Conversational AI market will surpass USD 32.51 bn by 2028

The Global Conversational AI Market was worth USD 8.24 Billion in 2022. It is anticipated for the industry to amass a valuation of USD 32.51 billion by 2028, registering a CAGR of 21.6% over the assessment timeline of 2022-2029, according to Brandessence Market Research.

Conversational AI is termed as a type of advanced AI based technology equipped with the ability to interact with users by understanding, processing, and responding to their language. It is basically created by an amalgamation of the natural language processing and machine learning technologies. Computer applications are being integrated with conversational AI techniques which in turn enables them to respond to user-based voice and text commands in a more natural way.

Global Conversational AI Market Outlook (2022-2029)
The increasing adoption of smart devices, technological advancements in the field, and elevating demand for AI-powered customer support solutions are primarily augmenting the outlook of this business sphere.

Alongside, widespread digitalization, increasing number of chatbot and virtual assistant launches by tech pioneers, along with growing disposable income level of the masses are creating lucrative opportunities for this industry vertical to prosper.

Moreover, growing R&D activities in this sector, surging social media penetration, rising popularity of omnichannel conversational AI, and affordability of chatbot generation are adding momentum to the progression of this marketplace.

On the contrary, rising user data privacy concerns and dearth of awareness about the benefits of conversational AI are hindering the remuneration scope of this market.

CT Bureau