Conversational AI Market Size 2030- Key Growth Drivers,
Challenges, Leading Key Players Review, Upcoming Trend

The Conversational
AI Market is projected to grow from USD 13.2 billion in 2024 to USD
49.9 billion by 2030, at a compound annual growth rate (CAGR) of 24.9% during
the forecast period. The conversational AI market is expected to grow
significantly during the forecast period, owing to various business drivers
like the increasing integration of computer vision and voice recognition
technology to facilitate more in-depth and personalized interactions.
Exponential growth of focus on customer engagement and retention and increasing
integration of AI chatbots in messaging services, and growing emergence of
generative AI is also responsible for driving the market’s growth.

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By Software by technology, the ML segment registers for
the fastest growing market during the forecast period.

By software by technology, the  Machine Learning (ML)
segment is expected to register the second largest market size during the
forecast period. ML has revolutionized the conversational AI market, empowering
software to engage in human-like conversations, understand natural language
inputs, and deliver personalized responses. These ML-based conversational AI
systems utilize algorithms to analyze vast amounts of data, enabling them to
continuously learn and improve their understanding and interaction capabilities.
Several ML-based software types exist in the conversational AI market,
including chatbots, virtual assistants, and voice assistants.

By services, professional services to register for the
fastest growing segment during the forecast period.

The professional services segment of the conversational AI
market is growing rapidly. The professional services in the conversational AI
market encompass a range of offerings designed to assist businesses in
leveraging AI technologies to enhance their customer interactions and
operational efficiency. These services are provided by specialized firms,
consultants, and agencies with expertise in developing, implementing, and
optimizing conversational AI solutions tailored to each client's unique needs.
One key aspect of professional services in conversational AI is strategic
consulting.

By region, North America accounted for the largest market
size during the forecast period.

The conversational AI market in North America has been
experiencing robust growth, driven by several key factors. In North America,
conversational AI solutions have experienced an uptrend in diverse industries,
driven by several key factors, such as increasing demand for solution types for
efficient customer support, customized interactions, and streamlined
communication processes. A distinguished trend in North America is the fusion
of generative and discriminative methods and hybrid conversational AI models,
which ensure tasks such as language translation, picture classification, and
NLP, boosting efficiency and effectiveness.

Top Companies

Some major players in the conversational AI market include
Microsoft (US), IBM (US), Google (US), OpenAI (US), Baidu (China), AWS (US),
Artificial Solutions (Sweden), SAP (Germany), Oracle (US), Kore.ai (US), and
other players. Startup/SMEs covered in the market include Twilio (US), Sprinklr
(US), Boost.ai (Norway), Cognigy (Germany), Rasa (Germany), Saarthi.ai (India),
Senseforth.ai (India), Yellow.ai (US), Exceed.ai (US), Clinc (US), Laiye
(China), Rulai (US), Quiq (US), and Pypestream (US).

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