The global conversational AI market size reached US$ 7.71 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 45.28 Billion by 2028, exhibiting a growth rate (CAGR) of 31.50% during 2023-2028. More Info:- https://www.imarcgroup.com/conversational-ai-market

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Global Conversational AI
Market Research and
Forecast Report 2023-2028
Author: Elena Anderson,
Marketing Manager |
IMARC Group
© 2019 IMARC All Rights Reserved

2. Report Description
About IMARC Group
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3. Report Description
Report Description and Highlights
Global Conversational AI Market Research Report:
The latest report by IMARC, titled “Conversational AI Market: Global Industry Trends, Share, Size,
Growth, Opportunity and Forecast 2023-2028” the global conversational AI market size reached US$
7.71 Billion in 2022.
Conversational AI refers to a form of artificial intelligence that enables individuals to engage with
applications, websites, and devices utilizing voice, text, touch, or gesture inputs. It combines various
technologies, such as natural language processing (NLP), deep learning, and machine learning to
empower machines with the ability to comprehend and generate human language within a
conversational context.
It serves a crucial role in facilitating open and personalized interactions, as well as providing valuable
business insights. It enables organizations to automate customer interactions, provide personalized
recommendations, answer queries, and even perform complex tasks through voice or text-based
conversations. As a result, it finds applications in numerous domains, including customer support, and
voice assistants.
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4. Report Description
Report Description and Highlights
Global Conversational AI Market Trends:
The global market is majorly driven by the rising automation of business operations. Moreover, the proliferation of
voice-activated devices, smartphones, smart speakers, and wearables is supporting the market as conversational AI
technologies facilitate voice-based interactions, allowing users to perform tasks, access information, and control
devices through voice commands. Apart from this, the growing preference for self-service among consumers is
further catalyzing the market as AI-powered chatbots and virtual assistants enable self-service by providing instant
responses, guiding users through processes, and offering personalized recommendations, reducing the need for
human intervention.
Besides, the increasing demand for conversational AI in the financial services, banking, and insurance (BFSI) industry
for automating repetitive processes is impacting the market favorably. Furthermore, the increasing online shopping
activities of individuals, coupled with the expanding e-commerce industry worldwide, is providing a boost to the
market. Other factors, such as continual advancements in natural language processing (NLP) and machine learning,
rising demand for multilingual support, and the growing popularity of messaging apps, are projected to propel the
market further. Looking forward, the market value is projected to reach US$ 45.28 Billion by 2028, expanding at a
CAGR of 31.50% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period
(2023-2028).

5. Report Description
Report Description and Highlights
Market Summary:
Component Insights:
• Platform
• Services
• Support and Maintenance
• Training and Consulting
• System Integration
Type Insights:
• Intelligent Virtual Assistant (IVA)
• Chatbots
Technology Insights:
• Machine Learning
• Deep Learning
• Natural Language Processing
• Automatic Speech Recognition
Deployment Insights:

6. Report Description
Report Description and Highlights
• Cloud-based
• On-premises
Organization Size Insights:
• Large Enterprises
• Small and Medium-sized Enterprises
End User Insights:
• BFSI
• Retail and E-commerce
• Healthcare and Life Science
• Travel and Hospitality
• Telecom
• Media and Entertainment
• Others
Regional Insights:
• North America
• United States
• Canada

7. Report Description
Report Description and Highlights
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa

8. Competitive Landscape with Key Players:
• Amazon Web Services Inc. (Amazon.com Inc.)
• Artificial Solutions
• Avaamo Inc.
• Conversica Inc.
• Creative Virtual Ltd.
• Google LLC (Alphabet Inc.)
• Gupshup
• International Business Machines Corporation
• Jio Haptik Technologies Limited (Reliance Industries Limited)
• Kore.ai Inc.
• Nuance Communications Inc. (Microsoft Corporation)
• Oracle Corporation
• Rasa Technologies Inc.
• SAP SE
View Full Report with TOC & List of Figure: https://www.imarcgroup.com/conversational-ai-market
Report Description
Report Description and Highlights

9. A partial List of our Clients
We are the trusted business partners to the
world's leading corporates, governments, and
institutions
Partial List of Clients

10. A partial List of our Clients
We are the trusted business partners to the
world's leading corporates, governments, and
institutions
Partial List of Clients

11. Report Description
Report Description and Highlights
© 2019 IMARC All Rights Reserved
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