Conversational AI Market to Be Worth $49.9 Billion by 2030

Research firm MarketsandMarkets expects the worldwide conversational artificial intelligence market, which includes chatbots, virtual assistants, and voice assistants, to grow from its current value of $13.2 billion to $49.9 billion by 2030, expanding at a compound annual growth rate (CAGR) of 24.9 percent.

This robust growth, it said, will be due to various business drivers, like the increasing integration of computer vision and voice recognition technology to facilitate more in-depth and personalized interactions, focus on customer engagement and retention, increasing integration of AI chatbots in messaging services, and the growing emergence of generative AI.

Conversational AI's future is expected to include multimodal capabilities, improved natural language understanding, and tailored interactions with an emphasis on ethical and emotional intelligence, according to the report. These systems, it added, will continuously learn from and adjust to user preferences as they satisfy societal requirements, automate more and more complicated jobs, and enable human-AI collaboration.

Machine learning, the firm said, has revolutionized the conversational AI market, empowering software to engage in human-like conversations, understand natural language inputs, and deliver personalized responses.

Conversational AI, MarketsandMarkets concluded, offers the following advantages:

• Increased consumer engagement from interactive, tailored communication .
• Increased client happiness and loyalty by offering timely responses and tailored support.
• Automation of routine processes like support requests and customer questions to improve efficiency and optimize business operations.
• Reduced need for human involvement in monotonous tasks, which saves money in support and customer service operations.
• Insightful data for marketing, product development, and decision-making.
• Scalability to manage high volume of questions and support requests.
• Around-the-clock availability, offering clients support and assistance whenever they need it, in contrast to human agents.
• The ability to provide customized responses based on past purchases, consumer preferences, and other pertinent information.

The report identified Microsoft, IBM, Google, OpenAI, Baidu, Amazon Web Services, Artificial Solutions, SAP, Oracle, Kore.ai, LivePerson, [24]7.ai, eGain, Amelia, Avaamo, Conversica, Haptik, Solvvy, Inbenta, Creative Virtual, SoundHound, Kasisto, MindMeld, Gupshup, Twilio, Sprinklr, Boost.ai, Cognigy, Rasa, Saarthi.ai, Senseforth.ai, Yellow.ai, Exceed.ai, Clinc, Laiye, Rulai, Quiq, and Pypestream as top companies in the conversational AI market..