According to forecasts, the Conversational AI Market reached USD 9,538.8 million in 2023. By the end of 2024, the industry revenue is expected to reach USD 11,587.7 million. It is projected that the conversational AI market would be worth USD 48,468.4 million by 2031, growing at a compound annual growth rate of 22.68% from 2024 to 2031. Voice assistants are becoming more and more common, which indicates a fundamental change in how customers engage with technology.
Top 10 Key Players:
- Microsoft
- IBM Corporation
- Baidu
- OpenAI
- Amazon Web Services
- Jio Haptik Technologies Limited
- Amelia US LLC
- Oracle
- SAP SE
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In the near future, the conversational AI market in Europe is expected to increase at a rate of 21.83% CAGR. Initiatives for digital transformation are being adopted by European businesses more frequently with the goal of improving customer experiences, streamlining corporate procedures, and fostering innovation.
The need for conversational AI solutions is increasing due to this trend across a number of industries, including banking, retail, healthcare, and the automotive.
For instance, Yellow.ai’s introduction of YellowG, an advanced conversational AI platform, showcases the industry's move towards more sophisticated and context-aware AI systems that enhance user interactions and operational efficiency.
Important Developments in the Industry:
In February 2024 (Partnership), Adobe released AI Assistant in beta. AI Assistant is a state-of-the-art conversational engine powered by generative AI that is integrated into Reader and Acrobat. AI Assistant answers questions, quickly creates summaries and analysis from long documents, and optimizes information for emails, reports, and presentations. It integrates seamlessly with the workflow of Reader and Acrobat.
Launched in December 2023, Jio Haptik's Contakt is a set of customer experience tools driven by Generative AI and supervised by large language models (LLMs). With the help of this suite, which seeks to improve user experiences across the customer journey, marketers may provide their target audience a customized ChatGPT-like solution.
Segment Analysis:
- By Component: The market is segmented into platforms and services. The services segment is anticipated to witness the fastest growth, driven by the increasing demand for managed and professional services that support the deployment and optimization of conversational AI solutions.
- By Technology: Key technologies include NLP, ML, and automatic speech recognition (ASR). NLP is particularly critical, enabling systems to understand and respond to human language more effectively.
- By Deployment Mode: Conversational AI solutions are deployed both on-premises and in the cloud. Cloud-based deployment is gaining traction due to its scalability, cost-effectiveness, and ease of integration with existing systems.
By Application: Customer support and personal assistants are the leading applications of conversational AI. In customer support, AI-driven chatbots and virtual assistants handle routine inquiries, freeing up human agents to tackle more complex issues. Personal assistants, integrated into smart devices, are enhancing user experiences in everyday tasks
