The conversational artificial intelligence (AI) market generated $3.2 billion and is predicted to reach $15.0 billion in 2024, advancing at a 30.2% CAGR during 2019–2024. The market is growing due to the rising demand for AI-powered customer support services, positive return on investment (ROI) for companies deploying conversational AI solutions, and increasing number of solution providers in the market.
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Conversational AI refers to the application of intelligent virtual assistants (IVA), intelligent interactive voice response (IVR), and chatbots in different industries for automating interactions with the customer and creating a personalized customer experience. On the basis of technology, the conversational AI market is divided into automated speech recognition, natural language processing, machine learning, and others (which include cognitive computing, computer vision, image processing, and video recognition).
During the forecast period, the machine learning division is predicted to witness the fastest growth. The reason for this is that the conversational AI solutions are able to learn from previous responses to several queries, with the help of this technology, which further increases the ability of machines in answering questions. In terms of application, the conversational AI market is categorized into onboarding and employee engagement, branding and advertisement, customer support, customer engagement and retention, and personal assistant.
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This market research report provides a comprehensive overview of the conversational AI market
- Historical and the present size of the conversational AI market
- Future potential of the market through its forecast for the period 2019– 2024
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential