Conversational AI to Reach $32.3 Billion by 2028, Brandessence Projects

Brandessence Market Research valued the global conversational artificial intelligence market at $8.24 billion in 2021 and projects it to reach $32.3 billion by 2028, growing at a compounded annual rate of  21.5 percent.

The report cites increasing demand for artificial intelligence-powered customer support and a surge in the deployment of omnichannel methods as major factors driving the growth of the conversational AI market.

The report also notes that companies have shifted their focus from customer service via email or messaging to AI-enabled chatbots that help them improve customer experience and engagement.

The report identifies Google, Microsoft, Amazon Web Services, IBM, Oracle, Nuance Communications, SAP, Artificial Solutions, Kore.ai, Avaamo, Conversica, Jio Haptik Technologies, Rasa Technologies, Solvvy, Pypestream, Kasisto, Cognigy, and Inbenta Technologies as the prominent players in this market.