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Conversational AI Trends and Forecast
The future of the global conversational AI market looks promising with opportunities in the banking, financial services & insurance, retail & ecommerce, healthcare & life sciences, travel & hospitality, IT & ITES, media & entertainment, telecom, and automobile & transportation markets. The global conversational AI market is expected to reach an estimated $37.3 billion by 2030 with a CAGR of 20.2% from 2024 to 2030. The major drivers for this market are increasing customer engagement through social media platforms, growing adoption of AI-based gartner chatbots solutions, and reduced cost of development and deployment of conversational AI solutions.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Conversational AI by Segment
The study includes a forecast for the global conversational AI by business function, channel, offering, end use, and region.
Conversational AI Market by Business Function [Shipment Analysis by Value from 2018 to 2030]:
• Information Technology Service Management
• Human Resource
• Sales & Marketing
• Operations & Supply Chain
• Finance & Accounting
Conversational AI Market by Channel [Shipment Analysis by Value from 2018 to 2030]:
• Emails & Websites
• Mobile Apps
• Telephones
• Messaging Apps
Conversational AI Market by Offering [Shipment Analysis by Value from 2018 to 2030]:
• Solutions
• Services
Conversational AI Market by End Use [Shipment Analysis by Value from 2018 to 2030]:
• Banking, Financial Services & Insurance
• Retail & Ecommerce
• Healthcare & Life Sciences
• Travel & Hospitality
• IT & ITES
• Media & Entertainment
• Automobile & Transportation
• Others
Conversational AI Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Conversational AI Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies conversational AI companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the conversational AI companies profiled in this report include-
• IBM
• Microsoft
• Google
• AWS
• Artificial Solutions
• Baidu
• SAP
• Oracle
• OpenAI
• LivePerson
Conversational AI Market Insights
Lucintel forecasts that human resource is expected to witness the highest growth over the forecast period due to its application in retrieving information from websites directly related to potential employees, which helps with the screening process.
Within this market, retail & ecommerce will remain the largest segment due to AIÄX%$%Xs ability to increase consumer interaction, optimize processes, and enhance overall purchasing experiences.
North America will remain the largest region over the forecast period due to the rising use of voice-based search and existence of many key players in this region.
Features of the Global Conversational AI Market
Market Size Estimates: Conversational AI market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Conversational AI market size by various segments, such as by business function, channel, offering, end use, and region in terms of value ($B).
Regional Analysis: Conversational AI market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different business functions, channels, offerings, end uses, and regions for the conversational AI market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the conversational AI market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the conversational AI market size?
Answer: The global conversational AI market is expected to reach an estimated $37.3 billion by 2030.
Q2. What is the growth forecast for conversational AI market?
Answer: The global conversational AI market is expected to grow with a CAGR of 20.2% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the conversational AI market?
Answer: The major drivers for this market are increasing customer engagement through social media platforms, growing adoption of AI-based gartner chatbots solutions, and reduced cost of development and deployment of conversational AI solutions.
Q4. What are the major segments for conversational AI market?
Answer: The future of the conversational AI market looks promising with opportunities in the banking, financial services & insurance, retail & ecommerce, healthcare & life sciences, travel & hospitality, IT & ITES, media & entertainment, telecom, and automobile & transportation markets.
Q5. Who are the key conversational AI market companies?
Answer: Some of the key conversational AI companies are as follows:
• IBM
• Microsoft
• Google
• AWS
• Artificial Solutions
• Baidu
• SAP
• Oracle
• OpenAI
• LivePerson
Q6. Which conversational AI market segment will be the largest in future?
Answer: Lucintel forecasts that human resource is expected to witness the highest growth over the forecast period due to its application in retrieving information from websites directly related to potential employees, which helps with the screening process.
Q7. In conversational AI market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region over the forecast period due to the rising use of voice-based search and existence of many key players in this region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the conversational AI market by business function (information technology service management, human resource, sales & marketing, operations & supply chain, and finance & accounting), channel (emails & websites, mobile apps, telephones, and messaging apps), offering (solutions and services), end use (banking, financial services & insurance, retail & ecommerce, healthcare & life sciences, travel & hospitality, IT & ITES, media & entertainment, automobile & transportation, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Conversational Ai Market, Conversational Ai Market Size, Conversational Ai Market Growth, Conversational Ai Market Analysis, Conversational Ai Market Report, Conversational Ai Market Share, Conversational Ai Market Trends, Conversational Ai Market Forecast, Conversational Ai Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
Table of Contents
1. Executive Summary
2. Global Conversational AI Market : Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2018 to 2030
3.1. Macroeconomic Trends (2018-2023) and Forecast (2024-2030)
3.2. Global Conversational AI Market Trends (2018-2023) and Forecast (2024-2030)
3.3: Global Conversational AI Market by Business Function
3.3.1: Information Technology Service Management
3.3.2: Human Resource
3.3.3: Sales & Marketing
3.3.4: Operations & Supply Chain
3.3.5: Finance & Accounting
3.4: Global Conversational AI Market by Channel
3.4.1: Emails & Websites
3.4.2: Mobile Apps
3.4.3: Telephones
3.4.4: Messaging Apps
3.5: Global Conversational AI Market by Offering
3.5.1: Solutions
3.5.2: Services
3.6: Global Conversational AI Market by End Use
3.6.1: Banking, Financial Services & Insurance
3.6.2: Retail & eCommerce
3.6.3: Healthcare & Life Sciences
3.6.4: Travel & Hospitality
3.6.5: IT & ITES
3.6.6: Media & Entertainment
3.6.7: Automobile & Transportation
3.6.8: Others
4. Market Trends and Forecast Analysis by Region from 2018 to 2030
4.1: Global Conversational AI Market by Region
4.2: North American Conversational AI Market
4.2.2: North American Conversational AI Market by End Use: Banking, Financial Services & Insurance, Retail & eCommerce, Healthcare & Life Sciences, Travel & Hospitality, IT & ITES, Media & Entertainment, Automobile & Transportation, and Others
4.3: European Conversational AI Market
4.3.1: European Conversational AI Market by Business Function: Information Technology Service Management, Human Resource, Sales & Marketing, Operations & Supply Chain, and Finance & Accounting
4.3.2: European Conversational AI Market by End Use: Banking, Financial Services & Insurance, Retail & eCommerce, Healthcare & Life Sciences, Travel & Hospitality, IT & ITES, Media & Entertainment, Automobile & Transportation, and Others
4.4: APAC Conversational AI Market
4.4.1: APAC Conversational AI Market by Business Function: Information Technology Service Management, Human Resource, Sales & Marketing, Operations & Supply Chain, and Finance & Accounting
4.4.2: APAC Conversational AI Market by End Use: Banking, Financial Services & Insurance, Retail & eCommerce, Healthcare & Life Sciences, Travel & Hospitality, IT & ITES, Media & Entertainment, Automobile & Transportation, and Others
4.5: ROW Conversational AI Market
4.5.1: ROW Conversational AI Market by Business Function: Information Technology Service Management, Human Resource, Sales & Marketing, Operations & Supply Chain, and Finance & Accounting
4.5.2: ROW Conversational AI Market by End Use: Banking, Financial Services & Insurance, Retail & eCommerce, Healthcare & Life Sciences, Travel & Hospitality, IT & ITES, Media & Entertainment, Automobile & Transportation, and Others
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Conversational AI Market by Business Function
6.1.2: Growth Opportunities for the Global Conversational AI Market by Channel
6.1.3: Growth Opportunities for the Global Conversational AI Market by Offering
6.1.4: Growth Opportunities for the Global Conversational AI Market by End Use
6.1.5: Growth Opportunities for the Global Conversational AI Market by Region
6.2: Emerging Trends in the Global Conversational AI Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global Conversational AI Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Conversational AI Market
6.3.4: Certification and Licensing
7. Company Profiles of Leading Players
7.1: IBM
7.2: Microsoft
7.3: Google
7.4: AWS
7.5: Artificial Solutions
7.6: Baidu
7.7: SAP
7.8: Oracle
7.9: OpenAI
7.10: LivePerson
.
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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
In-depth interviews of the major players in this market
Detailed secondary research from competitors’ financial statements and published data
Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
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