According to Valuates, the global conversational AI market was valued at USD 5.78 billion in 2020 and is expected to reach USD 32.62 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 20% from 2021 to 2030.
The Conversational AI Market is Divided Into Components (Platforms and Services [Support and Maintenance, Training and Consulting, and System Integration]), Deployment (Cloud and On-Premises), Type (IVA and Chatbots), Technology (Machine Learning, Deep Learning, NLP, and Automated Speech Recognition), and End User (BFSI, Retail & Ecommerce, Healthcare & Life Science, Telecom, Media & Entertainment, and Others).
The report analyses global opportunities and forecasts the industry from 2021 to 2030. It is available in the Software Category of Valuates Reports.
The conversational AI market is rising and predicted to rise more as the demand for chatbot solutions and AI-based customer support services is increasing.
There are many factors that give this market a boost in the coming years, such as advancements in technologies like machine learning and deep learning; an increase in deployment of omnichannel approaches and client involvement through social media platforms (SMP) will help drive conversation systems.
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The demand for smart technology is growing day by day and companies are investing billions of dollars in research & development. The report analyses global opportunities and forecasts the industry from 2019 to 2025.
The public cloud segment held a 70% share of the conversational AI market in 2018 owing to its high accessibility and scalability.
The segment is expected to retain its dominant position through 2025 owing to the high demand for cloud-based services from SMEs as well as enterprises.