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LONDON, GREATER LONDON, UNITED KINGDOM, February 4, 2025 /EINPresswire.com/ -- Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!
The conversational AI market has experienced significant growth in recent years. It is expected to increase from $11.28 billion in 2024 to $13.64 billion in 2025, reflecting a compound annual growth rate (CAGR) of 20.9%. This growth in the past period can be attributed to the rise of messaging platforms, automation in customer service, integration with business applications, and improvements in user engagement and personalization.
How Big Is the Global Conversational AI Market Expected to Grow, and What Is Its Annual Growth Rate?
The conversational AI market is expected to experience rapid growth in the coming years. It is projected to reach $34.21 billion by 2029, with a compound annual growth rate (CAGR) of 25.9%. This growth during the forecast period can be attributed to the rise of multimodal conversational interfaces, AI-powered voice assistants, industry-specific solutions, and integration with virtual and augmented reality. Key trends expected in the forecast period include advancements in natural language processing (NLP), the growth of virtual assistants and chatbots, integration with messaging platforms, multimodal conversations, and the use of voice-activated devices and smart speakers.
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What Is Driving the Growth of the Conversational AI Market?
The growing emphasis on customer engagement is expected to drive the conversational AI market. Customer engagement involves interacting with customers across various channels to strengthen relationships. Many businesses are prioritizing enhancing customer experiences to boost loyalty and generate more revenue.
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Which Leading Companies Are Driving The Growth Of The Conversational AI Market Share?
Major companies operating in the conversational AI market include Google LLC, International Business Machines Corporation (IBM), Amazon Web Services Inc., Artificial Solutions Holding ASH AB
What Are The Key Trends Driving The Growth Of The Conversational AI Market Size?
Leading companies in the conversational AI market are concentrating on creating innovative products, such as those integrated with OpenAI’s Realtime API, to enable more dynamic, context-aware interactions and provide real-time, human-like conversational experiences for users. OpenAI's Realtime API is a robust application programming interface that allows developers to incorporate real-time AI-powered conversational features into their applications, systems, or products.
How Is the Global Conversational AI Market Segmented?
The conversational AI market covered in this report is segmented –
1) By Type: IVA, Chatbots
2) By Component: Platform, Services
3) By Deployment: Cloud, On-Premises
4) By Technology: Machine Learning, Deep Learning, NLP, Automated Speech Recognition
5) By End User: BFSI, Retail and E-commerce, Healthcare and Life Science, Travel and Hospitality, Telecom, Media and Entertainment, Other End-Users
Subsegments:
1) By IVA (Intelligent Virtual Assistants): Voice-Activated Assistants, Personal Assistants, Enterprise Virtual Assistants
2) By Chatbots: Rule-Based Chatbots, AI-Powered Chatbots, Hybrid Chatbots
The Leading Region in the Conversational AI Market is:
North America was the largest region in the conversational AI market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the conversational AI market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is the Conversational AI Market?
Conversational AI is a form of artificial intelligence that enables users to interact with computer applications, such as advanced chatbots or AI chatbots, in a manner similar to conversing with humans. This technology is used to answer questions, solve problems, gather information, perform transactions, and provide services more quickly and efficiently.
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