The global Conversational AI Market size was valued at USD 6.18 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 23.6% from 2022 to 2030.

Conversational AI Market Overview

Conversational AI is a set of technologies designed to enable computer applications to process, understand and respond to user voice and text commands in a natural way. Additionally, conversational AI is an enhanced form of AI that allows users to interact with devices, websites, and applications through touch, text, and gesture information. Conversational AI is designed to be used in conjunction with intelligent virtual agents or chatbots to interact with complex systems in a faster and more reliable manner. Furthermore, applying conversational AI requires a combination of art and science to create a digital application that combines relevance, context, and personalization in human-machine interactions. Conversational AI combines machine learning techniques with natural language processing (NLP). NLP is designed to enter a constant loop along with the machine learning process to continuously enhance AI algorithms. Subsequently, as the learning improves, the machine algorithm improves the quality of its responses over time.

The Conversational AI Market has been recently published by Contrive Datum Insights to its huge database which helps to shape the future of businesses by making well-informed business decisions. It offers a comprehensive analysis of various business aspects such as global market trends, recent technological advancements, market size, shares, and new innovations. Furthermore, this analytical data has been compiled through data exploratory techniques such as primary and secondary research. Moreover, an expert team of researchers throws light on various static as well as dynamic aspects of the global Conversational AI market.

Some of the key players profiled in the study are:

Different leading key players have been profiled to get better insights into the businesses. It offers detailed elaboration on different top-level industries which are functioning in global regions. It includes informative data such as company overview, contact information, and some significant strategies followed by key players: Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Rulai (US), Avaamo (US), Kore.ai (US), Solvvy (US), Pypestream (US), Inbenta (US), Creative Virtual (UK) and Saarthi.ai (India)., and others.

Industry Development:

• In April 2021, Microsoft announced the acquisition of Nuance Communications, an artificial intelligence technology company, in an all-cash transaction of US$19.7 billion. Acquiring Nuance will expand Microsoft's capabilities in speech recognition and transcription tech
• In January 2020, AWS made Amazon Lex chatbot integration available in Amazon Connect in the Asia Pacific (Sydney) AWS Region. The Amazon Lex chatbot can help users change passwords, call up requested account balances, and schedule appointments by issuing prompts instead of saying numbers from a list of options
• In September 2021, Baidu signed a strategic cooperation agreement with Zhonghua Gas, China's leading gas operator, and service provider, to promote the digital and intelligent transformation of the energy and power industry with innovative solutions based on Baidu AI Cloud.

What are the major Applications, Types, and Regions for the Conversational AI Market?

By Component:

• Solutions
• Services
• Professional Services

1. Training and Consulting
2. System Integration and Implementation
3. Support and Maintenance

By Type:

• Chatbots
• Intelligent Virtual Assistants (IVA)

By Deployment Mode:

• Cloud
• On-premises

By Organization Size:

• Large enterprises
• Small and medium-sized enterprises (SMEs)

By Mode of Integration

• Web-based
• App-based
• Telephonic

By Technology

• ML and Deep Learning
• Natural Language Processing (NLP)
• Automatic Speech Recognition (ASR)

By Business Function

• Sales and Marketing
• Finance
• HR
• Operations
• IT Service Management

By Vertical

• Banking Finance Services and Insurance (BFSI)
• Healthcare and Life Sciences

Conversational AI Market Regional Insights:

North America will account for the largest revenue share at more than 31.2% by 2021. Massive adoption of upcoming technological advancements and rapid growth in demand for artificial intelligence-driven customer support services in the region are driving the growth of the market in this region. Furthermore, most organizations in North America invest in technological advancements to meet and assist the needs of their clients. Rapidly rising health awareness among the population is also driving the demand for conversational AI. The North American healthcare industry is implementing augmented and virtual reality, robotics, and artificial intelligence. This helps deliver smart services and technologies for evidence-based health, with a focus on prevention and collaborative care.
Asia Pacific is expected to witness the highest growth over the forecast period owing to rising awareness among organizations for innovative customer support services and technologies. Furthermore, growth in the e-commerce industry, growing acceptance of technology in the retail industry, technological advancements in consulting and healthcare, and growing internet penetration in the region are all increasing the use and demand for conversational artificial intelligence. Increase.

Geographically, the global Conversational AI market has been analyzed in various regions such as North America, Europe, Asia-Pacific, Latin America, the Middle East, and India. The global region is dominating this market in the upcoming future.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Conversational AI Market Report Scope:

Report Attributes	Details
Growth Rate	CAGR of 23.6% from 2022 to 2030.
By Component:	Solutions Services Professional Services Training and Consulting System Integration and Implementation Support and Maintenance
By Type:	Chatbots Intelligent Virtual Assistants (IVA)
By Deployment Mode:	Cloud On-premises
By Organization Size:	Large enterprises Small and medium-sized enterprises (SMEs)
By Mode of Integration	Web-based App-based Telephonic
By Technology	ML and Deep Learning Natural Language Processing (NLP) Automatic Speech Recognition (ASR)
By Vertical	Banking Finance Services and Insurance (BFSI) Healthcare and Life Sciences
Function	Sales and Marketing Finance HR Operations IT Service Management
By Companies	Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Rulai (US), Avaamo (US), Kore.ai (US), Solvvy (US), Pypestream (US), Inbenta (US), Creative Virtual (UK) and Saarthi.ai (India).
Regions and Countries Covered	North America: (US, Canada, Mexico, Rest of North America) Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe) Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific) The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa) Latin America(Brazil, Argentina, Rest of Latin America) Rest Of the World
Base Year	2022
Historical Year	2017 to 2022
Forecast Year	2023 to 2030

Frequently Asked Questions (FAQ) about the Conversational AI market:

What is the CAGR of the global Conversational AI market?

The Conversational AI Market is growing at a CAGR of 23.6% during the forecast period.

Which region would offer high growth for vendors in the Conversational AI market?

North America will account for the largest revenue share at more than 31.2% by 2021.

Which Is the Most potential market segment?

By Component:

• Solutions
• Services
• Professional Services

1. Training and Consulting
2. System Integration and Implementation
3. Support and Maintenance

Which are the top industry players in the Conversational AI market?

Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Rulai (US), Avaamo (US), Kore.ai (US), Solvvy (US), Pypestream (US), Inbenta (US), Creative Virtual (UK) and Saarthi.ai (India).

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