Conversational AI Market to Hit $41.39 Billion By 2030
Grand View Research has projected the global conversational artificial intelligence market to reach $41.39 billion by 2030, expanding at a compound annual growth rate of 23.6 percent.
The market growth is primarily influenced by the rising adoption of advanced AI and consumer interaction via multiple platforms, the research firm said. Other factors include the rapid growth of e-commerce, digital transformation initiatives, the growing chat-first method by the service sector, and technological enhancements like natural language processing.
The report notes as well that conversational AI is far from a new phenomenon nowadays, pointing out that both consumers and companies have grown more accustomed to the profitable outcomes of fast, enhanced, 24/7 customer support, permitting many businesses to serve on the promise of enhanced technologies to improve customer satisfaction, lower costs, and increase revenues.
The growth of conversational AI now provides companies with the customer experience and the power to resolve complex queries and inquiries quickly and effectively.
The report does temper its enthusiasm, though, saying that a lack of trained professionals to handle conversational AI will continue to be a problem.
The report lists Google, Microsoft, Amazon Web Services, IBM, Oracle, Nuance Communications, FIS, SAP, Artificial Solutions, Kore.ai, Avaamo, Conversica, Jio Haptik Technologies, Rasa Technologies, Solvvy, Pypestream, Kasisto, and Cognigy as key players in the conversational AI market.
With the growing market penetration of conversational AI as a crucial technology, it is significant that companies set the correct parameters and objectives while adopting chatbots or virtual assistants, Grand View analysts cautioned in the report.