Conversational AI Market Is Expected to reach US$ Conversational AI US$ 40.5 Billion by 2022-2032
The Conversational AI Market is anticipated to grow at a prodigious CAGR of 17.2% during the period of 2022-2032. The Conversational AI Market is anticipated to reach US$ 40.5 Billion in 2032, from US$ 8.3 Billion in 2022.
“Increasing demand for AI-powered customer support services, omnichannel deployment, and reduced chatbot development costs are the major factors fueling the growth of the Conversational AI Market.”
Key factors such as rise in demand for AI-based Gartner chatbots solutions are expected to augment the growth of the market during the forecast period.Major factors that are expected to accelerate the growth of the Conversational AI Market during the forecast period include increasing demand for AI-powered customer support services, omnichannel deployment, and reduced chatbot development costs.
Furthermore, the rising demand for AI-based chatbots to stay connected and increasing focus on customer engagement are the major factors adding value to the conversational AI offerings, which is expected to provide opportunities for enterprises operating in various verticals in the conversational AI market.
With advancements in the use of AI technology, organizations are making use of conversational AI solutions to offer customer service efficiently. This is another major factor that is expected to accelerate the market growth during the forecast period.There are some factors that are acting as obstacles, and are hindering the growth of the Conversational AI Market during the forecast period.
Consumers have limited knowledge about chatbots, virtual assistants, digital personal assistants, and their benefits. This factor is expected to hinder the growth of the Conversational Intelligence Software Market during the forecast period.
The lack of accuracy in chatbots and virtual assistants and maintaining business continuity are some other major challenges in the conversational AI market. Moreover, the lack of awareness about conversational AI solutions and the inability to identify customer intent and respond effectively act as the key restraining factors in the market.