Conversational AI Market to Reach $43.7 Billion by 2030

Meticulous Research expects the global conversational artificial intelligence market to reach $43.7 billion by 2030, growing at a compound annual rate of 23.9 percent.

Conversational AI technologies include chatbots, intelligent virtual assistants, speech-to-text and text-to-speech software, content management solutions, and language translation tools, according tro the research firm.

The growth of the conversational AI market is driven by a desire to improve contact center operations, the firm added, citing growing demand for digital assistants and chatbots in customer service for answering FAQs, increasing usage of AI-powered chatbots or virtual assistants, rising need to analyze customer queries or statements, and providingr multilingual support. It also cites the proliferation of voice-enabled devices. However, a lack of accuracy in recognizing regional accents and dialects and low awareness about conversational AI solutions restrains the growth of this market.

Meticulous found that the IT and telecommunications segment accounts for the largest share of the global conversational AI market, though it expects to see expanded use in healthcare, marketing, and sales organizations.

Meticulous identified Google, Microsoft, Amazon Web Services, Oracle, IBM, NVIDIA, Verint, SAP, AT&T, Conversica, AssemblyAI, Kore.ai, OpenAI, and Druid as the key vendors of conversational AI technologies.