Conversational AI Market Growth, Demand and Challenges of the Key Industry Players 2024-2032
                     Global Conversational 
AI Market Research 
and Forecast Report 
2024-2032
Format: PDF+EXCEL
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IMARC Group is  a g lobal  management  consul t ing f i rm that  he lps the wor ld ’s  most  ambi t ious 
changemakers  to create a las t ing impact .  Across the s ix  major  cont inents  and 100+ count r ies ,  we 
work a longside our  bus iness par tners  as one team wi th  a common ambi t ion to achieve unparal le led 
resul ts ,  gain a compet i t ive edge,  and t ransform indust r ies .  IMARC Group excels  in  unders tanding 
i ts  c l ients ’  bus iness pr ior i t ies  and del iver ing ta i lored solut ions that  dr ive meaningfu l  outcomes.  Our 
c l ient  base spans over  3,000 organizat ions in  the pr ivate,  publ ic ,  and soc ia l  sectors ,  ranging f rom 
high-growth s tar tups to For tune 500 companies.
We prov ide a comprehensive sui te of  market  entry  and expansion serv ices.  Our of fer ings inc lude 
thorough market  assessment ,  feas ib i l i ty  s tudies,  company incorporat ion ass is tance,  fac tory  setup 
suppor t ,  regulatory  approvals and l icens ing navigat ion,  branding,  market ing and sales st rategies,  
compet i t ive landscape and benchmark ing analyses,  pr ic ing and cost  research,  and procurement  
research.  These serv ices are des igned to ass is t  companies in  evaluat ing market  oppor tuni t ies ,  
set t ing up new ent i t ies ,  navigat ing regulatory landscapes,  boost ing brand v is ib i l i ty ,  analyz ing 
compet i tors,  and opt imiz ing procurement  s t rategies.
A cc o r d i ng  t o  t h e  l a t e s t  r e p o r t  b y  I MA R C  G ro u p ,  t i t l e d  " C o n v e rs a t i o n a l  A I  Ma r k e t :  
G l o b a l  I n d u s t r y  T r e n d s ,  S h a r e ,  S i z e ,  Gr o w th ,  O p p o r t u n i t y  a n d  F o r e c as t  2 0 2 4 -
20 3 2 , "  t h e  g l o b a l  c o n v e rs a t i o n a l  A I  ma r k e t  s i z e  r ea c h e d  U S $  1 0 . 4  B i l l i o n  i n  2 02 3 .
C on v e r s a t i o n a l  A I  r e f e r s  t o  a  f o r m  o f  a r t i f i c i a l  i n t e l l i g e nc e  th a t  e n a b l e s  i n d i v i du a l s  t o  
Report en g a g e  w i t h  a p p l i c a t i on s ,  w e bs i t e s ,  an d  d e v i c es  u t i l i z i ng  v o i c e ,  t e x t ,  t o uc h ,  o r  ge s t u r e  
i n p u t s .  I t  c o mb i n e s  v a r i o u s  t e c h no l o g i e s ,  s u c h  a s  n a t u r a l  l a n g ua g e  p r o c es s i n g  ( N L P ) ,  
de e p  l ea r n i n g ,  a n d  ma c h i n e  l e a rn i n g  to  em p o w er  ma c h i n es  w i th  t he  a b i l i t y  t o  
Highlight and co m p r eh e n d  an d  g en e r a t e  h u m a n  l a n g ua g e  w i t h i n  a  c o n v e rs a t i o n a l  c o n te x t .  
I t  s e rv e s  a  c ru c i a l  r o l e  i n  f a c i l i t a t i n g  op e n  a n d  pe r s o n a l i z e d  i n t e r ac t i o n s ,  a s  w e l l  a s  
Description p r o v i d i n g  va l ua b l e  b us i n e s s  i n s i gh t s .  I t  e na b l e s  o r ga n i z a t i on s  t o  a u t om a t e  c us t o me r  i n te r a c t i on s ,  p r o v i de  p e r s o n a l i ze d  re c o mm e n d a t i o n s ,  a n s w e r  q u e r i e s ,  a n d  e v en  p e r f o r m  
co m p l e x  ta s k s  t h ro u g h  vo i c e  o r  t ex t - b a se d  c on v e r sa t i o n s .  A s  a  r e s u l t ,  i t  f i nd s  
ap p l i c a t i o ns  i n  nu m e r o us  d o ma i n s ,  i n c l u d i n g  c u s to m e r  s u p p o r t ,  a nd  v o i c e  a s s i s ta n t s .
R eq u e s t  f o r  a  P D F  sa m p le  o f  th i s  r ep o r t :  
h t t p s : / /w w w . i ma r c g r o u p . co m / co n v e r s a t i o n a l -a i - m a r ke t / r eq u e s t sa m p l e
Report Description
G lo b a l  C o n v e r s a t i o n a l  A I  M a r k e t  T r e n d s :
T h e  g l o b a l  m a r k e t  i s  m a j o r l y  d r i v e n  b y  t h e  r i s i n g  a u t o m a t i o n  o f  b u s i n e s s  o p e r a t i o n s .  Mo r e o v e r ,  t h e  p r o l i f e r a t i o n  o f  v o i c e - a c t i v a t e d  
d e v i c e s ,  s m a r tp h o n e s ,  s m a r t  s p e a k e r s ,  a n d  w e a r a b l e s  i s  s u p p o r t i n g  t h e  m a r k e t  a s  c o n v e r s a t i o n a l  A I  t e c h n o l o g i e s  f a c i l i t a t e  v o i c e -
b a s e d  i n t e r a c t i o n s ,  a l l o w i n g  u s e r s  t o  p e r f o r m  t a s k s ,  a c c e s s  i n f o r m a t i o n ,  a n d  c o n t r o l  d e v i c e s  t h r o u g h  v o i c e  c o m m a n d s .  A p a r t  f r o m  
th i s ,  t h e  g r o w i n g  p r e f e r e n c e  f o r  s e l f - s e r v i c e  a m o n g  c o n s u me r s  i s  f u r t h e r  c a t a l y z i n g  t h e  m a r k e t  a s  A I - p o w e r e d  c h a t b o t s  a n d  v i r t u a l  
a s s i s t a n t s  e n a b l e  s e l f - s e r v i c e  b y  p r o v i d i n g  i n s t a n t  r e s p o n s e s ,  g u i d i n g  u s e r s  t h r o u g h  p r o c e s s e s ,  a n d  o f f e r i n g  p e r s o n a l i z e d  
r e c o m m e n d a t i o n s ,  r e d u c i n g  t h e  n e e d  f o r  h u m a n  i n t e r v e n t i o n .  
B e s i d e s ,  t h e  i n c r e a s i n g  d e m a n d  f o r  c o n v e r s a t i o n a l  A I  i n  t h e  f i n a n c i a l  s e r v i c e s ,  b a n k i n g ,  a n d  i n s u r a n c e  ( B F S I )  i n d u s t r y  f o r  
a u t o m a t i n g  r e p e t i t i v e  p r o c e s s e s  i s  i m p a c t i n g  t h e  m a r k e t  f a v o r a b l y .  F u r t h e r m o r e ,  t h e  i n c r e a s i n g  o n l i n e  s h o p p i n g  a c t i v i t i e s  o f  
i n d i v i d u a l s ,  c o u p l e d  w i t h  t h e  e x p a n d i n g  e - c o m m e r c e  i n d u s t r y  w o r l d w i d e ,  i s  p r o v i d i n g  a  b o o s t  t o  t h e  m a r k e t .  O t h e r  f a c t o r s ,  s u c h  a s  
c o n t i n u a l  a d v a n c e m e n t s  i n  n a t u r a l  l a n g u a g e  p r o c e s s i n g  ( N L P )  a n d  m a c h i n e  l e a r n i n g ,  r i s i n g  d e m a n d  f o r  m u l t i l i n g u a l  s u p p o r t ,  a n d  
t h e  g r o w i n g  p o p u l a r i t y  o f  me s s a g i n g  a p p s ,  a r e  p r o j e c t e d  t o  p r o p e l  t h e  m a r k e t  f u r t h e r .
L o o k in g  f o r w a r d ,  t h e  m a r k e t  v a l u e  i s  p r o j e c t e d  t o  r e a c h  U S $  1 1 7 . 0  B i l l i o n  b y  2 0 3 2 ,  e x p a n d in g  a t  a  C A G R  o f  3 0 .6 9 %  d u r in g  
2 0 2 4 - 2 0 3 2 .
V ie w  R e p o r t  T O C ,  F i g u r e s  a n d  T a b l e s :  h t t p s : / / w w w . i m a r c g r o u p . c o m / c o n v e r s a t io n a l - a i - m a r k e t
Component Insights:
• Platform
• Services
o Support and Maintenance
o Training and Consult ing
o System Integrat ion
 
Report Type Insights:
Segmentation • Inte l l igent Virtual  Ass istant ( IVA)
• Chatbots
Technology Insights:
• Machine Learn ing
• Deep Learning
• Natural  Language Process ing
• Automatic  Speech Recognit ion
Deployment Insights:
• Cloud-based
• On-premises
Organization Size Insights:
• Large Enterprises
Report • Small  and Medium-sized Enterprises
Segmentation
End User Insights:
• BFSI
• Retai l  and E-commerce
• Healthcare and Li fe Science
• Travel  and Hospital i ty
• Telecom
• Media and Entertainment
• Others
Regional Insights:
• North America
• Europe
Report • Asia-Pacifi c
Segmentation • Latin America
• Middle East and Afr ica
• Amazon Web Serv ices Inc.  (Amazon.com Inc. )
• Art ifi cia l  Solut ions
• Avaamo Inc.
• Conversica Inc.
• Creat ive Vir tua l Ltd.
Competitive • Google LLC (A lphabet Inc. )
• Gupshup
Landscape 
• Internat ional  Business Machines Corporat ion
with Key • J io  Hapt ik Technologies Limited (Rel iance 
Industr ies Limited)
Players • Kore.ai  Inc.
• Nuance Communicat ions Inc.  (Microsoft  
Corporat ion)
• Oracle Corporat ion
• Rasa Technologies Inc.
• SAP SE
How big is the global conversational AI market?
What is the expected growth rate of the global 
conversational AI market during 2024-2032?
Key What are the key factors driving the global 
conversational AI market?
Questions 
Answered in What has been the impact of COVID-19 on the global conversational AI market?
the Report
What is the breakup of the global conversational AI 
market based on the component?
What is the breakup of the global conversational AI 
market based on the type?
What is the breakup of the global conversational AI 
market based on the technology?
What is the breakup of the global conversational AI 
market based on the deployment?
What is the breakup of the global conversational AI 
market based on the end user?
Key What are the key regions in the global 
conversational AI market?
Questions 
Answered in Who are the key players/companies in the global conversational AI market?
the Report
1     P r e f a c e
2  S c o p e  a n d  M e t h o d o l o g y
2 . 1  O b j e c t i v e s  o f  t h e  S t u d y
2 . 2  S t a k e h o l d e r s
2 . 3  D a t a  S o u r c e s
2 . 3 . 1  P r i m a r y  S o u r c e s
2 . 3 . 2  S e c o n d a r y  S o u r c e s
2 . 4  M a r k e t  E s t i m a t i o n
Table of 2 . 4 . 1  B o t t o m - U p  A p p r o a c h2 . 4 . 2  T o p - D o w n  A p p r o a c h
2 . 5  F o r e c a s t i n g  M e t h o d o l o g y
3  E x e c u t i v e  S u m m a r y
4  G l o b a l  C o n v e r s a t i o n a l  A I  M a r k e t  -  I n t r o d u c t i o n
Contents 4 . 1  O v e r v i e w4 . 2  M a r k e t  D y n a m i c s
4 . 3  I n d u s t r y  T r e n d s
4 . 4  C o m p e t i t i v e  I n t e l l i g e n c e
5  G l o b a l  C o n v e r s a t i o n a l  A I  M a r k e t  L a n d s c a p e
5 . 1  H i s t o r i c a l  a n d  C u r r e n t  M a r k e t  T r e n d s  ( 2 0 1 8 - 2 0 2 3 )
5 . 2  M a r k e t  F o r e c a s t  ( 2 0 2 4 - 2 0 3 2 )
6  G l o b a l  C o n v e r s a t i o n a l  A I  M a r k e t  -  B r e a k u p  b y  C o m p o n e n t
6 . 1  P l a t f o r m
6 . 1 . 1  O v e r v i e w
6 . 1 . 2  H i s t o r i c a l  a n d  C u r r e n t  M a r k e t  T r e n d s  ( 2 0 1 8 - 2 0 2 3 )
6 . 1 . 3  M a r k e t  S e g m e n t a t i o n
6 . 1 . 4  M a r k e t  F o r e c a s t  ( 2 0 2 4 - 2 0 3 2 )
6 . 2  S e r v i c e s
6 . 2 . 1  O v e r v i e w
6 . 2 . 2  H i s t o r i c a l  a n d  C u r r e n t  M a r k e t  T r e n d s  ( 2 0 1 8 - 2 0 2 3 )
       
6 .2 . 3  M a r k e t  S e g m e n ta t i o n
6 .2 . 3 . 1  S u p p o r t  a n d  M a i n t e n a n c e
6 .2 . 3 . 2  T r a i n i n g  a n d  C o n s u l t i n g
6 .2 . 3 . 3  S y s te m  I n t e g r a t i o n
6 .2 . 4  M a r k e t  F o r e c a s t  ( 2 0 2 4 - 2 0 3 2 )
6 .3  A t t r a c t i v e  I n v e s t m e n t  P r o p o s i t i o n  b y  C o m p o n e n t
7  G lo b a l  C o n v e r s a t i o n a l  A I  M a r k e t  -  B r e a k u p  b y  T y p e
7 .1  In t e l l i ge n t  V i r t u a l  A s s is t a n t  ( IV A )
7 .1 . 1  O v e r v i e w
7 .1 . 2  H i s t o r i c a l  a n d  C u r r e n t  M a r k e t  T r e n d s  ( 2 0 1 8 - 2 0 2 3 )
7 .1 . 3  M a r k e t  S e g m e n ta t i o n
Table of 7 .1 . 4  M a r k e t  F o r e c a s t  ( 2 0 2 4 - 2 0 3 2 )7 .2  C h a t b o t s
7 .2 . 1  O v e r v i e w
Contents 7 .2 . 2  H i s t o r i c a l  a n d  C u r r e n t  M a r k e t  T r e n d s  ( 2 0 1 8 - 2 0 2 3 )7 .2 . 3  M a r k e t  S e g m e n ta t i o n
7 .2 . 4  M a r k e t  F o r e c a s t  ( 2 0 2 4 - 2 0 3 2 )
7 .3  A t t r a c t i v e  I n v e s t m e n t  P r o p o s i t i o n  b y  T y p e
8  G lo b a l  C o n v e r s a t i o n a l  A I  M a r k e t  -  B r e a k u p  b y  T e c h n o lo g y
8 .1  M a c h in e  L e a r n in g
8 .1 . 1  O v e r v i e w
8 .1 . 2  H i s t o r i c a l  a n d  C u r r e n t  M a r k e t  T r e n d s  ( 2 0 1 8 - 2 0 2 3 )
8 .1 . 3  M a r k e t  S e g m e n ta t i o n
8 .1 . 4  M a r k e t  F o r e c a s t  ( 2 0 2 4 - 2 0 3 2 )
8 .2  D e e p  L e a r n in g
8 .2 . 1  O v e r v i e w
8 .2 . 2  H i s t o r i c a l  a n d  C u r r e n t  M a r k e t  T r e n d s  ( 2 0 1 8 - 2 0 2 3 )
8 .2 . 3  M a r k e t  S e g m e n ta t i o n
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