According to a recent FMI report, the conversational AI market is predicted to reach US$ 40.5 billion by 2032, up from US$ 8.3 billion in 2022, with a CAGR of 17.2%. According to the research, significant factors such as the increase in demand for AI-based Gartner chatbots solutions are projected to boost market growth throughout the forecast period.
Increasing demand for AI-powered customer support services, omnichannel implementation, and lower chatbot development costs are among the primary drivers projected to propel the conversational AI market forward throughout the forecast period. Furthermore, rising demand for AI-based chatbots to stay connected and a greater focus on customer interaction are two important drivers that are likely to bring value to conversational AI solutions, presenting the potential for businesses across several sectors in the conversational AI market.
Key Takeaways from the Market Study
- By the end of 2022, the global conversational AI market was worth US$ 8.3 billion.
- In 2032, the United States will account for the largest portion of global market demand for Conversational AI, with a value of US$ 14.0 billion.
- Conversational AI demand grew at a CAGR of 28.2% from 2015 to 2021.
- With a CAGR of 16.6%, the Services category accounts for the majority of the Conversational AI Market by component.
By Major Players
- Microsoft
- IBM
- AWS
- Baidu
- Oracle
- SAP
- FIS