Global Conversational AI Market to Grow at a CAGR of 22.9% During 2024-2032, Aided by the Increased Digitalisation and Rapid Technological Advancements

The global conversational AI industry is being driven by the rapid digitalisation and the increasing adoption of advanced digital solutions to enhance customer engagement. In addition, the growing penetration of AI along with natural language processing technology is also aiding the market growth. Moreover, rapid technological advancements, such as the inclusion of machine learning (ML) solutions that enable self-learning, are allowing conversational AI technology to simulate human interactions based on its prior experiences and accurately predict the conversational behaviour while also rectifying any errors in the process. As a result, this helps create a more personalised and user-friendly experience, further enhancing customer satisfaction.

The growing collaborations and partnerships and the rising investments by the leading technology companies to develop improved conversational AI platforms are anticipated to aid the market growth in the coming years. In January 2019, Nuance Communications, Inc. (NASDAQ: NUAN) announced its partnership with MEDITECH, a leading electronic health record (HER) vendor, to enhance patient experience and physician efficiency through the integration of Nuance’s Dragon Medical Virtual Assistant to automate clinical and administrative tasks. Furthermore, in May 2021, Artificial Solutions International AB (OTCMKTS: ASAIF), a leading chatbot creator, announced the expansion of its Conversational AI platform to 86 languages, with the addition of 2 more languages, namely, Korean and Albanian. This will enable the platform to provide customer assistance in 86 languages globally, which is the most comprehensive conversational AI language solution in the market. These developments are expected to positively impact the growth of the conversational AI industry in the forecast period.

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Market Breakup by Component, Technology, Deployment Mode, End Use, and Region:

• The market is divided based on component into platform and services.

• On the basis of technology, the market can be distributed into machine learning and deep learning, natural language processing, and automated speech recognition.

• Based on deployment mode, the industry is segregated into cloud and on-premises.

• The industry is segmented, on the basis of end use, into banking, financial services and insurance, retail and e-commerce, healthcare and life sciences, travel and hospitality, telecom, and media and entertainment.

• Region-wise, the global market for conversational AI can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for conversational AI is being driven by the rapid digitalisation.

• The increasing demand for digital solutions and cloud-based technology across various industry verticals has significantly contributed to the market expansion.

• Increased investments in the research and development of conversational AI technology are also aiding the industry growth.

• The rising technological advancements, such as the increased utilisation   of machine learning in chatbot based software applications, are expected to further propel the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for conversational AI for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the components, technologies, deployment modes, end uses, and regions of conversational AI.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global conversational AI market are Google LLC, Microsoft Corporation, Amazon Web Services (AWS), Oracle Corporation, IBM Corporation, Nuance Corporations, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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