Conversational AI market By End User, By Region, Industry Analysis and Forecast, 2032

 

According to a recent study by FMI, the conversational AI market is expected to reach US$ 40.5 billion by 2032, up from US$ 8.3 billion in 2022, expanding at a high CAGR of 17.2%. This study explains that the key factors such as rise in demand for AI-based Gartner chatbots solutions are expected to augment the growth of the market during the forecast period.

The major factors that are expected to accelerate the growth of the conversational AI market during the forecast period include increasing demand for AI-powered customer support services, omnichannel deployment, and reduced chat bot development costs. 

Furthermore, the rising demand for AI-based chatbots to stay connected and increasing focus on customer engagement are the major factors adding value to the conversational AI offerings, which is expected to provide opportunities for enterprises operating in various verticals in the conversational AI market.

With advancements in the use of AI technology, organizations are making use of conversational AI solutions to offer customer service efficiently. This is another major factor that is expected to accelerate the market growth during the forecast period.

The growing use of AI and NLP technologies has enabled companies to build intelligent agents and add services as well as perform tasks integrated with other multiple platforms. There is further scope for the integration of new capabilities, such as gesture recognition in conversational AI offerings. These factors are further expected to propel the market growth over the analysis period.

Key Takeaways from the Market Study

  • Global Conversational AI Market was valued at US$ 8.3 Bn by 2022-end
  • The US to account for the highest value share of US$ 14.0 Bn of global market demand for Conversational AI Market in 2032
  • From 2015 to 2021, Conversational AI demand expanded at a CAGR of 28.2%
  • By Component, the Services category constitutes the bulk of Conversational AI Market with a CAGR of 16.6%.

Competitive Landscape

Players in the global Conversational AI Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:

  • In September 2021 Astro is a new and different kind of robot, one that’s designed to help customers with a range of tasks such as home monitoring and keeping in touch with family.
  • In April 2021, Microsoft announced the acquisition of an AI-based technology company, Nuance Communications, for USD 19.7 billion in an all-cash transaction. The acquisition of Nuance will expand Microsoft’s capabilities in voice recognition and transcription technology.
  • In March 2021, Google Cloud announced the general availability of Vertex AI, a managed machine learning (ML) platform that allows companies to accelerate the deployment and maintenance of artificial intelligence (AI) models.
  • In January 2020, AWS made Amazon Lex chatbot integration available in Amazon Connect in the Asia Pacific (Sydney) AWS region. Amazon Lex chatbots can assist users in changing passwords, bringing up requested account balances, and scheduling an appointment by vocalizing a prompt rather than saying a number from a list of options.

Click for More info: https://www.futuremarketinsights.com/reports/conversational-ai-market

Comments

Post a Comment

Popular posts from this blog

Chemical Hardener Compounds Market Segments, Dynamics, Size, Supply & Demand report 2028

  Chemical hardener compounds are used to increase the density and hardness of concrete surfaces. They are usually inorganic in nature and available in dry or liquid forms for application on cured or uncured concrete surfaces. Chemical hardener compounds, when applied to a concrete surface, react with the free lime in concrete, which results in a mixture consisting of dicalcium and tricalcium silicate compounds. These dicalcium and tricalcium silicate compounds further react with the excess water present in concrete to produce calcium silicate hydrate, which is also known as tobermorite gel. The end result of this entire sequence is that the empty pores of the concrete surface are filled with the by-products, thus increasing the density of the concrete surface. Also, the crystalline structure of the mixture is further strengthened with enhanced bonding, which increases the surface hardness of concrete. The application of chemical hardener compounds reduces the pitting and dusting
Read more

Medical Power Supply Devices Market Comprehensive Shares, Historical Trends And Forecast By 2033

  Medical Power Supply Devices Market The report’s findings indicate that in addition to the ageing population, a number of other factors will have a big impact on market growth, including a rising preference for portable devices, a high demand for home healthcare services, and encouraging government initiatives to improve healthcare infrastructure. The market for medical power supplies is expected to grow even more with technological advancements in medical power supply devices, such as smart medical devices incorporated in furniture and portable medical equipment for home care. According to a recent Persistence Market Research (PMR) analysis, the global market for medical power supplies will expand at a strong CAGR of 7% through 2029. Technological innovations in the medical industry, such as Brain Control Interface (BCI), outpatient robotic surgery, automated mobile wheelchairs, mobile robots for logistics applications in healthcare, and automated hospital beds are high-qualit
Read more

Catalog Management System Market Global Analysis, Size, Share, Incredible Growth, Detailed Industry Analysis and Business Prospects 2032

  According to the conclusions of the FMI research, during the projected period, the global  catalog management systems market  is estimated to increase at a CAGR of 8%, from USD 1.3 billion in 2021. Rising consumer demand for items, expanding internet access, and increasing smartphone prevalence are likely to fuel catalog management systems market expansion, acting as a stimulus for catalog management solutions from e-commerce businesses. The catalog management systems market is fragmented since a significant number of firms compete in it. The major factors projected to boost the usage of catalog management software among companies and SMEs across a variety of sectors, including retail and e-commerce, media and entertainment, telecom, IT, and travel and hospitality, are increased cloud adoption and digital transformation. Vendors in the catalog management systems market could expect additional prospects in developing nations throughout APAC and MEA. The market for catalog manageme
Read more