Valued at $3.2 billion in 2018, the conversational artificial intelligence (AI) market is expected to reach $15.0 billion in 2024, registering a 30.2% CAGR during 2019–2024. The market is witnessing growth due to the rising demand for AI-powered customer support services, positive return on investment (ROI) for companies deploying conversational AI solutions, and increasing number of solution providers in the market.
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Among these, the retail & e-commerce industry accounted for the major share of the market during the historical period (2014–2018) and is going to retain its position during the forecast period. The fastest growth is projected to be witnessed by the BFSI industry.When application is taken into consideration, the conversational AI market is categorized into personal assistant, customer engagement and retention, customer support, branding and advertisement, and onboarding and employee engagement.
The application of intelligent virtual assistants (IVA), chatbots, and intelligent interactive voice response (IVR) systems in different industries for automating interaction with customers and creating a personalized customer experience is called conversational AI. On the basis of industry, the conversational AI market is divided into retail & e-commerce, hospitality, media & entertainment, banking, financial services, & insurance (BFSI), healthcare, telecom, and others (which include oil & gas, government, energy & utilities, education, and automotive).
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The largest share of the market was occupied by the customer support category during the historical period, which is further going to account for the major share of the market during the forecast period. This is because chatbots assist in increasing the response rate of customers. The personal assistant application is expected to witness the fastest CAGR during the forecast period. The rising demand for AI-powered customer support services is a major factor driving the growth of the conversational AI market.
The adoption of several automated customer support services has been made possible due to chatbots, IVR, and IVA. The deployment of these tools helps engage the customers and gather relevant information about them, before redirecting the queries to a human agent, which results in improved work efficiency and creation of a personalized experience for the user. The AI-enabled conversational tools help the users in taking better decisions related to the purchase of a service or products.