can be attributed to NLP’s critical role in enhancing the understanding and generation of human language, making it essential for creating more intuitive and effective conversational AI systems.

    NLP technologies enable chatbots and virtual assistants to parse complex language cues, understand context, and deliver responses that are both relevant and engaging, which are pivotal for maintaining productive human-computer interactions. The surge in the adoption of NLP is also driven by its versatility across various applications, from customer service and support to more complex tasks like sentiment analysis and automated content generation.

    This broad applicability has encouraged businesses across sectors – ranging from healthcare and finance to retail and telecommunications – to integrate NLP technologies to improve their operational efficiencies and customer interaction models. The ability of NLP to process large volumes of unstructured text data rapidly and accurately further enhances its attractiveness, helping businesses gain deeper insights into customer behavior and preferences.

    Moreover, ongoing advancements in NLP, facilitated by the integration of machine learning and deep learning techniques, have continuously improved its capabilities, making it even more powerful and accessible to a wider array of industries. As businesses strive to provide a more personalized and responsive customer experience, the importance of NLP in the Conversational AI market remains paramount, reinforcing its leading position.

    Industry Vertical Analysis

    In 2023, the Retail and E-commerce segment held a dominant market position in the Conversational AI landscape, capturing more than a 22.5% share. This segment’s leadership is primarily driven by the increasing integration of conversational AI technologies in customer service and engagement strategies.

    Retailers and e-commerce platforms are leveraging AI-powered chatbots and virtual assistants to provide personalized shopping experiences and instant customer support. These technologies help businesses manage high volumes of customer interactions efficiently, reducing wait times and improving overall customer satisfaction.

    The proliferation of online shopping has necessitated robust support systems that can handle multiple customer inquiries simultaneously without compromising the quality of service. Conversational AI excels in this area by automating responses to common queries, guiding customers through the purchase process, and providing tailored recommendations based on consumer behavior and preferences. This capability not only enhances the shopping experience but also boosts sales by facilitating upselling and cross-selling opportunities.

    Additionally, the real-time data analysis offered by conversational AI tools allows retailers to gain insights into customer preferences and adjust their marketing and inventory strategies accordingly. This agility in responding to consumer trends and the ability to provide a seamless, 24/7 customer service model are key factors contributing to the prominent role of the Retail and E-commerce sector in the Conversational AI market.

    Key Market Segments

    Component

    • Solution
    • Services
      • Professional Services
      • Managed Services

    Deployment Mode

    • Cloud-Based
    • On-Premise

    Type

    • Chatbots
    • Intelligent Virtual Assistants

    Technology

    • Natural Language Processing (NLP)
    • Machine Learning (ML) and Deep Learning
    • Automatic Speech Recognition (ASR)

    Industry Vertical

    • IT and Telecommunications
    • BFSI
    • Media and Entertainment
    • Retail and E-commerce
    • Healthcare
    • Automotive
    • Education
    • Other Industry Verticals

    Key Regions and Countries

    • North America
      • US
      • Canada
    • Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Russia
      • Netherlands
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Australia
      • Singapore
      • Thailand
      • Vietnam
      • Rest of APAC
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • South Africa
      • Saudi Arabia
      • UAE
      • Rest of MEA

    Driver

    Adoption of Multichannel Communication Strategies

    A key driver in the Conversational AI (CAI) market is the adoption of multichannel communication strategies by businesses. Companies are increasingly integrating Intelligent Virtual Assistants (IVAs) across various communication platforms to enhance customer interactions and support. This shift is motivated by the need to streamline operations and provide a seamless customer experience across multiple channels, from social media to company websites.

    The ability to offer consistent and efficient service across all platforms not only meets customer expectations for on-demand service but also drives significant operational efficiencies. This trend is particularly pronounced among forward-thinking companies that recognize the strategic advantage of leveraging AI to reduce operational costs and enhance service quality, which is critical for staying competitive in today’s fast-paced market environment​.

    Restraint

    High Initial Deployment Costs

    One major restraint in the Conversational AI market is the high initial costs associated with deploying on-premise solutions. Many organizations, particularly in sectors like healthcare, finance, and government, opt for on-premise implementations to maintain strict control over data security and privacy.

    Such implementations require substantial upfront investment in infrastructure, as well as ongoing expenses for maintenance and updates. This financial burden can be prohibitive for smaller businesses or those in emerging markets, potentially slowing down market penetration and adoption rates of conversational AI technologies​.

    Opportunity

    Advances in NLP and Machine Learning

    The continuous advancements in Natural Language Processing (NLP) and machine learning represent significant opportunities within the Conversational AI market. These technologies are at the core of conversational AI applications, enhancing the system’s ability to understand and generate human-like responses.

    Improvements in these areas are making conversational AI tools more sophisticated, capable of handling complex and nuanced interactions. This not only improves user satisfaction but also opens up new applications for conversational AI across different sectors, including those that require highly specialized knowledge, such as legal and medical services.

    Challenge

    Handling Diverse Accents and Dialects

    A major challenge for the Conversational AI market is the technology’s ability to accurately recognize and process diverse accents and dialects in speech. Automatic Speech Recognition (ASR) systems are integral to conversational AI, allowing for voice-based user interactions.

    However, these systems often struggle with variations in pronunciation, background noise, and colloquial expressions, which can lead to misunderstandings and a frustrating user experience. Enhancing the accuracy of speech recognition, particularly in multilingual settings, remains a significant hurdle that developers need to overcome to ensure broader adoption and user satisfaction​.

    Growth Factors

    The Conversational AI market is experiencing significant growth driven by advancements in AI technologies such as Natural Language Processing (NLP) and Machine Learning (ML). These technologies enhance the efficiency and accuracy of Conversational AI applications, enabling more sophisticated and human-like interactions.

    The rising demand for AI-driven customer support services, fueled by increasing digitalization and consumer expectations for quick and efficient service, is also a major growth factor. The integration of Conversational AI across various industries like retail, healthcare, and telecommunications further contributes to its market expansion​.

    Emerging Trends

    One notable trend in the Conversational AI space is the increasing integration of Intelligent Virtual Assistants (IVAs) into multichannel communication strategies. These IVAs are becoming essential for businesses looking to reduce operational costs and improve customer service.

    Advances in Natural Language Understanding (NLU) models are also enhancing the ability of Conversational AI to deliver a more human-like conversational experience. Moreover, the utilization of actionable intelligence from Conversational AI analytics is helping businesses make informed decisions to improve customer engagement and operational efficiency​.

    Top Use Cases

    Conversational AI is primarily used to enhance customer service across various sectors. By automating responses and engaging with customers 24/7, these AI systems help businesses manage large volumes of interactions efficiently, thereby improving customer satisfaction and reducing operational costs.

    In the retail sector, Conversational AI is used for personalized shopping experiences and handling customer inquiries. In healthcare, it assists in patient management and appointment scheduling. Furthermore, in the banking sector, Conversational AI facilitates secure and efficient customer service and financial advising​.

    Key Players Analysis

    The Conversational AI market is dominated by several key players, each contributing to the technological advancements and widespread adoption of AI-driven communication solutions. Companies like Google, Microsoft, IBM, and Amazon Web Services (AWS) are at the forefront, driving innovation primarily through enhancements in natural language processing and machine learning capabilities. These companies offer robust platforms that integrate Conversational AI into various applications, enabling more natural and effective user interactions.

    Google LLC remains a dominant force in the market, continuing to expand its AI capabilities. In 2023, Google launched Bard, a generative AI chatbot, marking a significant expansion in its AI product offerings. This move reflects Google’s strategic focus on enhancing its conversational AI tools, competing closely with Microsoft’s ChatGPT.

    Microsoft Corporation is another key player, leveraging its acquisition of Nuance Communications to bolster its AI-driven solutions, particularly in healthcare. In 2023, Microsoft introduced Security Copilot, an AI assistant designed to enhance cybersecurity defenses, further cementing its position in the AI market.

    IBM Corporation has been focusing on integrating AI with its cloud services, driving advancements in Conversational AI through its Watson platform. IBM continues to innovate by launching new AI-powered tools that cater to diverse industries, including healthcare and finance.

    Top Key Players in the Market

    • Google LLC
    • Microsoft Corporation
    • IBM Corporation
    • Amazon Web Services, Inc.
    • Oracle Corporation
    • Baidu, Inc.
    • Inbenta Holdings Inc.
    • Avaamo
    • Jio Haptik Technologies Limited
    • Kore.ai Inc.
    • Other Key Players

    Recent Developments

    • In 2024, Oracle announced the launch of new AI-powered applications within its Oracle Cloud Infrastructure, specifically designed to integrate with its existing enterprise resource planning (ERP) systems, thereby enhancing business process automation through conversational AI​.
    • In October 2023, Google introduced new generative AI features for YouTube and expanded its AI bot Bard across Gmail, YouTube, and Maps. These advancements aim to enhance user engagement and streamline workflows across Google’s suite of applications​.
    • Microsoft continues to expand its Azure AI platform, integrating advanced conversational AI capabilities. In early 2024, the company announced enhancements to its Azure Cognitive Services, including new features in the Azure Bot Services and Language Understanding Intelligent Service (LUIS), aimed at improving the development of conversational applications across various industries.
    • In March 2024, IBM launched new AI-powered security solutions in collaboration with Palo Alto Networks, focusing on integrating conversational AI into its security platforms to improve threat detection and response​.
    • In 2023, AWS integrated Lex more closely with its Amazon Connect platform, enhancing the automated customer interaction capabilities for businesses. This integration aims to simplify the process of building and managing AI-driven chatbots​.

    Report Scope

    Report Features Description
    Market Value (2023) USD 10.1 Bn
    Forecast Revenue (2033) USD 79.4 bn
    CAGR (2024-2033) 22.9%
    Base Year for Estimation 2023
    Historic Period 2019-2022
    Forecast Period 2024-2033
    Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments Covered By Component (Solution, Services (Professional Services, Managed Services)), By Deployment Mode (Cloud-Based, On-Premise), By Type (Chatbots, Intelligent Virtual Assistants), By Technology (Natural Language Processing (NLP), Machine Learning (ML) and Deep Learning, Automatic Speech Recognition (ASR)), By Industry Vertical (IT and Telecommunications, BFSI, Media and Entertainment, Retail and E-commerce, Healthcare, Automotive, Education, Other Industry Verticals)
    Regional Analysis North America – US, Canada; Europe – Germany, France, The UK, Spain, Italy, Russia, Netherlands, Rest of Europe; Asia Pacific – China, Japan, South Korea, India, New Zealand, Singapore, Thailand, Vietnam, Rest of APAC; Latin America – Brazil, Mexico, Rest of Latin America; Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of MEA
    Competitive Landscape Google LLC, Microsoft Corporation, IBM Corporation, Amazon Web Services Inc., Oracle Corporation, Baidu Inc., Inbenta Holdings Inc., Avaamo, Jio Haptik Technologies Limited, Kore.ai Inc., Other Key Players
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three license to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)
    Conversational AI Market
    Conversational AI Market
    Published date: August 2024
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    • Google LLC
    • Microsoft Corporation Company Profile
    • IBM Corporation
    • Amazon Web Services, Inc.
    • Oracle Corporation
    • Baidu, Inc.
    • Inbenta Holdings Inc.
    • Avaamo
    • Jio Haptik Technologies Limited
    • Kore.ai Inc.
    • Other Key Players
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