Conversational AI Market is Poised to Grow at Highest Pace owing to Increasing Adoption
It uses technologies such as text-to-speech and speech-to-text to facilitate dialogue across various messaging platforms and devices including smart speakers, smartphones, and IoT devices. Various industries are adopting conversational AI technologies to enhance customer experience, improve productivity and reduce costs.
The Global Conversational AI Market is estimated to be valued at US$ 10.65 Bn in 2024 and is expected to exhibit a CAGR of 22.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Conversational AI Market Growth are Google, Microsoft, Amazon Web Services, Inc., IBM, Oracle, Nuance Communications, Inc., FIS, SAP SE, Artificial Solutions, Kore.ai, Inc., Avaamo, Conversica, Inc. and Jio Haptik Technologies Ltd. These players are focusing on developing advanced conversational AI technologies and acquiring other players to strengthen their market position.
The growing demand for conversational AI from SMBs is driving the market growth. SMBs are adopting conversational AI interfaces to improve their customer support activities. Conversational AI enables 24x7 customer support and enhances customer experience at lower costs for SMBs.
Advancements in deep learning and natural language processing technologies are supporting the development of more human-like conversational AI interfaces. Integration of technologies like intent recognition, entity extraction and sentiment analysis is improving the understanding capabilities of conversational AI platforms.
Market Trends
Rise of multilingual conversational AI - Major players are focusing on developing conversational AI capabilities for multiple global languages to penetrate international markets. Ability to understand and respond to different languages will drive the adoption of conversational AI.
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