Conversational Artificial Intelligence (AI) Market Size, Share, Growth Analysis, By Component(Solutions, Services), By Technology(Machine Learning, Deep Learning, Natural Language Processing, Automated Speech Recognition), By Deployment(On-premises, Cloud), By Region - Industry Forecast 2024-2031

Global Conversational Artificial Intelligence (AI) Market size was valued at USD 7.8 Billion in 2022, and is projected to rise from USD 9.5 Billion in 2023 to reach USD 48.81 Billion by 2031, growing at a CAGR of 22.60% in the forecast period (2024-2031).

The competitive environment for global conversational artificial intelligence (AI) provides competitor-specific information. Financial information, revenue generated, market potential, R&D investment, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance are some of the specifics that are provided. The data points listed above are only relevant to the companies' market focus on conversational AI. 'Google, LLC (U.S.) ', 'Microsoft (U.S.) ', 'IBM (U.S.) ', 'Amazon Web Services, Inc. (U.S.) ', 'Baidu (China) ', 'Oracle (U.S.) ', 'SAP SE (Germany) ', 'FIS (U.S.) ', 'Artificial Solutions (Sweden) ', 'Kore.ai, Inc. (U.S.) ', 'Conversica, Inc. (U.S.) ', 'Inbenta Holdings Inc. (U.S.) ', 'Creative Virtual Ltd. (U.S.) ', 'SoundHound AI, Inc. (U.S.) ', 'Avaamo (U.S.) ', 'Jio Haptik Technologies Limited (India) ', 'Solvvy (U.S.) ', 'Cisco Systems, Inc. (U.S.) ', 'Kasisto (U.S.) ', 'Gupshup (U.S.)'

The market growth rate has been positively affected by growing knowledge about the potential of virtual robots and AI-powered chatbots to increase customer satisfaction and engagement rates, streamline corporate operations, and acquire deeper business insights. Furthermore, the combination of automated speech recognition and natural language processing technology will boost positive word of mouth all over the globe.

Intelligent software's paradigm shift has created efficient support services that have enhanced the growth of numerous businesses. The conversational AI industry is projected to experience exceptional growth due to the growing need for AI-based technologies in chat boxes and customer support services. The market for conversational artificial intelligence (AI) will grow as a consequence of the advanced integration of AI in speech. In several industries, AI and NLP are being used more and more. This development has led to an increase in the platform's agent services. The technology will have new integration possibilities in the future, based on the scope. One of the new elements that will increase conversational AI services is gesture recognition. The ability to recognize gestures has many advantages. Some of its applications enable intelligent, text- and silent discussions. Noise disruptions might become severe at times. The silent conversations without speech and texts are useful in these times.

In 2021, North America had the largest revenue share of over 30%. Market expansion in the region is being driven by the wide acceptance of new technology innovations and the rapidly rising need for customer support services powered by artificial intelligence. Additionally, the majority of businesses in North America are making investments in technological developments to meet and support the needs of their clients. The desire for conversational AI is also fueled by the population's constantly expanding health consciousness. In North America, the healthcare sector is developing to incorporate robotics, AI, and augmented and virtual reality. This would support the provision of knowledgeable services and technologies for evidence-based health care with a focus on preventive and collaborative care.