Conversational AI Market report

BANGALORE, India - July 14, 2022 - PRLog -- The global conversational AI market size was valued at $5.78 billion in 2020 and is projected to reach $32.62 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 20.0% from 2021 to 2030.

Top Impacting Factors

Significant factors that impact the growth of the global conversational AI industry include surge in demand for AI-based chatbots solutions and increase in demand for artificial intelligence-powered customer support services. However, absence of knowledge about conversational artificial intelligence-powered solutions acts as a prime barrier for early adoption, which hampers the growth of the market. On the contrary, rise in deployment of omnichannel methods coupled growth in client engagement through social media platforms is expected to offer potential growth opportunity for the conversational AI market during the forecast period.

Competitive Analysis

Competitive analysis and profiles of the major conversational AI market players, such as Amazon Web Services Inc., Artificial Solutions Holding ASH AB, Baidu Inc., Haptik, IBM Corporation, Microsoft Corporation, Oracle Corporation, Google LLC, SAP ERP, and Conversica, Inc. are provided in this report. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.

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