According to a research report by Market Research Future, the conversational AI market is predicted to thrive.

We have put together an overview of the report but for the full details you can read the document here.

Conversational AI Market Competitive Analysis 

Leading industry players were profiled in this global market report, including: 

• Oracle Corporation 
• Amazon Web Services 
• Google LLC 
• IBM Corporation 
• Baidu Inc. 
• SAP SE 
• Facebook Inc. 
• Microsoft Corporation 
• And others 

Key Market Drivers for Conversational AI

• Multinational car companies in America have incorporated Amazon Alexa into their cars. This means drivers can use conversational AI to do things like check how much air is in their tires, how much fuel they need, and car maintenance issues.  
   
• The benefits of conversational AI make it attractive for companies. These include making it easy for customers to get help and increasing customer satisfaction, which will boost the market for this technology. 

Opportunities for Conversational AI 

Using AI chatbots and other conversational AI technologies in the Banking Finance Services and Insurance (BFSI) sector can help businesses reach more customers and provide quick services. This technology can also assist banks in retaining customers by providing prompt answers to their questions while allowing customer support agents to focus on the more challenging problems. 

Restraints and Challenges  

• Potential lack of accuracy 
• Potential lack of awareness 
• Potential high installation costs 

COVID-19 Analysis   

The COVID-19 pandemic has had a significant impact on global markets, however, the market for conversational AI is growing rapidly, fuelled by the increasing demand for remote work and AI chatbots in customer interactions.  

Regional Analysis  

North America to steer conversational AI market   

• North America is leading the conversational AI market due to businesses in various sectors like banking, healthcare and retail adopting AI solutions.  
     
• Big players like Google, Microsoft, and Amazon Web Services are investing in creating conversational AI platforms.  
     
• The market growth in North America is being driven by the region's leadership in using deep learning and Machine Learning systems to improve customer experiences. 
     
• The healthcare industry is also increasingly incorporating AI into its services. 

Europe to have favourable growth in conversational AI market   

• The European market holds the second-largest market share in conversational AI due to the increasing demand for these solutions in the auto sector in the UK and Germany.  
     
• Banks in countries like Germany, the UK, France, Italy, Spain, Portugal, Sweden, and Norway are also using virtual assistants and chatbots to enhance customer support. 
     
• More businesses in Europe are implementing conversational AI solutions for branding and marketing purposes, which is expected to drive market growth.  
     
• In the healthcare sector, conversational AI applications are expected to support market expansion in Europe.  
     
• The presence of key players in this region and increased investment in digitisation across various sectors are the primary drivers of the growing need for conversational AI in Europe. 

Read the full article: Conversational AI Market Projected To Hit USD 32.5 Billion by 2030 
 

If you would like to see how conversational AI can transform your contact centre, chat to one of our experts.