Conversational AI Market To Reach USD 41,890 Million by 2030, Says P&S Intelligence

NEW YORK, Feb. 1, 2023 /PRNewswire/ -- The conversational AI market generated USD 8,424 million in 2022, and it will propel at a CAGR of 22.2% in the years to come, to reach USD 41,890 million by 2030, as per P&S intelligence.

Cloud-Based Deployment Generates Substantial Revenue

The cloud deployment category had a significant share in 2022, and it will maintain its dominance in the coming years. This is due to the increasing prominence of cloud-based technologies and services amongst businesses around the world as they offer customization, anywhere and anytime access to software, applications, and databases, and cost-effectiveness.

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Service Demand Will Grow Faster

• The service category will grow at the higher CAGR, of 23.1%, due to the rising demand for enhanced customer support across the media and entertainment, BFSI, and travel industries.
• Furthermore, system integration, support and maintenance, training, and consulting services have an important role to play in the functionality of conversational AI solutions.
• Moreover, the platform category had a significant share in the past, attributable to the growing disposition for chatbots and IVAs for client engagement, constant support, and tailored service experiences.

Retail and E-Commerce Firms Have Highest Solution Adoption Rate

The retail and e-commerce category dominated the industry in the past, and it will maintain its position in the future.

This is credited to the surging requirement for better shopping experiences, especially in terms of product selection and customer service, increasing emphasis on better ways of client engagement, and growing need for automated business processes in the e-commerce and retail industry.

The BFSI category will grow the fastest, because of the increasing preference of customers for digital banking solutions, as they assist them in making payments safely.

Conversational AI Deployment Booming in Personal Assistants

The personal assistant category will grow the fastest, because of the increasing need for personalized customer services and adoption of IVAs to understand open conversations and transform them as per the need of users.

Browse detailed report on Global Conversational AI Market Size, Share, Development and Demand Forecast to 2030

Furthermore, customer support was the largest application of the conversational AI technology in the past, and it will continue like this in the future. This is largely a result of the increasing usage of IVAs and chatbots for providing round-the-clock, automated consumer support.

Conversational AI Adoption Highest among North American Firms

North America has the largest revenue share, of around 30%, and it will lead the market in the future as well. This is because of the technological advancements, surging demand for improved customer support, presence of numerous players, and increasing health consciousness, which is driving the usage of innovative medical technologies.

Global Conversational AI Market Report Coverage

By Component

• Platform
• Service
• Support and maintenance
• Training and consulting
• System integration

By Deployment

• Cloud
• On-Premises

By Type

• Chatbot
• Intelligent Virtual Assistant (IVA)
• Intelligent Interactive Voice Response (IVR) System

By Industry

• Banking, Financial Services, and Insurance (BFSI)
• Retail and E-commerce
• Healthcare
• Hospitality
• Telecom
• Media and Entertainment

By Technology

• Natural Language Processing (NLP)
• Machine Learning
• Automated Speech Recognition (ASR)

By Application

• Customer Support
• Personal Assistant
• Branding and Advertisement
• Customer Engagement and Retention
• Onboarding and Employee Engagement

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Global Telecom Consulting Market Size, Share, Trends, Growth and Opportunities, 2030

 About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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SOURCE P&S Intelligence