Conversational AI Market to Reach $12.12 Billion by 2025
Infogence Global Research estimated the global conversational artificial intelligence market to be worth $5.1 billion in 2020 and expects it to reach $12.12 billion by 2025, growing at a compound annual rate of 18.9 percent.
Rising digitalization and e-commerce have encouraged the need for customer support services, and conversational artificial intelligence offers effective customer care 24/7, real-time personalized service, and omnichannel deployment, the firm said in its latest report. In addition, technological advancements such as natural language processing and the rising chat-first strategy by the service industry are expected to boost market growth, it said.
However, a lack of awareness of conversation AI and the requirement of skilled professionals to access conversational AI is expected to hamper market development, it said further.
Among the companies highlighted in the report are Salesforce, Amazon, Artificial Solutions, Baidu, BotXO AI, Cisco Systems, Conversica, Creative Virtual, Evolv Technology, Google, Haptik, Infosys, Intel, IBM, Microsoft, Apple, NVIDIA, Oracle, and SAP.