Source: artificial intelligence
Conversational artificial intelligence (AI) market is predicted to reach $15.0 billion in 2024, advancing at a 30.2% CAGR during 2019–2024: P&S Intelligence
In 2018, the conversational artificial intelligence (AI) market generated $3.2 billion and is predicted to reach $15.0 billion in 2024, advancing at a 30.2% CAGR during 2019–2024. The market is growing due to the rising demand for AI-powered customer support services, positive return on investment (ROI) for companies deploying conversational AI solutions, and increasing number of solution providers in the market.
Conversational AI refers to the application of intelligent virtual assistants (IVA), intelligent interactive voice response (IVR), and chatbots in different industries for automating interactions with the customer and creating a personalized customer experience.
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On the basis of technology, the conversational AI market is divided into automated speech recognition, natural language processing, machine learning, and others (which include cognitive computing, computer vision, image processing, and video recognition). During the forecast period, the machine learning division is predicted to witness the fastest growth.
The reason for this is that the conversational AI solutions are able to learn from previous responses to several queries, with the help of this technology, which further increases the ability of machines in answering questions.
In terms of application, the conversational AI market is categorized into onboarding and employee engagement, branding and advertisement, customer support, customer engagement and retention, and personal assistant. The personal assistant category is predicted to grow at the fastest CAGR, of 31.0%, during the forecast period.
This is because of the conversational AI solutions, such as IVA and chatbots, that act as a personal assistant and are able to control one’s schedule and organize social and business meetings on behalf of the person. The technology further conveys such details to the person through webpage, calendar, and inbox.
A key driving factor of the conversational AI market is the rising demand for AI-powered customer support services. The adoption of automated customer support services has been increasing with the combination of conversational AI solutions, such as IVR, chatbots, and IVA.
As the AI-enabled conversational tools engages customers and gather important information about them, before directing it to a human agent, the work efficiency is enhanced and a personalized experience for the user is created. Furthermore, these tools also help the users make better decisions related to the purchase of a product or service.
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Another primary factor leading to the growth of the conversational AI market is the positive ROI for companies deploying conversational AI solutions. Conversational AI bots helps improve the customer experience, thus having a positive impact on businesses.
A one-time cost has to be paid by businesses for the deployment of these bots, which will be beneficial for them in the long run, as the bots can improve user engagement by taking care of basic queries of the customers instantly and further enhance the productivity of the employee.
A key trend in the conversational AI market is the increasing implementation of IVA and chatbots for healthcare applications. These applications help the patients in several ways, such as monitoring their health status, booking appointments and follow-ups, and delivering customized experience.
Due to such advantages, the healthcare providers, including hospitals, pharmaceutical companies, and clinics are focusing on the adoption of chatbots for continuous patient engagement. These factors are predicted to contribute to the growth of the market in the coming years.
Thus, the market is growing considerably due to the growing demand for AI-powered customer support services and positive ROI for companies deploying conversational AI solutions.