In 2022, the conversational AI market had a total size of USD 8,424 million, and it is projected to hit USD 41,890 million by 2030, advancing at a rate of 22.2%, during the projection period. This growth can be ascribed to the increasing need for AI-based customer aid services, reducing chatbot growth expanses, and omnichannel deployment. Furthermore, the rising utilization of AI-based tech in a range of sectors and the growing count of tech businesses' expenditure in AI and ML, further drive the industry demand.
In 2022, the cloud deployment category generated substantial revenue, and the category is also projected to remain in the top spot throughout the projection period. This development can be attributed to the rising importance of cloud-based tech and amenities among businesses throughout the world, as it provides customization, anywhere and anytime access facilities, and reduced prices.
The surging requirement for AI-enabled customer support services is one of the key reasons helping the rise of the market. Conversational AI solutions, like intelligent IVR and chatbot, IVA, have been accepted for mechanizing these services.
Furthermore, the arrival of AI-powered conversational tools involves end users by collecting related data regarding them before sending it to a human agent, which results in advancing work efficacy and making modified experiences for the operators. Such tools also help operators in making better decisions linked to the buy of items or services.
In the coming few years, the service category will experience faster development, growing at a CAGR of 23.1%. This is mainly because of the surging demand for advanced customer support across key sectors like entertainment, BFSI, and media. Furthermore, services, like maintenance and support, system integration, consulting, and training, play an important role in the functionality of conversational AI solutions.
In 2022, the sales of chatbots generated the largest revenue share, approximately 46%, and the category is also projected to uphold its leading position during the projection period. This is credited to the surging acceptance of chatbots, credited to their many advantages like constant customer support, quicker response time, reduced chances for faults, advanced exactness of information, and advanced satisfaction levels.
In 2022, the North American conversational AI market generated the largest revenue share, of approximately 40%, and it is further projected to continue with its dominance during the projection period, growing at a substantial CAGR. This is mainly because of the increasing demand for advanced customer support facilities, technical improvements, the existence of a huge count of key players, rising health awareness among individuals, and rising usage of progressive tech in the healthcare industry, in the continent.
