Conversational AI Market to Reach $41.9 Billion by 2030, Says P&S Intelligence

P&S Intelligence valued the worldwide conversational artificial intelligence marke at $8.4 billion in 2022 and expects it to grow at a compound annual rate of 22.2 percent to reach $41.9 billion by 2030.

The research firm pointed out that the cloud deployment category holds the dominant share of the market due to its customization options; anywhere and anytime access to software, applications, and databases; and cost-effectiveness.

Retail and e-commerce companies were among the largest adopters of the technology due to the need for comnpanies to provide better shopping experiences, especially in terms of product selection and customer service; increasing emphasis on better ways of client engagement; and growing need for automated business processes, according to P&S.

The financial services industry will grow the fastest, though, as customers increasingly move to digital banking, it said.

Among technologies, the personal assistant category will grow the fastest because of the increasing need for personalized customer services and adoption of intelligent virtual assistants, P&S reported.

Not surprising, therefore, customer support was the largest application of conversational AI in the past and it will continue like this in the future.