Global Conversational AI market set to grow at 21.02% CAGR by 2027

The global Conversational AI market is on a growth trajectory, with a projected Compound Annual Growth Rate (CAGR) of 21.02% from 2020 to 2027, per a recently released report by Verified Market Research. The report highlights that the market, valued at $3.89 Billion in 2019, is anticipated to surge to $18.02 Billion by the conclusion of the forecast period.

Conversational AI, encompassing technologies such as speech-based assistance, chatbots, messaging apps, and personalized customer interactions, has become a pivotal component of the Artificial Intelligence landscape, fueling its rapid expansion.

Market Drivers Fueling Growth

• Technological Advancements: Continuous advancements in Artificial Intelligence technologies are propelling the Conversational AI market. These innovations are leading to the creation of increasingly sophisticated chatbots and virtual assistants, enhancing their capabilities.
• Omnichannel Deployment: Businesses are adopting omnichannel deployment strategies, deploying Conversational AI solutions across multiple communication channels. This strategy ensures a seamless customer experience, contributing to the adoption of conversational AI.
• Cost-Effective Solutions: The cost-effectiveness of chatbot applications is driving market growth. Conversational AI enables organizations to automate routine customer interactions, reducing operational costs while maintaining high service quality.
• Rising Adoption by Social Media Platforms: Prominent social media platforms, including Facebook, Telegram, Twitter, Tumblr, and Skype, have embraced conversational AI solutions. This adoption caters to the preferences of younger generations who spend substantial time on these platforms.

Key Market Players

Key players at the forefront of innovation populate the Conversational AI market. Notable companies in this space include Amazon Web Services, Inc., Microsoft, Oracle, IBM, Google LLC, SAP ERP, Baidu, Inc., Nuance, Artificial Solutions, Haptik, and Creative Virtual.

A Promising Future for Conversational AI

As Conversational AI continues to redefine customer interactions and streamline business operations, its growth trajectory remains robust. Ongoing technological advancements and increasing recognition of its potential across various sectors bode well for the future of Conversational AI.

WRITTEN BY

Team Eela

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